6 Tips on How to Manage Money in College
For most students, college is their first time living independently, and with that comes the responsibilities of budgeting and managing money. ACCC offers 7 money management tips for college students and their parents.
1. Discuss budgeting
Suggest that your child uses a spreadsheet to track spending or money management app.
2. Keep an eye out for student discounts
Many stores offer student discounts if you show your student ID.
3. Open a credit card
College is a good time for students to learn how credit works and start building good credit.
4. Be aware of identity theft
Parents should discuss how to keep money and personal information safe so that their child does not fall victim to identity theft.
5. Get a job
Parents should discuss whether they expect their child to get a job in college, and whether the money they earn should be used for college expenses or personal.
6. Buy used textbooks
Used textbooks are significantly cheaper. Professors tend to use the same textbooks each semester, so students can save money by buying older editions.