Money Saving Tips for New College Students

Do you know someone that is getting ready to head to college next month? Flying the proverbial coop can be a scary thing for young adults and being financially self-reliant for the first time is a tough job - especially in a college atmosphere where temptations run amok.

To encourage the young adults you know to spend their hard-earned money wisely, consider sharing this blog post with them - we know of several ways that they can have a fulfilling college experience, while still being frugal: 

Don't put off talking to your roommate.

Many dorms and college apartment complexes will give you your roommate's information long before you move in date. Take the time to contact them right away. This will allow you to find out what items you can share. For instance, one dorm room doesn't need two microwaves or two mini fridges. And if you're sharing a bathroom, only one shower curtain is necessary.

Finding out which of you will be responsible for which shared items will mean that you don't waste your money on extra items that you don't need. And remember - living with a roommate can be tough, but with the right attitude, it can be a very rewarding experience.

Look for Activities that are both free and rewarding.

If you're looking for somewhere to spend your free time, your college should offer you plenty of options. most will have dozens (if not hundreds) of clubs and organizations that you can join. Look for ones related to both your hobbies and your major - you're bound to find some that sound interesting.

These organizations are rewarding in two ways. First, they allow you to meet people that share your same interests. These people could end up being really great friends and study group partners later in your college career. In addition, clubs and organizations will look great on your resume down the road, especially if you become an officer in your junior or senior years!

Don't be tempted by "freebies."

People know that college students love free stuff. But in truth, these "freebies" are rarely free. They always require something from you. You may be offered free pizza for showing up to an event or a free pen for listening to a sales pitch. There's one catch to these freebies, though: never giver out your personal information. This is especially true for those people that want you to sign up for a new credit card.

Sure, that t-shirt might look awesome, but it's not worth the debt that you could rack up on a credit card that you didn't need!

Find a rewarding job.

When people talk about being frugal, you always hear the phrase "Spend less than you earn." While many people take this as a call to curb their spending, there's another side to the equation: your earnings.

By taking on a job related to your field of study, you will be helping yourself twofold: naturally, you will be adding a paycheck to your balance sheet. This will give you a little more leeway when it comes to your purchasing habits. Also, this will look superb on your resume after you graduate - especially if you get a glowing recommendation from  your manager!

Know when and where to spend your money.

Without a doubt, there are places in your budget where you can cut your spending. It's important to note, though, that you shouldn't skimp on certain things. Have you ever heard someone say "Don't skimp on your shoes"?

In the same sentiment, it's important not to skimp on your insurance coverage. Here at Frimark/Keller & Associates, we hate to see college students with insufficient renter's insurance policies or car insurance policies. Insurances protects you from the unexpected, so make sure that your protection is the best that you can afford by calling 847-907-4520 or visiting our Facebook Page to speak to one of our insurance experts.

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