The College Money Network recently announced the winners of our 2008 Back To School Giveaway. Thanks to everyone who participated in the contest and congrats to the prize winners. We received tons of great tips and advice for college students from the participants, so I think it’s only natural to round up some of the best advice for your reading pleasure.
Avoid Credit Cards
Photo by paalia
Probably the most popular piece of advice was to completely avoid credit cards in college, because it’s too easy to fall into credit card debt. Luckily, a couple of participants offered some creative ways to stay away from the plastic.
So Cal Savvy shares a promising, yet disturbing, approach by advising college students to pretend free credit card offers have syphilis.
You wouldn’t sleep with the party skank that routinely visits the free clinic, and you shouldn’t give your finances a venereal disease either.
I don’t think I’m ever touching a free credit card offer again.
Sarah Pauzauskie shares an equally creative approach to keeping your hands off of the plastic.
If you have a credit card, put it in a bowl of water then freeze it in the freezer. The temptation is too great to spend with the ups and downs of college moods. When you thaw the credit card, you really need it. The thawing process gives you time to think.
Debtsicles, anyone?
Get a Part Time Job
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Every broke college student could use a little extra money, and that’s why Stacking Pennies suggests working part time during school, if possible. She also recommends trying to find a job related to your field of study.
Not only will this provide extra spending money, it’ll force you to organize your time, and it demonstrates to a future employer you’ve got your stuff together. During my first interview for an internship, they commented not only on my school work, but the fact that I worked as a waitress and was used to dealing with, well, pretty much anyone.
Even if you can’t find a part time job related to your field, most college students can get a decent part time job on campus as Tom explains.
Work at the library, for the rec sports department, or somewhere for the school. You basically get paid $8 an hour for doing your homework, which is much better than doing it in your free time. You’ll eventually find yourself with better grades, more free time and more money to save and use at the bar!
Have Fun, Spend Less
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College should be fun, but that doesn’t mean you have to go into debt to have a good time. E.C. from Not Living on Ramen shares her frugal advice for college students.
College students need to realize that they don’t need to spend a lot of money to have socialize. Some of my favorite evenings were spent hanging out at my friends’ apartment, eating macaroni and cheese, and watching movies we already owned. I’m amazed at how much some people blow going out every weekend.
If that doesn’t appeal to you, then check out Kelly’s alternative on how to save money and have fun doing it.
The best way to save money and have fun is to get involved in on campus clubs. The ones related to your major typically have have free food at meetings and will help you with your career. The swing dancing club had free lessons and the salsa club had $5 lessons (can’t find a better deal than that!). The outdoor related club had good cheap trips from surfing to hiking to rock climbing led and organized by students. There were free concerts and talks on campus. The gym was free to students and so was the local bus system.
Share Living Expenses
Photo by Brandon Cirillo
Living expenses during college can turn into a huge money suck if you live by yourself. Pinyo at Moolanomy knows this, and that’s why he advises college students to share a dorm room or apartment.
Dormitory and college town apartments are exceedingly expensive since they are virtual monopolies. Try to do your best to share the dorm room or apartment to lower your costs of living. Sacrifice now and you’ll have more money (or less debt) down the road.
Save Some Money
Photo by ~ Phil Moore
College students rely on a lot of things that tend to break — computers, cars, bikes, etc. How would you cover the cost of an unexpected car repair? Patrick at Cash Money Life recommends setting up an emergency fund to be prepared for these situations.
An emergency fund is important to keep you out of debt in an emergency. How big it needs to be while you are in college depends on your situation. If your parents are supporting you, you may only need $100 to catch the bus or train home. If you are completely on your own, you might want to have a thousand dollars or more. Try to save until you have sufficient funds to cover your situation. You can save yourself a lot of money and heartache by staying out of debt.
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Nice list- I already forwarded it on to my younger cousins. Thanks for including my tips!
Thanks for passing it along.
Great advice. If you maintain your frugal college lifestyle, after you graduate, you could retire by age 35!
http://www.iplanretirement.com/retirementblog/graduate-retire-by-35/
But first, create an emergency fund, then payoff debt, then save like hell.