Whether at a local community college or a university far from home, embarking on your college journey can be a significant financial commitment. However, with these high costs come numerous opportunities to save. Here are our top tips for managing your expenses and saving money throughout the school year
- Reuse Last Yearโs Supplies
From binders to bedding, reusing items from the previous year can significantly cut costs. The average price of books and school supplies for public and private college students in 2023-2024 is $1,290 and $1,250, respectively.[1] No one will judge you for having the same room dรฉcor as last semester! Evaluate if you really need new items or can get by with what you already have.
- Rent or Buy Used Items
If owning expensive items like a graphing calculator or specific textbooks isn’t within your budget, consider renting or buying used ones. Many schools offer options to rent appliances like mini-fridges or microwaves and sell used spirit wear at a discount. Online groups can also be an excellent resource for finding what you need. When the semester ends, consider selling your books to help another student and earn some cash.
- Maximize Campus Resources
Remember, youโre paying for campus amenities whether you use them or not. Cancel your hometown gym membership and utilize the campus gym instead. Try to pay a visit to the library or tech center before purchasing a new book, laptop, or printer. Ensure you entirely use your meal plan dollars before they expire. If you have excess, stock up on non-perishable items or share with friends.
- Find a Paid Internship
While securing a paid internship can be challenging, itโs worthwhile. Consider factors like commuting distance and demand to ensure youโre financially benefiting. If an internship is unpaid, inquire about perks like mileage reimbursement or free meals. Check out Penn Community Bankโs paid internship opportunities.
- Get a Side Hustle
Work opportunities are abundant for college students. A part-time job can provide spending money without overwhelming your schedule, whether on-campus or nearby. Jobs like working at the campus gym front desk or serving at a local restaurant can help you avoid taking out additional loans.
- Apply for Grants and Scholarships
Grants and scholarships are essentially free money for college expenses. They donโt need to be repaid, so take the time to research and apply for ones that suit your qualifications. This effort can significantly reduce your financial burden.
- Switch to a Student Checking Account
Opt for a student checking account to avoid fees associated with regular accounts. Penn Community Bank offers a Student Checking account with no monthly service fee, early direct deposit, and overdraft grace. These features are designed to set you up for financial success.
- Utilize Short-Term Loans Wisely
Short-term loans can be a viable option for covering unexpected expenses or bridging financial gaps. However, it’s crucial to use them responsibly. Ensure you understand the terms, interest rates, and repayment schedules. Borrow only what you need and can repay to avoid falling into a debt cycle.
- Build Credit with a Credit Card
Building credit early is essential for your financial future. A credit card can help you establish credit if used responsibly. Start with a low credit limit and make small purchases that you can pay off in full each month. Timely payments will build your credit score, making it easier to secure loans and favorable interest rates in the future. Penn Community Bank offers credit card options that cater to your needs.
- Separate Your Student Loan Funds
Consider having a separate checking account specifically for student loan funds. This strategy helps you manage your loan money more effectively, ensuring it’s used solely for educational expenses. By separating these funds, you can avoid accidentally spending them on non-educational costs.
- Spread Out Costs Over Time
Rather than buying everything upfront, spread out your expenses throughout the semester. This approach helps manage cash flow and prevents you from depleting your funds. Prioritize essential items first and budget for additional needs as they arise. No matter what, donโt forget to enjoy this time in your life.
Take Control of Your College Finances with Penn Community Bank
Balancing college expenses doesn’t have to be a daunting task. By reusing supplies, maximizing campus resources, and taking advantage of grants and scholarships, you can effectively manage your expenses throughout the year. Need more personalized financial advice, or are you interested in our student-friendly banking options? Reach out to your nearest Penn Community Bank financial center today. Our experts are ready to help you navigate your financial journey and set you up for success throughout your college years and beyond.
[1] CollegeData. “What’s the Price Tag for a College Education?” Accessed July 16, 2024. https://www.collegedata.com/resources/pay-your-way/whats-the-price-tag-for-a-college-education.
