High school students spend a lot of time preparing for college academics. But many don’t think about how they will budget their finances. Below are some hacks to help them save their cash.
Heading to college is an exciting and expensive adventure! According to time.com, the number of defaulted federal student loans has jumped to more than eight million as of 2017. But with some simple planning, you can keep your finances in check.
First, make a budget. Include room, board, tuition, food, school supplies and entertainment.
Mint is a free app that lets you track all your financial accounts in one place.
Google Pay works like an online wallet. You can check out in hundreds of apps without having to re-enter your payment info.
And Cash-Strapped lets you set a daily, weekly, or monthly budget for your income. It re-calculates your remaining cash every time you spend money. When it comes to textbooks, you might want to try renting instead of buying… or check out Amazon Prime Student. It lets you rent and compare prices of textbooks and other items. And you can sell back books in exchange for gift cards.
Another tip: be sure to ask for student discounts everywhere you go. Lots of restaurants, movie theatres, and retail stores offer them.
Also, use reward cards for your purchases. You could earn air miles or even cash every time you spend money.
If you’re looking for a good credit card, try to find one with the lowest interest rate that doesn’t charge an annual fee. Most financial experts don’t recommend credit cards for college students unless you are sure you can pay them off each month. Ruining your credit rating so young will haunt you for years and may kill your chances of buying a car or a house.
Contributors to this news report include: Julie Marks, Producer; Katie Campbell, Assistant Producer; Jamison Koczan, Videographer and Editor.