Teens will learn a lot of new skills in college, but learning how to save money as a college student might just become one of the most important. College is an exciting experience, but it’s also expensive. For many students, it’s also the first time they’re responsible for managing their own finances.
The freedom of college combined with the excitement and allure of new experiences, going out with friends, decorating a dorm or apartment, and maybe even traveling can all be a little overwhelming for teenagers just out of high school.
Translation? It can be easy for college students to quickly fall into dangerous financial habits, such as relying on credit cards, racking up debt, and living outside their means.
That being said, it’s a more expensive world than ever to live in, and financial responsibility and independence are skills every young adult needs to learn.
Here are some tips for helping your teen learn to budget responsibly and how to save money as a college student with discounts and more.
Apply for work study programs
Have your college student fill out the FAFSA form, and if they qualify for any work-study programs as part of their financial aid packages, encourage them to consider taking one. Work-study programs are specific campus jobs offered to students as part of their financial aid packages. They can be helpful ways to make extra money and, in some cases, even get “paid” time to study or do homework.
Many of the jobs require students to do work but also build in downtime to allow them to get their work done too, which won’t happen at a “normal” job. For instance, when my husband was in college, his work-study program was assisting a math professor. When his work duties were done, he was able to get several hours of homework in – all while getting paid.
If they don’t get an official work-study program, encourage them to explore getting an on-campus job. Encourage your teen to look for jobs in the dining hall, at the library, at the gym, or with professors who are doing research. That way, they don’t need to drive off-campus or need a car to earn extra cash.
Take advantage of college student pricing
Many major subscription services, such as Spotify and YouTube, offer student discount plans or special student pricing. (Netflix, sadly, does not.) Here is a sampling of how college students can save money on certain streaming, entertainment, and food services:
- Amazon Prime: Amazon Prime has a bunch of discounts and deals for young adults, including Amazon Music, Kindle Unlimited, and Prime Delivery.
- Student Beans: This entire app can link you to student discounts at other companies for students. For instance, if you’re looking to buy some new Nike shoes, you can check the app before you buy to nab a student discount.
- Spotify Premium Student: This discount offers Spotify Premium, which includes Hulu, for only $5.99 per month.
- Hulu: You can stream Hulu for as low as $ 1.99/month as long as you are a college student.
- Adobe Creative Cloud: Teachers and students can get access to Creative Cloud All Apps for $19.99/mo with the full cost due annually.
- Airline tickets: Some airlines, such as United, offer young adult discounts, which you may need a student ID to access.
- Museums: Many museums offer discounts with your student ID.
- Target Circle: College students can get free access for deals and discounts.
- Microsoft Office: Students and teachers can get Microsoft Office 365 completely free and the company also offers other discounts on their products for students.
- Computers: check for student discounts on laptops, Apple and Microsoft usually have 10% off for students
- Amtrak: Students can save 15% on train tickets.
- Peacock: Access streaming for $2.99/month for 12 months.
- YouTube Premium: Students can get 1 month free, then access YouTube Premium for only $7.99 a month.
- AMC Theater: College students can bring their student IDs to save money on admission tickets at participating theaters.
- Cellphones: Many cellphone companies offer student discounts and plans. Verizon, for instance, has a myPlan for $12/month.
- DoorDash: Students can get a Student DashPass for a monthly fee of $4.99 or $48 annually.
Many other plans have student pricing available, even if they don’t advertise it, so if you’re not sure, ask the company directly! It never hurts, and it’s a good life lesson to learn that sometimes, getting a cheaper price is as simple as asking.
Create a budget
Creating a budget may sound boring, but it’s necessary! Sit down with your student before they head off to school and make sure they know where all their money is going. The budgeting app You Need a Budget is totally free for college students, so that’s a wonderful place to start.
Your college student’s budget should include expenses such as:
- Tuition
- Books and supplies
- College fees
- Meals out
- Groceries
- Car expenses (if applicable), including insurance, gas, parking, and emergency repair
- Entertainment
- Clothes
Learn basic cooking skills
Many college students, especially freshmen, will have access to the college dining hall for food included in overall costs. Chances are, however, it won’t be feasible for your student to eat all meals in the campus dining hall; they may have special dietary needs, or they may want a break from campus food.
Your teen can take advantage of virtual cooking classes that can cover the basics. For instance, the University of Michigan offers free virtual cooking classes every single month that can help your student learn how to cook on a budget.
Thrift and join local swap groups
College is a temporary time in your student’s life, so it can be helpful to encourage your student to save money on anything needed for college. From dishes to decor to even clothes, thrift stores can be your student’s best friend.
Additionally, many college towns have vibrant free or swap groups where students can access used goods from students leaving campus. I can’t tell you how many couches, nightstands, and other goods were just left by the curbs on moveout day during my college years.
