I looked at some of the reasons that college has gotten more
expensive in the past few years, and suggested some ways for new students to
increase the return on their educational investment. Ultimately, though, most
of these suggestions are for the long-term, and won't bear economic fruit until
long after your college years are over. With that in mind, it seems worthwhile
to look at some nearer-term ways to stretch your dollars -- and borrow fewer of
them -- while in college.
For most students, college offers a soft launch into
adulthood, a zone between the cocoon of living with mom and dad, and the harsh
reality of being economically independent. With that in mind, it's also a good
place to develop the budgeting and shopping skills that you will later use as
an adult. Here are five things that can help you build good spending habits and
keep money in your pocket -- while still maximizing your college experience.
1: Get a Checking
Account
If you don't already have a savings account, now is the time
to get one. Most college towns are filled with banks offering free, no- minimum-balance
checking accounts. In addition to helping you control your cash, accounts that
have no-fee online banking give you an outstanding tool for tracking your purchases.
By monitoring your expenditures online, you can get a clear window into your
spending habits and, when it comes time to watch your budget, you'll have a
better idea of which stores and spending triggers you need to avoid.
