Whether you've been earning your own money for a while now, or you've just been cut off from the Bank of Mom and Dad, financial savviness is important to build upon during your time at UMBC.
As a freshman or sophomore just starting out, financial responsibility doesn't have to be complicated. It’s all foundational at this point, and being a college student, you have time to develop these skills in what is generally a lower-risk setting.
Here is a list of simple ways to save money and build a solid financial foundation:
1.Rent your textbooks: here
Not all textbooks are available to rent, but for those that are, this can significantly cut down on your book budget for the semester! Renting can often be a good option for your non-major courses.
2.If you live off campus, carpool: here
It’s simple, carpooling saves on gas. Click the link above to check out the myUMBC carpool group and see if any UMBC students in your area might be looking to share the drive to campus. Or, feel free to post your own carpooling needs!
3.Student discounts!
Trips to museums in Baltimore, theater tickets, new laptops or cell phones- don’t hesitate to ask retailers and businesses if they offer a student discount. 5-20% off entertainment spending can go a long way on a student budget!
4.Use technology to your advantage
Online Banking, websites like Mint.com, depositing checks using your smartphone- there are plenty of ways to leverage the technology you are already using in your everyday life to help you keep your finances organized and help ensure you have the most updated information about what is coming in and out of your bank account. You’ll lower the risk that you spend more money than you actually have on hand and avoid those overdraft fees.
**Please remember to do your research- you want to make sure your personal information is protected when using any sort of banking technology**
5.Plan big with a little at a time
Want to take a spring break trip to Florida with your friends? Put a little money aside each month so that by the time your trip comes you won’t feel the strain of having to decide between splurging on an afternoon of jet skiing or paying for your meal plan when you get back to campus.
6.Stay conservative when it comes to credit cards
While building up good credit is important, it is not a good idea to open multiple cards and use them liberally. Don’t sign up for credit cards just for the 10% discount off your purchase. Maintain one card and make at least one charge to it every month, such as gas or groceries.
7.Educate yourself on your student loans
If you are taking out student loans to pay for college, make sure you know how they work. Don’t take out more money in loans than you need; and, if possible, make some payments while you are still in college so you can get out ahead of your monthly payments and interest by the time you graduate.
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Want to learn more about financial planning? During Career Crush check out the event below:
Get Financially Fit: Rupees, rings or coins; manage your finances
Tuesday, April 21st
Noon-1:00pm
Commons 329
Get financially fit at this hands-on financial planning seminar. Shows you how to plan a budget and outline ways to avoid credit blunders that can affect grad school admittances or career options. Employers are doing more research on their potential employees. What are your finances saying about you?
No pre-registration necessary!! More info here.
Helpful Links:
- Financial Smarts @ UMBC - here
- 6 Must-Follow Money Tips for College Students - here
- 360 Degree of Financial Literacy - here
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DISCUSSION QUESTION:
What ways have you found to cut down on costs as a college student? What questions do you have about building up your understanding of finances and financial responsibility?
