College is an exhilarating time — for many young adults, it offers the first taste of independence.
But being free shouldn’t mean free-spending. That’s why before the kids go off to college, it’s important to talk about how to make the most of a limited budget. After all, it’s not something most people learn in the classroom.
So before your sons or daughters start signing up for other courses, or at least before they make it to campus, use these flashcards to guide them through a series of important lessons from the school of life.
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Money Management 101
Create a Budget
1. Set a monthly spending limit
2. Create categories to track spending:
Food
Personal items (clothing)
Textbooks and school supplies
Safety (health and car insurance)
Recreation
Travel
The unexpected
Tip
Practice using your budget before you
get to campus.
Stretch Your Meals
Reserve eating out for special occasions
Stretch meal plans with to-go boxes
Make meals in your dorm
Tip:
Rack up fuel points at the grocery store to save on gas.
Thrift Favorite Outfits
Buy and sell gently used clothes online with sites like thredUP and Poshmark
Tip:
Look for student discounts with your college IDs at restaurants, stores, museums and movie theaters.
Buy Books Like a Pro
Do comparison shopping online
Buy early for better deals
Look for used books and older editions
Rent or share books with a classmate
Tip:
Sell books as soon as the semester ends.
Share Your Insurance
Stay on your parents’ health and car insurance
Look for student insurance plans
Tip:
Check for discounts for filling prescriptions at a certain pharmacy or via a mailorder.
Be Persistent
Stick with it even if you get off track
Tip:
Use budgeting tools like You Need a Budget and Mint
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