Mint Gives Tips On Saving Money As A College Student

Everyone knows of the “broke college student” cliche — and it’s a cliche because it’s often true. That’s why it’s so important to start developing good money habits. According to a recent press release, the free iPhone and Android app Mint will help college students save more and spend smarter, and will provide great tips to help students keep track of their finances.

Photo Credit: Pixabay

A big percentage of a college student’s budget goes toward tuition and fees; in fact, the College Board’s yearly budget survey found that tuition and fees make up 39 percent of the total budget for in-state students living on campus at public four-year colleges and universities and 20 percent of the budget for public two-year college students who pay for off-campus housing.

That doesn’t even factor in any fun activities or “extras” such as going to a movie or spending break somewhere cool. Luckily, Mint can help with all that and has some tips to help you save money.

1. Budget. Keep track of your finances and don’t let your spending spiral out of control. Use Mint to keep tabs on your money and figure out what’s most important and what you can spend less money on or do without.

2. Don’t overcharge. It’s easy to rack up credit card debt, and the average college student graduates with a $2,000 credit card balance, according to a Nellie Mae study. Be careful not to sign up for a bunch of credit cards, and pay off your cards on time. Mint can actually send you reminders to pay your bills so you don’t have to pay late fees.

3. Avoid buying new textbooks. Textbooks are super expensive so avoid buying them when you can and instead borrow from your campus library, look into buying used editions or older versions online, or see if you can buy a book off of another student for a discounted price.

4. Eat in. Eating out a lot really adds up so a simple way to save money is to cook for yourself and eat at home. Make a weekly grocery budget and shopping list before you head to the store so you don’t end up spending way more than you planned on food you didn’t even intend to buy.

5. Use public transportation. If you bring your car to school, you’ll have to pay for parking and gas — instead, leave the car at home and use public transportation or walk to where you need to go.

6. Pay off loans. When you have student loans, they’ll enter repayment six to nine months after you graduate — so be sure to make regular payments of at least the minimum amount so you can pay off your loans that much faster.

One of the best things you can learn while at college is how to manage your money and establish good spending habits. Use Mint to help you learn about budgeting, bill paying, and more, so you can be that much smarter with your money.