Whether you’re attending community college or moving several states away, heading to college is expensive. With the high expenses, though, comes more opportunities to save.
Here’s our back-to-school list to help make your summer savings last for a semester or two:
Use your stuff from last year: Binders to bedding and everything in between – re-use what you can from last year. No one is judging if you have the same room décor from last semester! Ask yourself if you really need the fancy pens or if you can get by with what you already have left over from last semester.
Rent or buy used: If owning expensive items like a graphing calculator or a particular college textbook you need for a class isn’t in the budget, don’t be embarrassed to use other options. It’s amazing what your school can offer – everything from renting a mini-fridge or microwave to purchasing used spirit wear at a discount. If your school doesn’t have what you’re looking for, reach out to groups online to see if anyone has what you need. When you’re finished with the semester, do someone a favor and sell your books for less.
Take advantage of what you’re paying for: Whether you use the campus amenities or not, in most cases, you’re still paying for it. Cancel your hometown gym membership and check out the campus gym… who knows, maybe it’s even better! Make sure you don’t let any meal plan dollars expire at the end of the week. If you don’t need to use them at the moment, find someone who will or stock up on non-perishable items.
Find a paid internship: Landing a paid internship is easier said than done. But, that doesn’t mean it’s impossible. Keep your options open when looking for opportunities and consider factors like commuting distance and demand to make sure you’re not in the negative financially when selecting an internship. If it’s unpaid, consider asking if they offer any perks like mileage reimbursement or meals. Psssst, check out Penn Community Bank’s paid internship opportunities at PennCommunityBank.com/careers keyword “internship”
Get a side hustle: For college students, work opportunities are everywhere. Whether it’s right on campus or nearby, take on a job with just enough hours to give you some spending money for the week while not getting overwhelmed with your other responsibilities. This could be sitting at the front desk of the campus gym or serving at a nearby restaurant. Even if you make just enough to not have to take out more in loans, you’ll thank yourself later for the hard work you put in now.
Apply for grants and scholarships: We get it, you’ve heard this one before. Don’t let the constant reminder get lost in all the other financial conversations that come along with heading to college. Grants and scholarships are essentially free money that you don’t have to payback (yes, it’s true). So, take the time to research and apply for one that fits you… you have nothing to lose!
Switch to a student checking account: You guessed it, this is a checking account especially made for you! Ditch all the fees that come with having a checking account if your bank doesn’t waive fees for students. When you have a Student Checking account at Penn Community Bank, there’s no monthly service fee, early direct deposit, overdraft grace, and more. Why? Because we want to set you up for success. For additional features, visit penncommunitybank.com.
Whether you’ll be a college freshman or senior in the fall, we hope our savings tips will make the transition to financial independence easier. For more savings tips and student resources, visit penncommunitybank.com.