College students are by nature a group of people always in desperate need of extra money. It is difficult for many students to work while taking classes, so they usually have limited incoming cash. Typically, students go home over breaks and work. These are not high-paying jobs, rather; they are your landscaping, ice cream scooping, car washing type of jobs. Students will return to school with some decent savings. Unfortunately, every time they buy something they are drawing from a dwindling pool of monetary resources. There are some basic rules of thumb that students should consider if they’re trying to stretch their savings to next summer’s job.

All students need textbooks. However, not every student needs to buy brand new textbooks for every class. Sure, there are some instances when this is your only option. On the flip side, students can find unbelievable deals online for used books. Find a friend in each of your classes and figure out if it’s feasible to share books. Although many students will be in the same cost-conscious mode, go to your school’s library and see if they carry a large number of a particularly pricy book. Just be careful – other students in your class may be considering the same tactic.

Another thing that all college students seek out is entertainment. The key is to find cheap, affordable forms of entertainment. Many colleges will sponsor programs on campus that may pique your interest (film festivals, art exhibits, concerts). If you must go out on the town, find bars that don’t have cover charges. This is a total rip off. Find establishments that offer drink specials. Do not eat meals at a bar or restaurant, if you can avoid it. Utilize your college’s meal plan so you have more money to spend when you are out. One other cheap form of entertainment is to forgo cable TV. Not only are you missing out on an outrageous monthly bill, but you will be aiding your study habits.

One of the biggest pitfalls for a college student trying to save money is irresponsible use of a credit card. It seems so tempting to throw it down without a second thought. However, credit card companies prey on college students. They set ridiculously high interest rates for young cardholders in the hopes that they will simply pay the minimum balance. Not only does this lead to a mountain of debt, it will ruin your credit rating which follows you your whole life.

As you can see, the choices you make in college have an everlasting impact on the rest of your life. Develop strong habits now and you will be in good shape down the road – in all facets of your life.