How to Save Money in College SCS Career Planning Webinar Series 4/24/2013 Peter Masaitis, Esq. Partner Alston & Bird, LLP Kyra Young Program Coordinator South Central Scholars
How to Participate in the Webinar • 1) Chat & Questions.If you do NOT have access to a mic and do not call in with a phone, you can use the Questions feature to type a question that you want to ask to the presenters. At the end of the presentation, the facilitator will read out loud any questions that come through this feature. • 2) Raise Hand.For most of the webinar, all participants will be in listen-only mode, meaning that they will be muted. When the presenter opens the floor for questions, people will not be unmuted unless they use the Raise Hand function. • 3) Surveys.After the webinar ends, a link will be emailed to you to participate in a survey. We encourage ALL participants to participate.
Agenda • Embracing the Poverty • Needs vs. Wants • 10 Tips for Saving Money in College • Questions & Answers
Embracing the Poverty College can be expensive when you add up the costs: • Housing • Transportation • Books & other school supplies • Food • Clothes • Study Abroad programs • Membership dues of Greek organizations • and more! Advice: Do NOT try to live beyond your means. Embrace the poverty!
NeedsversusWants “Do what you have to do, to do what you want to do.” Denzel Washington • That hot new [handbag/ outfit/sneakers] • Dinner out • iPhone 5 • Spring Break trip to an exotic destination • Decent clothes, regardless of how up-to-the-minute stylish they are • Budget meal at home • A cell phone that works • Local fun I WANT… BUT I NEED… (VS)
How can I save money? 10 Tips for Saving Money in College
10 Tips for Saving Money in College • Buy your books at used bookstores, find them cheaper online, or rent them. If new book comes with needed software, split the cost with peers. Copy books at library ($.09/page), ask TA for online copies Online Sources:CheapBooks, Amazon, AbeBooks, Barnes & Noble (w/ membership discount), BookFinder Seek cheaper alternatives for transportation. Gas is expensive! Take the bus, subway, or carpool to ease gas costs. Walk or bike. Student discounts w/ school ID on buses, subways Colleges have free transportation services for students (i.e Bruin Bus at UCLA, vanpools) Students workers at Parking Services get free permits
10 Tips…(continued) • Meal plans can be cheap and healthy Buy in bulk (Costco), use coupons (find in Sunday newspapers, mail, coupon books, magazines, neighborhood coupon packs, store circulars, the internet!) Online Sources: coupons.com, Coupon-Suzy, The CouponClippers Sign up for any rewards accounts or loyalty programs if free (i.e. ExtraCare Rewards Program at CVS, Ralph’s rewards, or Best Buy Reward Zone) • a. Student checking accounts and savings accounts Most banks and credit unions have Free student checking and savings accounts. I.e. Citibank, Chase, Kinecta, Bank of America, Wells Fargo. JUST ASK! (Be careful not to open unnecessary accounts with hidden fees) b. Be responsible with credit cards Never go over 1/2 the credit limit (if limit = $2000, balance ≤ $1,000)! ALWAYS pay more than the minimum balance! DO NOT spend more than you can afford to pay back!
…Saving Money in College (continued) • Monitor and organize spending habits Easier to keep track of spending when using cash than credit/debit cards Use balance sheet to track checks, cash, and credit/debit spent Save receipts (even if you buy a candy bar) Set daily, weekly, or monthly budgets for yourself with savings plan • Smart housing If living on campus: become a Resident Advisor of a dorm (free housing), more roommates = cheaper housing, compare meal plans If living off campus: see if apartments come furnished, split rent with a few roommates, ask relatives for old appliances, conserve power for cheaper bills, gas and electric company discounts, welfare (for groceries), commute if near home
10 Tips…continued • Summer job or paid internship Work with goal in mind; save money; allocate % for pocket spending Work-to-Study, on campus jobs are very flexible to your school schedule SCS Jobs & Internships Request Form in ‘Scholar Center’ on website • Be creative with your leisure time Free events/parties on campus and Greek Org houses (be safe) Student discounts at venues (restaurants, stores, travel agencies) close to schools. Plan cost-efficient outings (i.e. picnics, get-togethers with music, movie night, scenic bike ride, etc) Online Discount Sites: (Search for free Apps on Smartphone, iPod, iPad) For Entertainment: Groupon, Google Offers, Bloomspot , LA.com Deals, Lifebooker, + For Travel: Hotwire, Expedia, Priceline, Kayak, Student Universe, +
…Saving Money in College (continued) • Affordable cell phone plans Phone calling, texting, and/or emailing may be necessary but games are not. Download free apps instead of ones that cost Family plans (i.e. $100 total for 4 members at MetroPCS) or trusted friends Communicate through email, Facebook, Twitter, etc. if charged for texting • Apply for more scholarships and grants. Fundraise. Scholarships and grants are available for undergraduate and graduate students. Visit school’s career center, academic departments, activity centers It can get overwhelming to be a fulltime student and work (esp. freshman year), so it does not hurt to ask for help. You can fundraise for study abroad trips, unpaid internships, graduate school education costs, prep test, and whatever other costs you may not have the money for at the moment (See “Fundraising Strategies” on next page) Online Sources: National Science Foundation, Fastweb, Scholarships.com, College Prowler, Scholarship America, Scholarships 4 Development, Grants.gov, Google it!
Fundraising Strategies 1) Fund Me - Ask people to donate to your cause through your own website that you can share with your friends and collect the donations. http://www.gofundme.com/ 2) Matching Donations - You raise a certain amount of funds and a organization/company/ relative/etc. agrees to donate an equal (matching) fund usually up to a specified amount. http://matchdonations.com/ 3) Bake/Food Sales - Bake or make food for donations. Although they call it Bake/Food "Sales", it is illegal to sale anything without a license to do so. However, if you are asking for a specified donation amount, then you cannot get in trouble. Examples: WHAT NOT TO DO: Buy a cupcake for $0.50 │ WHAT TO DO: Cupcake for $0.50 donation Can also use non-edible products like jewelry or art. http://bit.ly/YdggOt 4) Lincoln For A Lincoln - You send out a letter with a penny requesting a $5 bill donation (each money form has Lincoln's face on it, thus a Lincoln for a Lincoln) to your cause. You would usually send to relatives, friends, professors, or the like. http://www.angelfire.com/band2/bhms-boa/Lincoln2011.pdf 5) Coupon Sale - Have a coupon book donated by local businesses, and then sale them to students and adults. http://bit.ly/13uaM6d More ideas: http://www.juniata.edu/services/osa/100FundraisingIdeas.html or Google it!
Peter Masaitis Kyra Young