No one’s bank account ever has as many digits as they’d like to see, but the savings accounts of college students can be particularly bleak. Besides the fact that college students may be paying out of pocket for tuition and housing, they generally don’t work full-time, or even half-time, jobs. Those lucky enough to score an on-campus job or qualify for work-study may only work 10 hours a week, and for students with a full class load, finding the time to squeeze in extra work hours off campus can be next to impossible. These tips will help you maximize your savings while you’re in school.
Keep your change. Few people carry much cash anymore, and even fewer people like to carry around a pocketful of heavy change, but if you use cash even once a month, invest in a piggy bank of sorts. When you get home from whatever caused you to spend money, immediately unload your coins into a bag, drawer, mason jar, or whatever receptacle you choose. After a while, the number of coins you have in your stash will build up. Then, instead of taking them to a machine that will count them for you (and take a percentage), ask your bank for coin rolls and roll them up yourself. Pennies can be rolled in increments of 50¢, nickels in increments of $2, dimes in increments of $5, and quarters in increments of $10. It may take a while, but if you weren’t using the money anyway, it’s a nice surprise when you finally have enough to turn in at the bank.
Skip the bus and take a walk. If you live in a walkable area, there’s no need for you to drive your own car or take public transit unless it’s raining or you’re on a time crunch. Plus, walking is a perfectly acceptable form of exercise, so you might as well kill two birds with one stone. Other options are biking, carpooling, and, of course, using any form of public transit (which may be discounted or free to students with a valid ID card). Your pricier options are going to be hailing a ride from a cab, Lyft, or Uber or driving your own car, especially if you’re going to have to pay for parking.
Use your student ID card. This will work anywhere from movie theaters to public bus systems, because it’s pretty well known that high school and college students don’t have much expendable income. You can even flash your student ID if you go on vacation with your family and want to visit, say, an aquarium; most attractions offer student discounts! Some student IDs have expiration dates on them, but hang onto yours at least until the end of the summer after graduation. Rack up those savings while you can! If you’re in the military and have a military ID, you can save even more by showing that one instead of a student ID; some companies (Verizon, Lowe’s, and Sur La Table, for example) offer a flat discount on purchases.
Send your transcripts to your car insurance agency. There are a lot of ways to get discounts on your car insurance, but the exact requirements and necessary documentation are going to vary between insurance companies. You may be able to get a safe driver’s discount if you took a driver’s education class, a discount for bundling your renter’s and car insurance policies, or a “good student” discount if your report card shows all As and Bs. You could also look into any discounts that may be offered if you pay the full amount of your bill upfront instead of paying it monthly. Not all companies participate in such savings offers, but it’s certainly worth asking.
Download the Acorns app. The Acorns app automatically invests your spare change. You link your checking account (debit card) to the app, and each time you make a purchase, it rounds the change up to the nearest dollar and invests it. While it’s a mindless way to start investing and perfect for college students, there are more tax-advantageous options for investing out there once you start a career and increase your income. As a student with a valid .edu email address, you won’t have to pay anything for the first four years you use the app. Afterward, it’ll cost $1.00 each month, provided your account has less than $1 million in it.
Download the ibotta app. The ibotta app gives you rebates (anywhere from 10¢ to a few dollars) for buying products that you would normally buy. Say, for instance, you go grocery shopping at Kroger and buy milk, carrots, and granola bars. You can search through the app for those three things, scan the barcodes, upload a photo of your receipt, and then get money deposited into your ibotta account within a day or two. The great news? Ibotta isn’t just for groceries. If you shop at pharmacies, clothing stores, or restaurants, you may be able to get rebates on your purchases there too. Once you have earned enough money in rebates to cash out, you can choose to be paid via Venmo, PayPal, or a store gift card.
Get a grocery store loyalty card. Almost all grocery stores offer discounts to their “preferred” customers and there isn’t a rigorous application process to become one. Most of the time, a cashier can set you up with a store card by knowing only your phone number and address. It’s free to join, and you’ll receive discounts on all sorts of everyday items. Might as well sign up for loyalty programs at all your local grocery stores!
Clean out your closets. It’s almost a guarantee that you have old clothes, shoes, games, books, and more just lying around the house and gathering dust. Instead of leaving them there, consider reselling your gently used items. You can do this on Ebay, Facebook Marketplace, Craigslist, decluttr, thredup, or letgo, or by having an old-fashioned yard sale. Your school may also have a specific platform where you can list for-sale items. Everything that’s leftover you can give to Goodwill. Get a receipt; donations are tax-deductible.
Drink tap water. Buying bottled water is often unnecessary unless you live in an area where the municipal supply of water has been declared unsafe to drink (in which case, buy a lot). Some bottled water is actually just tap water that’s been packaged nicely and subjected to a massive price increase. Save yourself the dollars; invest in a reusable water bottle (and a filter if you’re worried) and fill it up straight from the sink. Why would you pay more for a gallon of water than you do for a gallon of gasoline?
Set up recurring transfers into your savings account. If you have any sort of income, make a budget. Figure out how much you’re spending each month on essentials (food, housing, school, transportation, etc.) and then subtract that from your monthly income. What you have leftover is money that should be divided between “fun” things (movies, date night, going out to eat) and your savings account. If you know that you’re going to have $100 leftover at the end of each month, set up a recurring transfer from your checking account to your savings account. Once it’s started, you won’t have to think about it again, and you’ll passively save money for your future. Use one of these money management apps if you’re not sure how to budget! While none of these tips are going to make you the big bucks, they could be helpful as you slowly grow your savings account or investment portfolio over time. And really, anything that gets you money that you wouldn’t have had otherwise is a step up from where you were. What do you have to lose?
Interested in refinancing student loans?Here are the top 7 lenders of 2019!
|Lender||Variable APR||Eligible Degrees|
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1 Important Disclosures for Earnest.
To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.
Earnest fixed rate loan rates range from 3.45% APR (with Auto Pay) to 7.49% APR (with Auto Pay). Variable rate loan rates range from 2.14% APR (with Auto Pay) to 6.79% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of September 6, 2019, and are subject to change based on market conditions and borrower eligibility.
Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.
The information provided on this page is updated as of 09/06/2019. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at firstname.lastname@example.org, or call 888-601-2801 for more information on our student loan refinance product.
© 2018 Earnest LLC. All rights reserved. Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by or agencies of the United States of America.
2 Important Disclosures for SoFi.
3 Important Disclosures for Laurel Road.
Laurel Road Disclosures
However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the fixed rate will decrease by 0.25%, and will increase back up to the regular fixed interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account.
However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the variable rate will decrease by 0.25%, and will increase back up to the regular variable interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account.
All credit products are subject to credit approval.
Laurel Road began originating student loans in 2013 and has since helped thousands of professionals with undergraduate and postgraduate degrees consolidate and refinance more than $4 billion in federal and private school loans. Laurel Road also offers a suite of online graduate school loan products and personal loans that help simplify lending through customized technology and personalized service. In April 2019, Laurel Road was acquired by KeyBank, one of the nation’s largest bank-based financial services companies. Laurel Road is a brand of KeyBank National Association offering online lending products in all 50 U.S. states, Washington, D.C., and Puerto Rico. All loans are provided by KeyBank National Association, a nationally chartered bank. Member FDIC. For more information, visit www.laurelroad.com.
4 Important Disclosures for Splash Financial.
Splash Financial Disclosures
Terms and Conditions apply. Splash reserves the right to modify or discontinue products and benefits at any time without notice. Rates and terms are also subject to change at any time without notice. Offers are subject to credit approval. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet applicable underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates are reserved for the highest qualified borrowers.
5 Important Disclosures for CommonBond.
Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown. All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 2.19% effective August 10, 2019.
6 Important Disclosures for LendKey.
Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution.
7 Important Disclosures for College Ave.
College Ave Disclosures
College Ave Student Loans products are made available through either Firstrust Bank, member FDIC or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.
1College Ave Refi Education loans are not currently available to residents of Maine.
2All rates shown include autopay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. Variable rates may increase after consummation.
3$5,000 is the minimum requirement to refinance. The maximum loan amount is $300,000 for those with medical, dental, pharmacy or veterinary doctorate degrees, and $150,000 for all other undergraduate or graduate degrees.
4This informational repayment example uses typical loan terms for a refi borrower with a Full Principal & Interest Repayment and a 10-year repayment term, has a $40,000 loan and a 5.5% Annual Percentage Rate (“APR”): 120 monthly payments of $434.11 while in the repayment period, for a total amount of payments of $52,092.61. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.
Information advertised valid as of 08/01/2019. Variable interest rates may increase after consummation.
|2.14% – 6.79%1||Undergrad & Graduate|
|2.14% – 7.71%2||Undergrad & Graduate|
|2.43% – 6.65%3||Undergrad & Graduate|
|2.43% – 7.60%4||Undergrad & Graduate|
|2.14% – 8.01%5||Undergrad & Graduate|
|2.06% – 8.93%6||Undergrad & Graduate|
|2.74% – 7.24%7||Undergrad & Graduate|