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College is expensive, but necessary if you want to get a good job (and you don. t happen to be a remarkable athlete).
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College is expensive, but necessary if you want to get a good job (and you don. t happen to be a remarkable athlete). If you start saving and investing money while you. re young, going to college can be much easier on your wallet. You don. t need too much cash to start investing. You can open up an online trading account for nothing, and make trades for 8 bucks a pop. Savings accounts are almost risk-free, and while they can. t yield as much as some stocks, they. re popular because you almost never lose money. Saving cash in a piggy bank device is not the best way to save for college (no matter how much money you have in it), although it is better than squandering the money on something you don. t need or even want.

Below is a list of saving and investment strategies for the college-bound, as well as the college student.

  1. Open up an account with an online broker. Etrade.com, ameritrade.com, suretrade.com, and others offer cheap online trading with a relatively low amount of required cash. Make sure you learn how to use everything that the broker offers, so you can click the right buttons and take advantage of every research resource they make available to you. Trading on the internet doesn. t always mean you. re making smarter trades though. While an online broker can be an invaluable tool, you still should do your research and pick good stocks.
  2. Don. t pay for something free. Internet access is a big thing. You can end up paying an Internet Service Provider (ISP) up to twenty or twenty-five dollars a month for access. Places like net0 (netzero.com) offer it for free. Twenty dollars a month is 240 dollars a year. If you. re in college for four years, that. s 960 dollars. Going with AOL (as friendly as it is) can get costly. You can download the AOL Instant Messenger for free and you. ve saved yourself a bundle.
  3. If you can avoid it, don. t drive. This doesn. t apply to people without cars; it. s mostly for the older folks. Gas is expensive and is unhealthy for the planet. Running, walking, bike riding, skating, skateboarding, etc. are all free and healthy. If you can find some friends to go running with (or whatever you do), it can be a lot of fun in addition to being a financial and health benefit.
  4. Don. t spend too much on food. Sure, pizza is a staple for college kids, but it can get expensive. If a pizza is about 6 bucks (a low end estimate) and you eat 4 a week, 50 weeks a year, for 4 years& that adds up to 4800 bucks spent on pizza in college. Put that in a good stock for four years and you could end up with ten grand or more. Learn to cook, buy TV dinners (they. re not great, but they. re cheap), eat sandwiches, etc. It. ll definitely save you money in the long run.
  5. Sell used books. If your high school buys them, great. If not, do it in college. Sell them as soon as the class is over (the semester, not the first lecture to you lazy people). If they change the textbook(s) for the course, you might be able to sell it before they do. Selling your books is always a good source of quick cash. If you don. t need the cash, dump it into your online brokerage account and let it grow for when you do need some.
  6. Get a job. Constant cash flow can really help a lot. You need money to live off of, and any extra can go in your online brokerage account. Anything you can do will help a lot. If you have computer skills, design webpages. Work a few hours a week at a normal job. A lot of schools hire students for various jobs. If you. re a grad student or up there on the chart, tutoring younger students might provide some additional income. Any of these things and more can prove to be extremely helpful. If you can take some time off from your partying (I know that. s hard) or your studying (Ha! Like you study& but we. ll pretend you do), the extra time could earn you a decent amount of money.
  7. Sell your collectibles. The market for things like baseball cards, Pokemon cards (I know you collect them, people. It. s ok to be a closet Pokemon fan), etc. are pretty volatile. When you go off to college, unload them and turn them into cash. Chances are you won. t have the funds to continue buying, and keeping them shelved is a risk you don. t need to take. Get the cash, and you can buy some stocks that have a better chance at going up in value. I know it might be hard to part with your Pikachu, but you can frame the little runt and sell the rest.
  8. Try trading CDs wiht your friends instead of buying them new.  This is a logical way of saving money because once you are tired of listening to a CD you can trade with your frineds in order to listen to a CD that you wanted to hear.  This will end up saving you monmey in the end.  Soon enough you will have a ring of friends that trade CDs instead of cards. 
  9. Call mom and dad, but for crying out loud, call collect. This should be pretty self-explanatory. They. ll be happy enough to hear from you that they won. t mind. The internet can save on phone calls too. Use a voice chat or e-mail. They work great, especially if you. re using point number two and getting the internet for free.
  10. Don. t do drugs! Not just for your health, but for your wallet. Alcohol is a drug too, by the way. If you drink or do drugs, you should stop. You. re seriously endangering your health, and it. s illegal. You could wind up in a hospital, in jail, with a ruined life, or dead. You could also wind up broke. Even if you just drink casually and never drive while drunk, it. s still a budget strain.

If you can follow these 10 guidelines reasonably well, you. ll almost definitely have more money for college. Good luck, in school and in saving and investing.

 

 

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