Set : Managing Your Money
When you think of the cost of college, you might think of tuition first, but you should remember there are other costs. These can include mandatory fees like student association or gym membership, room and board (rent and food), books, transportation, and supplies. You can’t control the price of tuition or mandatory fees, but you can control the others by becoming financially literate, saving money in advance, and learning how to save on the other costs. For example, you can save on books by buying used ones rather than new! Many scholarships and grants, such as the College Bound Scholarship, will also grant you money for books or other expenses, so be sure to apply for those!
Set a savings goal and figure out how you can achieve that. Talk to your family about savings accounts, federal savings bonds, stocks and mutual funds, college savings plans, and the other ways they can save. If you earn money by babysitting, mowing your neighbors’ lawns, or something else, practice setting up a budget of how much you’ll earn, how much you can spend now, and how much you want to save in your bank account. If you don’t already have an account with a bank or credit union, talk to your family about starting one.