Tip of the Day: Save Money While in College

Feb. 15, 2011 — -- It is possible to save money while you or your kids are in colleged! Check out the tips below to find out how.

If you are in an environment with older adults or with other students who do not party a lot, go out to eat every night, or otherwise indulge in expensive outings you are less likely to spend money on these things on a regular basis as well.

Who you are around will have a major influence on your own spending habits!

If you eat out a lot or even pay to eat through campus food courts the expenses will take a huge chunk out of your expendable cash.

Consider buying groceries and packing food in your backpack. This may not be the coolest thing to do, but it can save you tons of money so you are able to go out and enjoy yourself more with friends later on. It will also go a long way to preventing that dreaded "freshman15? weight gain!

There will be multiple bookstores on campus and some sell more used books than others. Look for these as soon as you hit campus because they are your best bets at saving money on books.

If you can't find a high quality used book on campus go online before you purchase it at full price. You may even be able to trade books with someone who is taking similar classes. You can probably even sell your book to these places when the class is over.

Most campuses will have a variety of free or low cost entertainment events and activities going on if you read those flyers posted all over the place, ask around to friends and classmates, or even lookup your local campus area online. It may not be as fun to attend a concert or play being offered for cheap as it would to attend a concert for your favorite famous bands, but these events can often be quite enjoyable if you give them a chance with a group of friends.

CLICK HERE for more great savings advice from "GMA" financial contributor Mellody Hobson.

CLICK HERE to send us a question about doing your taxes this year!

Source: FinancialTips101