We recognize that many UMBC students are in the process of building savvy financial skills. From working while attending school to carrying student loans to unexpected twists and turns, you may already understand the impact your financial decisions have on your life.
Whether you’ve been managing your finances for a while now, or you’ve just begun this process, consider the following resources to save money while in college and build a solid financial foundation:
UMBC Office of Financial Aid & Scholarships – http://financialaid.umbc.edu/
Financial aid can come in the form of grants, work, student loans, parent loans, scholarships and other awards. A counselor is available to help walk you through your options.
UMBC's Payment Plan – http://sbs.umbc.edu/payment-plan/
UMBC's Monthly Payment Plan (MPP) can help you budget your out of pocket costs not covered by financial aid. The plan enables you to pay tuition and fees as well as university room and board on an installment basis.
Financial Smarts @ UMBC - http://financialsmarts.umbc.edu/
This site provides students with information about credit, budgeting, investing, job seeking and other finance-related topics. Includes videos and links to relevant sources. For ongoing announcements and updates on financial education and literacy opportunities at UMBC, join the Financial Smarts myUMBC Group at http://my.umbc.edu/groups/financialsmarts
Rent your textbooks: http://bookstore.umbc.edu/SiteText.aspx?id=20462
Not all textbooks are available to rent, but for those that are, this can significantly cut down on your book budget for the semester! Renting can often be a good option for your non-major courses.
Carpool with Zimride: https://www.zimride.com/umbc
It’s simple, carpooling saves on gas. UMBC has partnered with Zimride by Enterprise to help connect you to other UMBC students in your area who are looking to carpool.
360 Degree of Financial Literacy - https://www.360financialliteracy.org/Life-Stages/College-Students
Financial education is a lifelong endeavor. This web site offers general information for managing personal finances and developing money management skills.
Some other tips include:
- Using an app to manage your money – There’s an app for that! Online Banking, websites like Mint.com, and budgeting spreadsheets can provide you with plenty of ways to keep your finances organized.
- Keeping an eye out for student discounts – From museums, to movie theater tickets, to cell phone plans --- don’t hesitate to ask retailers and businesses if they offer student discounts!
- Planning for big expenses in advance - Putting a little money aside each pay check will help you avoid the strain of having to decide between splurging on an afternoon of jet skiing or paying for school expenses such as text books or meal plans.
- Being conservative with credit cards – Having a credit card or two can be good if you use them strategically. Start by maintaining one card and make at least one charge to it every month, such as gas or groceries.
And for fun:
Weekly Run-Down of Free or Cheap Entertainment in Baltimore - http://baltimorecollegetown.org/explore-baltimore/weekly-cheap-and-free
Do you have some financially savvy ideas you would like to share? Feel free to post them below!