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Adulting Student Life

Creative Ways to Map Out Financial Goals as a Student

May 7, 2021
Hand holding up money

As a student, you probably have plenty of financial goals in mind for your future. Having goals is a good thing, and it can keep you on the right responsible track to saving money and having enough to cover your expenses.

But, if your goals feel more like dreams or you haven’t thoroughly thought them out, you could have a harder time achieving them. 

Thankfully,  with a little creativity, you can map out your money goals and take charge of your finances from a young age.

With that in mind, let’s look at a couple of creative ways to map out those goals and how you can use them on your financial journey.

Have Fun With Budgeting

You might think of the word “budget” and groan. But, budgeting doesn’t have to be a tedious or boring practice. That’s especially true when you break down your budget into different categories to achieve your short-term, mid-term, and long-term goals.

You can separate your budget into these different areas by putting a bit away into each of them. Visualize it as having three jars set out on your counter. How much of your budget do you want to use right now? What about in a year or so? What about in 20 years? As a student, it can be hard to think about your life after retirement, but imagine how much you could have saved up if you do think about it now.

Some other examples of long-term financial goals include:

  • Paying off debt
  • Saving for a car
  • Striving for homeownership
  • Paying for college

Those goals might sound closer to home for a student. So, as tempting as it might be to use all your budget in the here and now, think about your future and all you can do with what you save. If you’re having trouble figuring out just how much you should be putting away, don’t be afraid to try a budget calculator. You’ll be able to play around with numbers to determine what will work for you.

Try Mind Mapping

If you’ve never heard of mind mapping, it focuses on having a central goal, then using different “branches” toward achieving it.

Sound confusing? It doesn’t have to be.

When you have a main goal, you can add “branches” to your map in different directions. Each branch will be another tactic you can use toward achieving that goal. For example, if your goal is to save up enough money for a car, one area of your map might include things like working extra jobs, selling some of your unwanted items, or taking on “gig work.” Another section might include giving up things like going out to eat or entertainment until you have enough.

Mind mapping is even easier when you use software to build your map. Visualization is important when it comes to achieving your goals. It gives you something concrete to look at and focus on while you put in the work.

It’s never too early and you’re never too young to create financial goals for yourself. Doing so now can set you up for a much more comfortable future. Keep these creative ideas in mind as you start to work through those goals as effectively as possible.

BIO: Dan Matthews is a writer with a degree in English from Boise State University. He has extensive experience writing online at the intersection of business, finance, marketing, and culture.

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Adulting Career

The Best Options for You After High School

April 27, 2021

When graduating high school, many people assume that the next obvious step is going to college; however, this is not the only option available to graduating seniors. There is an endless number of positive experiences and opportunities at your fingertips. Whether you want to explore, venture out into the professional world or learn more about yourself, there are boundless choices and paths in front of you. As you think about your next steps, here are a few of the best options for you to consider.

A Gap Year

If you want to take time to reflect, grow and learn, gap years can be a great option. Gap years have gained popularity in recent years due to the invaluable and incomparable lessons and opportunities for reflection that are difficult to replicate. You have the wondrous experience of venturing out into a new community and visiting new places within the structure and format of the gap year experience. You can learn from others their reasons on why take a gap year, so don’t be afraid to ask around to help you decide if a gap year is the best next step for you.

Volunteer

If you find yourself wanting to do something positive and productive with your time after graduating high school, volunteering can be a marvelous move. Keep in mind that volunteering won’t pay the bills; however, it can be a formative and impactful experience. Not only will you inevitably learn about the community that you are supporting, but you likely will learn a lot about yourself and benefit greatly through the process.

Professional Ventures

For those who want to test the waters of the professional world, don’t be afraid to start working following high school and delay further schooling for the time being. Whether you need to pay bills and as a necessity or you are looking to explore the startup world, there are plenty of reasons and opportunities to start work right away. Professional experience can also be a great way to set you up for success in college and leave you more prepared than you would have otherwise been.

Road Trips

Another quintessential high school graduate experience is a road trip. If you have never had a chance to truly explore the country, consider packing up your car and a few friends and taking a long road trip. Whether you schedule this before college or your gap year, this can be an exhilarating way to experience the world. Regardless of the length of your trip, don’t be afraid to take an adventure once you graduate high school.

College or University

You can always take a traditional path after high school and go to college. This is not just a chance to venture out from home. Whether you choose community college or a four-year college or university, the reality is that college can be challenging, and you need to be prepared and know what to expect. Whatever you choose, you should make sure that you select the option that best suits your needs, goals and next steps.

As you reach this pivotal point in life, don’t be afraid to take a detour or alter your path to find the best fit for your next chapter. Once you graduate high school, you have the world at your feet.

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Adulting Student Life

Tips to Save Time in College

April 20, 2021

Going to college is all about learning new things and expanding our horizons toward new opportunities. Many college students falter in the early semesters because they don’t have a plan of action to help them transition from a child’s world to a grown-up world. You can waste a lot of time in college if you don’t approach it with the right frame of mind. And wasting time in college generally equals wasting money.

Learn How to Send Email

One of the most grown-up things you can learn in college is how to send an email. You may have gotten through high school sending emoji-filled texts, but that’s not going to fly when you get into your 20s. If you’re interested in getting internships or applying for work-study programs, you need to be able to craft an email that makes you sound intelligent. In other words, check your spelling, watch your format and use capital letters found in standard English. Take a tip from a successfully written sales email and learn how to stick to the point and send emails at a time when they’re likely to be noticed, i.e., not at 2 AM. If you are sending emails in the late night hours, Gmail and other email platforms typically have a feature to schedule them for later.

Keep Up With Paperwork

Another big time-waster is hunting for lost paperwork. Create a clearly labeled filing system to keep track of your most important papers. This can include course syllabi, university programs you’re interested in, car maintenance and health care records and membership cards. Papers that get lost most often are the ones that you don’t need all the time. It costs you time to have to hunt through piles of paperwork, and it will sometimes cost you money to replace what you’ve lost. The sooner you get organized, the quicker you can find what you need and move on to another activity. 

Create a Routine

Every semester in college will probably look different from the one before it. The college years are a great time to learn about flexibility. However, within each semester, it’s important to create a routine, even if it changes every couple of months. Add your classes to a calendar and then start looking for chunks of time to mark off for studying and whatever else you need to do such as working or exercising. If you don’t have it written into your calendar, you are more likely to view it as free time. Too much free time can lead to too little study time. Poor grades might mean you have to retake a class. In other words, by wasting time, you’ve wasted money. 

Get Help

If you’re struggling with a particular class or concept in college, don’t spend too much time trying to figure it out on your own. By the time you understand, it may be too late to save your grade. It’s far better to seek help early either with a private tutor or through your university. If it’s early in the term or semester, you can probably drop the class without penalty or losing money, to take it at a later time or another class altogether. Many campuses offer writing centers or low-cost math and science tutors. Don’t be shy or too prideful to ask for help! Use what’s available to give yourself an advantage before you have to play catch-up.

There is much to learn when you go to college. There is plenty of content knowledge you will need for your post-graduation job, but there are also basic time-management skills that will be invaluable to know for your future. 

BIO: Brett Clawson has a degree in Business Management and has started a couple of small businesses. When he’s not focusing his time on those, he spends time with his wife and two sons. His oldest son has entered the wonderful realm of college, and he now enjoys sharing tips that he and his son have found essential for college life.

Adulting Career Student Life

3 Ways to Balance Work and Study

April 6, 2021

You’ve probably always had a certain subject that fascinated you. In your free time, you may find yourself reading about new innovations and insights in the field. You constantly have ideas on the topic that start with, “It would be so cool if they…” 

Sound familiar?

The only downside is that your field of interest has zero to do with your current job. 

It may be a great time to take the leap, study your chosen subject, and get a degree or certification that would allow you to channel that passion into a career that inspires you every day.

Studying and working simultaneously can be a daunting endeavor. But it can be done! Some sacrifices and strict budgeting will be required, but only for a finite period of time. 

Here are three tips for how to make the most of your schedule when balancing work and study:

Maximize your available “ear time.”

There are more times during the day than you realize when your hands may be busy doing something, but your ears are available to study. This is why it’s a great idea to get assigned reading in an audio version if available. 

Record all of your lectures and corresponding notes that you take yourself. You can even create “audio flashcards.” Record a question or definition and leave a few beats of silence for you to drill your responses as you listen.These recordings can be used when you’re driving, working out, cleaning, cooking, getting ready, waiting in line, etc. 

Also, be sure to take advantage of the time immediately before bed. Our brains retain information that we consume right before bed the most clearly into the next day. Wake up and refresh the information as you get ready, and you will have successfully “locked it in.” 

Another great idea is to use repetition immediately after hearing a lecture. Take several minutes to go over the notes you just took and “teach” them to yourself out loud as if you were the professor. This will solidify connections between ideas and make them far easier to remember in the long run. 

All of this will help the information you’re learning to become information that you know. Which means you won’t have to desperately cram before a test. Instead, you’ll be refreshing thought connections that have already been solidified with personalized associations.

Break apart your workload into bite-sized pieces.

A great method for managing your study load is to chop up your reading and studying into smaller goals for each study session available over a given period of time.

For example, you’ve been given a 50-page reading assignment due in five days. First, determine the available time you have outside of work and family obligations. If you have four hours over the course of five days, you can estimate your target per-hour page rate. For that particular week, it is 12 and a half pages an hour. And, depending on how long your time blocks are, you will divide your page goal accordingly. So if you have 15 minutes while you’re waiting for something to cook, try to read about three pages.

Breaking up your reading and studying into smaller, more manageable chunks will help you avoid the stress of trying to find huge blocks of time to complete larger assignments. And preplanning the proportions helps alleviate the constant, “I have so much to do!” feeling. You can relax a little, knowing that as long as you successfully accomplish each predetermined portion in the schedule you created with your free time, you will reach your target goal for the overall assignment. 

Take advantage of vacation days.

This tip is likely not a crowd favorite. When taking on the added workload of balancing a job and study, sacrifice will be needed on some level. The things you should not sacrifice entirely are as follows: sleep, exercise, meals, hygiene, your job, and at least some quality time with family and friends. 

But the things that you will need to be willing to sacrifice are watching TV, viewing social media, partying, and sadly, vacations. You will still be utilizing your vacation days but as brief rest days and pre-test or presentation prep days. 

When you get your syllabus, mark out when events like this are happening and put in your request to use a vacation day for the day before well in advance. This will allow you a dedicated chuck of time to refresh everything you’ve learned and finalize any preparations you may need.

A major benefit to this: it will decrease your anxiety leading into a test or presentation day. Increased anxiety will only undermine your performance, so take that vacation day to prep and gather focus.

Throughout your time as a working student, have your “why” handy. Write a mission statement for yourself beforehand and read it whenever you feel a bit like tearing your hair out. Writing down your “why” will also help you understand where this motivation to study and shift gears is emanating. If at first, your “why” is only “to make more money,” you may want to do more research into careers that can make you more money but also genuinely interest you. 

When you read your “why,” you want it to touch something deeply motivating and energizing within you. Once you have that, it can act as a pair of jumper cables when you feel depleted and fuel you as you master the balance between work and study.

BIO: Kristie Santana is a life coach based in New York City. She is the founder of the National Coach Academy and co-founder of Life Coach Path. Her mission is to help prepare aspiring coaches for a thriving career doing the work they love.

Adulting Student Life Transition

6 Common Money Mistakes New College Grads Make

March 25, 2021

College graduation is a time of celebration for students and a jumping-off point for the next chapter of life. It’s a time to make important decisions, whether you’re continuing your education with a higher degree, starting your career, or taking a moment to regroup.

But it’s not the time for making poor financial choices. Here are a few common money mistakes recent grads make and how to avoid them.

1. Thinking retirement is too far off to start saving

Retirement may be years away, but it’s better to start saving for retirement as early as possible. The earlier you start saving, the more time your investments have to grow. As you add money to your retirement fund, interest also starts to accrue. Over time, you start earning interest on the interest you’ve earned. This is called compound interest, and it’s a powerful savings tool. The earlier you start saving and earning compound interest, the better.

2. Missing student loan payments

Right after graduation is the time to focus on your financial future, which includes keeping up with student loan payments. This will help ensure you continue to build a positive credit history and possibly improve your credit score. A positive payment history and healthy credit score could open up more money-saving financial opportunities down the road, such as lower interest rates on an auto or home loan.

3. Overspending that new paycheck

If you have a new job in your chosen career field, you could be making more money than ever. But before you go spending your paycheck on the luxury items you’ve always wanted, consider the impact these purchases will have on your budget.

Necessary expenses — like rent, utilities, and groceries — should come first. Less obvious but important expenses like building an emergency fund or having enough for auto insurance coverage should also be considered before splurging on “wants” versus “needs.”

4. Banking where your parents do

The bank your parents use (and now you probably use) is likely a suitable location for storing money in FDIC-insured accounts. It’s not a bad thing to have access to brick-and-mortar locations, but most traditional bank accounts can’t compete with the benefits of online banking.

Making the switch to an online bank could help you earn more interest, avoid unnecessary fees, and still have FDIC insurance. In addition, your current bank might not offer other perks that come with the best checking accounts, like getting your paycheck early or having easy access to your money through a mobile app.

5. Misusing credit cards

Credit cards can be a helpful tool for building credit and having cash flow when you need it, but using them irresponsibly can offset their benefits.

Keep in mind that building your credit history and improving your credit score means following some accepted best practices. This typically includes making your payments on time, using less than 30% of your available credit line, keeping your oldest credit accounts open, having different types of credit accounts (for example a credit card and an auto loan), and not opening too many credit cards too quickly in a row.

6. Skipping renters insurance

Whether you’re back studying on campus or off to live on your own, renters insurance can offer you essential financial protection. This type of insurance can include coverage for clothing, laptops, bicycles, and other belongings in case of unexpected events like vandalism, theft, or fire.

If you keep these six tips in mind, you could avoid some of the common money mistakes that recent college grads make. This will help you take proactive steps to secure your financial future.

BIO: FinanceBuzz’sVP of Content, Tracy Odell, also held the same position at Student Loan Hero and has expertise in this subject, as well as all things related to college finances.

Adulting Student Life

Learning to Drive in College

March 10, 2021

There is really isn’t a perfect time to learn how to drive. While it may be common for people to get their driver’s license in high school, for some, it may not be the right moment. Furthermore, accessibility plays a major role in learning how to drive at a young age. Not having a car or lack of affordable lessons can be just a few reasons why someone might not learn to drive before heading off to college.

With that being said, there are a number of benefits to learning how to drive — especially for the average busy college student. It can provide a greater sense of independence and open the door to new adventures, as just a few examples. It can also make commuting between classes, internships, and extra-curriculum activities a bit easier, especially if your current city or school campus lack public transportation services.

Whether you’re about to graduate or just starting your freshman year, learning to drive in college doesn’t have to be intimidating or daunting.

Let’s Be Crystal Clear

There’s a lot to look forward to once you learn how to drive, but before that happens it’s important to do a bit of housekeeping first. Ahead of setting up driving classes or arranging a testing appointment, it’s worth getting your eyes checked.

Your vision needs to meet a certain standard before you’re allowed to hit the roads. Of course, finding a convenient eye doctor while in college isn’t always the easiest or most affordable. Luckily, there are eyewear services that allow you to try certain eye prescriptions and accessories at home. Having slightly blurry vision might not be a huge problem while in class or walking around, but it’s extremely dangerous as a driver. Make sure your vision is crystal clear before getting behind the wheel, even if that means investing in a new pair of glasses.

Get Ahead of Traffic

There are a number of surprises and challenges drivers can encounter on any given day. However, one thing that is not at all surprising to the average seasoned driver is traffic. Depending on the city where you attend school, traffic congestion could be a major factor you need to keep in mind while driving. Researching things like your college town’s local traffic patterns can help you learn more about what roads are best to avoid at what times. It’s also essential to study high-traffic rules and other safe driving practices to ensure the safety of yourself and other drivers. It’s a lot easier to manage things like sudden speed reductions, lane merging, and aggressive rush-hour drivers if you know what to expect beforehand. 

Start With Familiar Places

Like with most things in life, practice can help improve your confidence, but particularly as a new driver. Considering that driving is often much more than pressing your foot on the accelerator, a great way to build up your driving skills is with short and familiar routes. Whether that’s to a nearby park or to the bodega down the road, you can build up your driving skills, improve your reflexes, and work on your weakness without the pressure of navigating a new area.

Even though we’ve agreed there’s no right or wrong time to learn how to drive, there can still be some anxieties surrounding learning to drive at an older age. You can feel judged or embarrassed about not having a driver’s license yet, but don’t let those feelings stand in the way of your goals. Good luck!

BIO: Sam Bowman has a passion for learning. As a seasoned professional writer, he specializes in topics about people, education, tech and how they merge. In his spare time he likes running, reading, and combining the two in a run to his local bookstore.

Adulting Health Student Life

How to Learn to Cook When Moving Off Campus

February 12, 2021

Moving off-campus is an exciting time for a college student. It is a step closer to adulthood that can be very liberating but also challenging at times. For many off-campus students, this change means they are saying goodbye to eating at their school’s dining hall. It can be tempting to start a diet of fast food, ramen, and PB&Js but there is a much healthier option that will leave you much more satisfied. Learning to cook!

Here are 5 tips on how to teach yourself to cook when moving off-campus!

Stock Your kitchen

It is important to stock your kitchen full of essentials such as rice, pasta, beans, and spices that you can have on hand when putting together a meal. It can also be helpful to invest in some basic kitchen equipment such as quality pans, pots, spatulas, and a blender. Here is a list of some kitchen supplies that can be purchased on a budget.

Conquer the Basics

When first approaching learning to cook, it can be helpful to focus on some basic meals that you can have in your arsenal on busy school nights. Learning to master some basic recipes can provide a good foundation for when you want to get a bit more sophisticated with your cooking.

Getting Started:

  • Eggs: Scrambled, fried, over easy, omelet
  • Meat: Chicken or turkey breast/thighs/drumsticks, ground beef or patties
  • Whole Grains: Pasta, rice, potatoes

Try New Recipes to Keep it Interesting

It can be easy to fall into a routine of making the same types of meals every week. It is important not only for your health but also for your well-being to diversify the foods you eat. Food blogs are a great resource to find new and exciting recipes. Blogs such as Minimalist Baker, ScheckEats, and Budget Bytes provide fun recipes for a variety of dietary needs.

Meal Prep to Save Time and Money

As a college student, life can become very hectic and it can be hard to find time to cook. Meal prepping is a great way to enjoy home-cooked meals throughout the week without having to spend too much time in the kitchen. If you take a couple of hours on the weekend to prepare your food, you can have days of healthy meals to enjoy!

Meal Prep Necessities:

  • Food storage containers – Opt for glass, it’ll last longer than plastic.
  • Baking sheets – Great for roasting large amounts of vegetables.
  • Crockpot, Instant Pot or Air Fryer – These appliances cut down on meal prep and clean up time.

Remember Balance is Key

Nutrition is all about balance. Falling into patterns of restricting your food too heavily or not eating any nutrient-dense foods can be harmful to your mental and physical health. It is important to prioritize foods that leave you feeling nourished while also enjoying the foods that bring you joy. You can enjoy just about anything (yes, even chocolate) when it’s in moderation.

Hopefully these tips will help you kickstart your cooking journey! Check out more of our posts for more information on how to manage your wellbeing in college.

Adulting Student Life

Making Green Decisions in Your College Apartment

February 8, 2021

College can be a stressful period of life that leaves you little extra time to work with. Things like living sustainably and making eco-friendly choices can often be pushed to the backburner as you attempt to keep up with your assignments and attend classes on time.

On top of that, renting a dorm or apartment can make it feel like you have little-to-no say on how your living situation impacts the environment.

Nevertheless, there are still many small, yet powerful ways that you can make green decisions while you’re living in a college apartment.

Consider the Temperature

The easiest way that you can do your part in the fight for a cleaner planet is by adjusting your thermostat. If it’s hot outside, turn up the temp by a few degrees. If you’re experiencing wintry weather, bring the thermostat down a few degrees. If the weather is nice, open the windows up and turn the HVAC system off entirely.

This won’t just reduce the amount of pollution you’re putting into the air, it can also lower your utility bill. This can be a great first step in helping you save money, address debt, and increase your financial independence.

Embrace Thriftiness

Thriftiness is another way to better the Earth and bolster your finances at the same time. By shopping for second-hand clothing, you avoid much of the dramatic wastefulness that comes with fast fashion. You can also get gently-used furniture, sports equipment, and even electronics.

By trying to reuse rather than buy new, you will naturally reduce the quantity of garbage that you’re creating. It is also a great way to save some cash as you tighten your belt and try to get to graduation day.

Use Eco-Friendly Cleaning Products

Even if you’re renting, it’s still up to you to clean your space. Fortunately, you can even turn the act of mopping a floor or scrubbing a toilet into an eco-friendly activity by using green cleaning products.

This can reduce the number of chemicals that you’re using, protecting both the Earth and your own health in the process.

Cook for Yourself

This one can require a little more time, but if you plan things out it really doesn’t have to impact your schedule much. By purchasing food in bulk and then cooking it yourself, you can dramatically reduce the amount of packaging that you’re throwing away.

You can even take things one step further by using reusable shopping bags each time you head to the grocery store.

Bike to Class

Finally, if you live on or near campus, consider ditching your car. Instead, get a bike or walk. By opting for a fuel-free mode of transportation you can avoid putting unnecessary carbon emissions into the air.

The extra exercise is also a great way to stay fit, especially when you’re spending so much of your time sitting behind a desk.

Going Green in College

You don’t have to be the king of your own castle to make a difference. On the contrary, there are countless smaller steps you can take to do your part in the battle to protect our planet, even when you’re renting on a college campus.

So put down your textbooks for a minute and take a moment to consider where and how you can put some extra effort into creating a brighter future.

BIO: Sam Bowman has a passion for learning. As a seasoned professional writer, he specializes in topics about people, education, tech and how they merge. In his spare time he likes running, reading, and combining the two in a run to his local bookstore.

Adulting Student Life

Do College Students Need Renters Insurance or Does a Homeowners Insurance Policy Cover Them?

December 28, 2020

There are 17 million students enrolled in American undergraduate degree programs. While a small portion of these students continue to live at home, the majority live in campus housing or in off-site housing near their institutions during the academic year. 

Planning for college housing can be an intensive process. Schools, students, and their families worry about roommates, transportation, and dozens of other factors in hopes of creating the best possible living and learning environments. Too often, though, one critical concern falls through the cracks: insurance coverage.

But aren’t college students covered by their families’ homeowners policies? Do separate renters insurance policies offer enough extra protections to be worthwhile? Here are the facts.

Does Homeowners Insurance Cover College Students? 

“Will my parents’ homeowners insurance cover me in college?” is not a question that many students think to ask. Most understandably assume that the answer is “of course,” particularly if they intend to live in dorms or other on-campus housing. But how accurate is this assumption?

A survey of the top 20 insurance providers shows that only 13 include coverage for college students in their homeowners’ policies. Among these:

  • Some policies provide only liability coverage with no protections for personal property
  • Some policies provide coverage for students in dorms but not for students living in apartments or off-campus housing 
  • Some policies offer reduced protections or coverage for students living away from home
  • Deductibles are often higher for situations where the affected family member is a college student living away from home
  • Factors such as where the college is located and campus crime rates can affect coverage, leading to unexpected coverage gaps

College student coverage can vary widely between insurers and between policies from the same insurer. In almost every case, coverage for students at school is different than for the rest of the family or for the student while they are at home.

Families must review their policies carefully to determine what protections they offer. 

The Pros and Cons of Relying on Homeowners Insurance  

Do you have a homeowners’ policy that offers protections for college students? If so, there are many benefits of taking advantage of that coverage rather than buying a separate renters policy for your student. 

  • You don’t have to pay extra for a second policy 
  • There will be no confusion over which policy applies in the event that you need to make a claim
  • You continue to enjoy coverage with a provider and policy you are familiar with and trust 
  • If you have already made payments toward your deductible, they will reduce your out-of-pocket costs in future claims

Relying on your homeowners’ policy can have disadvantages as well, however. 

  • Your policy may not offer the extent of coverage that you need in the event of theft or other losses
  • You may face a separate and higher deductible for incidents involving your student 
  • You may run into unexpected and expensive coverage gaps depending on the circumstances
  • Filing and documenting claims may be challenging if your student is going to college far away but the policy is in your name

How much coverage you need and whether or not your existing policy is enough depends largely on your personal circumstances. 

Is Renters Insurance for College Kids Worth It?

Purchasing renters insurance for college students has its own pros and cons. It can be beneficial in that:

  • It tends to fully cover personal property, liability, and living expenses, giving you peace of mind 
  • Your coverage limits will be clearly spelled out, preventing gaps and unwelcome surprises
  • You may be able to secure a low-cost policy if your students’ roommates and their families chip in as well
  • Students can file claims and documentation themselves in the event of an incident 
  • Co-purchasing a policy with your student can teach them key life skills
  • Dual coverage under renters and homeowners policies ensures you are fully covered no matter what

But separate renters policies for students are not without their drawbacks.

  • They add extra costs to already-expensive undergraduate educations
  • They may need to be replaced or adjusted each time your students’ living situation or roommates change
  • Claims made by your students’ roommates show up in your insurance claim history which can be detrimental if there are large or numerous claims
  • You may need to juggle claims between the renters and homeowners policies if something happens 
  • Buying a policy that covers your student can be pricey depending on where your student lives while in school

While it can be a relief to have your coverage spelled out in a separate policy and know that you will be covered, it is important to weigh the costs and benefits to determine how valuable such a policy will actually be for you. 

How to Make the Most of Your Coverage

There are several steps that students and their families can take to help them decide what coverage they need. These steps will also enable them to make the most of their coverage, whether they rely on their homeowners’ policy or purchase renters insurance. 

Make an Inventory

Making an inventory of everything your student will take to college with them serves several purposes. First, it helps you assess the types of items you need coverage for and the total value of coverage that you need. This makes it easier to review your existing policy and evaluate how adequate its coverage is. 

If you choose to buy a new policy, it will also help you choose the right level of coverage there.  

Take Basic Safety Precautions 

Take a few minutes to review safety tips and practices with your student when they move into their student housing each semester. Make sure that:

  • Window and door locks are in proper working order
  • Lighting and other safety features are in proper working order
  • Secondary locks such as padlocks or bike locks are available to safeguard high-cost items 

These small steps can significantly reduce the likelihood of theft and loss no matter what type of coverage you have. 

Choosing With Confidence

Once you know what level of coverage you need and how much your homeowners’ policy covers, you’ll be able to confidently decide if renters insurance is right for you. If it is, let us help you find the policy and coverage you need today. 

Adulting Student Life

Budgeting 101 For College Students

December 10, 2020

If you’re like many other college students, the idea of budgeting may seem a little difficult to think about. Some students are easily able to get the things they need throughout their time in college, while others may be restricted to tight budgets or wonder how they will ever make it through.

Here are a few suggestions for those who are looking for budget-friendly ways to navigate through college that may even save a few dollars along the way.

Determine your needs versus wants 

Part of being financially responsible and developing money-conscious habits is knowing the difference between your wants and your needs. It’s human nature to want to have the best of the best — whether it’s clothes, shoes, or the newest tech gadgets. Although it is nice to have finer things, as a college student you will soon realize that these may be things you really want but don’t need. You might also find that eating out and socializing with friends can add up quickly. If you have an income through a part-time job or paid internship, you could probably afford to set aside some “fun money” so you can treat yourself within reason!

Plan and write out your expenses

Growing up, you may have seen your parents making a list of bills or other things they need to prioritize in the near future. This is an excellent habit to start on your own as a college student and use once you have started your career as well. As often as you need to, take a look at your most common expenses and bills and write them down. Have a description of what they are and how much you will need to pay for them. By doing this, you’ll be able to see what needs to be taken care of before you can put money away for savings or splurge. A budgeting app like Mint or You Need a Budget may also be helpful. 

Use discounts and free services as often as you can 

We can all appreciate discounts and free stuff! As a college student, you should always be on the lookout for good deals! This video shares some student benefits you might not know about. You might be surprised how far your student ID could take you — from free tickets to sporting events, to discounts on memberships and subscriptions, and even exclusive deals on laptops and electronics. Sign up for sites like Student Beans and UNiDAYS to start saving.

Creating good money habits in college will benefit you long after graduation day. Happy budgeting!