5 ways to use your student status to save money

1. Banking : Student Checking Accounts

No one is a huge fan of the fees and service charges associated with having a bank account, but we all need one. During your time in school, you’ll have an opportunity to save some cash, and use your account without worrying about monthly service fees or minimum balances. Most banks only require you to show your school ID card to open a student checking account. Although it won’t last forever, enjoy the savings while you can!

2. Traveling : Discount Travel Fares

Anyone who has ever booked travel has probably experienced the frustration of being asked if they qualify for certain discounts, which they do not. Usually, you ask yourself, “Am I missing out on savings I could be getting” When you return to school, the answer to that question will finally be, “yes!” as your student status will qualify you for a discount fare, usually 5-10 percent. All you need to do is present your student ID when you check in, and you can travel cheaply, but well.

3. Networking : Student Membership with Professional Organizations

One of the best ways to get students excited about joining a professional community is through its professional organizations. The earlier you can join an organization, the more extensive your opportunities will be for professional networking and reputation building. One of the things that makes students leery of joining organizations are the membership fees that only working professionals can afford. Your student status will purchase memberships to key organizations in your profession, gaining you access to job boards, events, and connections to influential colleagues.

4. Shopping : Student Retail Discounts

What student doesn’t like shopping! Whether you are an 18 year-old freshman, or a 40 year-old non-traditional, the extra expenses related to school can put a strain on even the most carefully-managed budgets. What’s cool! Many retail stores offer student discounts that can be used any time on most items. Even cooler! Retail student discounts can often be combined with existing sales prices. These great deals are usually found in stores that offer popular student items, such as clothes, books, music, movie tickets, and of course, food.

5. Tax filing : Deductions for tuition, childcare expenses, etc.

What better time to get money back than during tax season! For the adult student paying out-of-pocket tuition, possibly also paying tuition for your child, the expenses mount so fast it makes your head spin. Fortunately, taxpaying adult students can take advantage of great tax deductions and credits for expenses related to your student status. These tax-breaks include deductions for tuition and books, uniforms (for those majoring in uniform-required majors—think medical), as well as credit for the expense of additional childcare needed during class time. Be sure to hold the receipts for these new bills; you may need to submit them with your tax return.

When you use businesses or services, be sure to carry your student ID with you. Don’t be afraid to ask for a possible student discount, whenever one is not offered. If you already belong to organizations or have your information on file with stores where you frequently shop, go back and update your information, so your student discounts can be built in whenever possible.

Although you may not run into the above discounts every time you spend money, it helps to know that you have the option of saving some money as a reward for returning to school. Since you won’t be a student forever, why not enjoy this perk while it lasts! Your wallet will be happy you did.

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