Create a lesson on saving while in college - a must as young people head off to college this fall!

Are your high school students financially ready to head off to college? Do they possess the knowledge and skills to save money that will help them through the next few years? Do they know the tricks needed to keep from going broke before they graduate? You can equip your students with a great deal of information that can benefit them for years to come, putting financial literacy first!

I was inspired to write today's post by an article on AOL Daily Finance entitled "Help Your Kids Save While They're Still in School" (Link: http://www.dailyfinance.com/2011/11/02/help-your-kids-save-while-theyre-still-in-school/). In this article, the author gives several helpful hints on how a college student can save incrementally and overcome several financial woes that can be thrown at him or her. I have put a few of these helpful hints together here to help spark some teaching ideas for personal finance educators:

• Students need to open a savings account early and regular make contributions, even if only a few dollars
• Set short-term savings goals (i.e., How much would you like to have saved in six months? In one year?)
• While studying is important, students should take a part-time job where possible to help supplement their income and also allow them to regularly contribute to their savings
• Find other ways to earn a little extra money, like tutoring other students, giving lessons, or even selling all those unneeded items randomly collected on eBay
• Find ways to avoid the common money pitfalls. For example, instead of buying Starbucks every morning before class, buy an inexpensive coffee pot and make coffee in the dorm every morning - a student can save hundreds (if not thousands) of dollars a year just from this one tip!
• Set limits on spending. For examples, avoid overspending on clothes, shoes, or other such items - although it may feel like it, a young person does not need every dress, pair of shoes, sunglasses, or outfit that he or she just "absolutely loves" - impulse buying can drain one's savings very quickly

These are just a few of things college students can do to navigate their college years and come out financially sound. Be sure you are equipping your personal finance students with these necessary tips--although they may not fully understand them now, they will thank you later for helping them become financially savvy!

Do you have additional college savings tips you share with your students? If so, share them here today so everyone can gain new ideas!