Five Ways College Kids Could Pay for Your Gas

I learned three important financial life lessons during college: a few cheap envelopes make a great budgeting system as long as you trust your roommate, no time of day exists during which Poptarts make an unacceptable meal if the “Food” envelope is empty, and if the envelopes go completely dry students will accept credit offers even if their income falls well below the poverty level (luckily, the on-site card company hawkers frequently offer a free T-shirt – good thing, too, when there’s no money left to buy clothes after the bill for a maxed-out credit limit arrives).

Fast forward fifteen years and not much seems to have changed for many college students. The syndrome I’ve nicknamed “My-Parent’s-Money-Grows-on-Trees” Disease is still alive and well, and leads me to one important conclusion…

While many college attendees who leave home to embrace the on-campus college existence are remarkably financially savvy, some college-goers position themselves to embody a recession-proof niche.

How is this possible? With published tuition and fees at four-year public institutions rising an average of almost 8% for the 2010-11 school year over the prior year’s costs according to collegeboard.org, students are frequently utilizing a mixture of government grants, scholarships, loans, and parental support to financially survive the college experience. Parents in particular appear vulnerable to plundering their savings, refinancing a mortgage, even putting off their retirement in order to provide the opportunity for a child’s college education.

Am I suggesting you take advantage of traditional college kids? Not at all, merely pointing out a market that may be willing to live on noodles and value menues in exchange for discretionary income. In a time when permanent family and financial obligations (the proverbial house, white picket fence, and two and a half kids) are often nonexistent for a traditionally aged on-campus student, I kind of like the idea of enjoying this unique period of life. I certainly did. Following are a list of items for which some students are willing to part greenbacks:

1. Officially Licensed Greek Organization Products. For many who’ve chosen to leave behind family and friends and journey to a strange city for college or others who simply want to try a new experience, joining a fraternity or sorority can often provide a meaningful support network during a stressful transition. Having left home with a full scholarship and not much else, I found becoming a member of Delta Gamma provided an instant connection with other college students with whom I had much in common. I proudly displayed my so -called “Greek” affiliation both on my clothes and in my dorm room, often choosing to part with spending money at a licensed Greek vendor instead of the mall. Many such fraternities and sororities maintain mascots and symbols to help identify and bond their members. Affinity Marketing Consultants, Inc. (www.GreekLicensing.com) provides a good resource to locate licensed vendors for North America’s leading fraternities and sororities, as well as administers use of their trademarks for merchandising. Creating a quality, marketable, licensed product can be relatively quick and easy!

2. Renting a Place to Live. Have an unused room over your garage or a privately-accessed basement that’s doing nothing but collecting dust? As some college students spread their wings and fly from the dorm rooms, they’re looking for reasonably-priced, secure places to rest their sleep-deprived heads. Don’t forget to check references, credit, and identification before entering a rental contract, which in my experience as a landlord should be a mandatory piece of paper.

3. Parking During Sporting Events. If you live close to a college sports venue and don’t mind potential abuse to your grass, for the cost of a posterboard and a little of your time providing Game Day parking could land some quick cash in your pockets. Good idea to check with your insurance agent about any potential liabilities as well as ways to avoid them should any exist.

4. Used Just Starting Out Items. A mini-fridge you no longer use, leftover silverware or dish sets replaced by upgrades, even comforting bedding sets rendered obsolete after redecorating can become cherished possessions to a college student living in a sparsely decorated room on an even uglier budget. Be certain to check if any items you list (such as microwaves, hot plates, etc.) are restricted before getting permission to post for-sale items in a dormitory’s common room or lobby.

5. Home-Cooked Food. As a registered nurse today, the idea of eating anything of unknown origin that’s unlabeled or unregulated by a food inspector gives me serious pause; yet as a college student, Someone’s Granny Sundays were my favorite day of the week. We didn’t know who she was, but everyone came running when “Someone’s Granny is here!” was bellowed down the hall. Some days she brought cookies, some days a full course carefully packed in styrofoam, but every day we could we reached deep in our pockets for that beloved taste of home washed down with a glass of way-too-sweet Southern iced tea.

Whether you choose to provide a safe housing haven, sell last year’s comforter, or become someone’s Granny, you could provide a valuable asset to a college kid while they in return help recession-proof your personal economy.


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