NEW YORK, July 9, 2015 (GLOBE NEWSWIRE) -- College students currently enjoying the beach and time off from school can also be using their summer breaks to be financially wise. According to the College Board, a student who graduates from a four-year institution carries on average a debt of about $27,000. BankMobile, America's first and only absolutely no fee, mobile, online and tablet bank, today brings college students some tips on how to use their summers to help reduce their financial burden.
"Summer should be an enjoyable time for college students – with barbeques, vacations, and quality time with friends and family," stated Luvleen Sidhu, Chief Strategy & Marketing Officer at BankMobile. "It should also be a time when college students reflect on their financial state and take action to help themselves get on solid financial footing. Our mission at BankMobile is to financially empower millennials and we are committed to helping you get there."
Summer Break Financial Tips for College Students
- Gain valuable real world experience through a summer internship or job. The value of an internship goes beyond monetary rewards because it will provide you with the experience you need to land your first job out of college. Consider working for an organization that will help you hone your professional skills. For example, if you'd like to land a social media marketing job after graduation, offer to manage a non-profit's page for the summer. Not only will you learn the craft but you'll make connections that could lead to references for the future.
- Sell things that you do not need (clothes, books, etc.). There are plenty of websites that make the transaction easy, including eBay and Craigslist. Sites specific to what you are selling, like Poshmark for your fashionable clothing items, are also options. Other ideas include hosting a group garage sale with friends and selling items at flea markets or consignment shops.
- Set aside a portion of your summer income for the upcoming semester. Set up a high yield savings account to gain interest on the money you're saving. It's an easy way to grow your money!
- Find sweet summer deals. Use apps and websites, like Groupon, LivingSocial, and Daily Steals, to find great opportunities to save on your favorite products, services and events. Look for free events and activities in your community by checking out your town's tourism website For example, a free yoga class in the park or a free event, like the Brooklyn Music Festival on August 8, 2015, can amp up your summer without breaking the bank. Remember that a lot of times using your student ID will help you get additional discounts!
- Search for free money! There are plenty of scholarships, award opportunities, grants, and alternative aid available for students already enrolled in college, you just have to take the time to look and apply. One to keep in mind is BankMobile's Financial Literacy Scholarship, which closes on July 19, 2015. Apply to win $1000 towards your college tuition.
About BankMobile: Established in 2014, BankMobile is a division of Customers Bank, with its headquarters in New York. It provides target customers – millennials, the underbanked and middle income households – a digital, effortless, and financially empowering experience. BankMobile offers checking, savings, lines of credit, joint accounts and access to over 55,000 surcharge-free ATMs nationwide (BankMobile VIP customers have free access to every ATM in the country, which is more than 400,000 ATMs), a guaranteed higher savings rate than the top four banks in the nation, a personal banker for all customers, and a free financial advisor for VIP customers. It is a Federal Reserve regulated and FDIC insured commercial bank. Customers Bancorp is the bank holding company for Customers Bank. BankMobile is an independent operating Digital Banking Division of Customers Bank and also of Customers Bancorp. For more information, please visit www.bankmobile.com.