Both FAFSA season and tax season are upon us, and so it is time to turn our minds to financial matters. Even the world of politics is seeing 1040s and W-2s in the midst of the Mitt Romney tax return fiasco. Since you aren’t Mitt Romney, it is likely that your child either already has or soon will qualify for financial aid in college (for more on financial aid, see C2’s financial aid primer), but college financial concerns don’t end with tuition.

Many families breathe a sigh of relief after the financial aid headaches are past, certain that the worst is over. But what many parents and students fail to consider in their financial calculations are the day-to-day expenses of attending college. Between that daily coffee run, the new CD he just had to have, and the parking fees for that car he just couldn’t live without, the seemingly small expenses of life in college can really add up. It is important to discuss financial responsibility with your child before he heads off to college – not only will the discussion save you money, it will also (hopefully) set your child off on the right financial footing. We’ve compiled a list of tips to help your child (and you!) save money in college:

• Graduate on time: Between books, housing, and (of course) tuition, spending extra time at college is expensive! Research your school’s graduation rates carefully in order to properly prepare – at some schools, such as Georgia Tech, students often take five years or more to graduate due to highly challenging classes and stringent graduation requirements.
• GO TO CLASS: The biggest waste of money in college is failing to go to class. You (or your parents) have spent a great deal of money (or taken out a great deal of loans) to pay for those classes. If you don’t bother to attend, you’re literally flushing money down the toilet. Besides, you are attending college in order to gain an education, and no one became educated by sleeping through class.
• Get a job (or a gig): A part-time job can be a great idea in college. Not only does it teach responsibility and time management, it also provides extra spending money – and the right part-time job can net you scholarsh ip funds (employers such as Burger King, Wal-Mart, Staples, and McDonalds offer scholarships in addition to extra spending money). If a part-time job seems like too much commitment, look for a gig to earn extra cash. Consider tutoring or pet-sitting, starting a blog, or applying for a campus position (campus library jobs are particularly useful as they allow you to earn funds while studying for class).
• Make smart test prep choices: If you’re planning to take the GRE, LSAT, MCAT, or other grad school exams, don’t waste good money on bad test prep programs. Many schools recommend certain test prep companies simply because that company bombarded the school with promotional materials. Don’t blow money on a program that puts you in a huge class or fails to offer individualized instruction. If you’re worried about your grad school entrance exams, visit C2 Education for personalized help.
• Student banking: Most major banks and credit unions offer free checking and savings accounts for college students. In a time in which bank accounts are increasingly burdened by various fees, these free accounts can be a blessing!
• Buy used textbooks: College textbooks are often ridiculously expensive. Buy used books to save money. Used hardcover editions are often less expensive than paperbacks – they weigh a little more and are slightly less convenient, so they are in less demand. And when buying used books, always look online – Amazon and Barnes and Noble both offer used textbooks, often at prices that far undercut those of campus bookstores.
• Sell used textbooks: After the semester is over, sell your used textbooks to get cash for the new semester’s books. Always try to sell online first – campus bookstores often offer less money to buy back used books.
• Invest in a coffee maker: Coffee is a necessary part of college life, but it can also be a huge waste of money. At $2 a pop, that daily coffee habit can cost hundreds of dollars each semester!
• Be careful with meal plans: Students often buy a much bigger meal plan than they actually use. Don’t purchase a full meal plan unless you know you’ll use it. More importantly, once you’ve paid for a meal plan make sure you take advantage of it! Why pay for food off campus if you’ve already paid for a meal plan?
• Make smart computer choices: Don’t invest in a flashy new laptop unless you actually need it. If and when it dies, consider buying a refurbished model. And if you must buy new, look for student discounts. Companies like Apple, Dell, and HP offer discounts to eligible students.
• Transportation: Bringing a car to college can be really expensive. Between maintenance, gas, and parking fees, a car often costs more than it’s worth. Find a friend with a car or rely on campus transportation whenever possible.
• Smart budgeting: Every new college student should make a budget and stick to it. Write down absolutely every expenditure (no matter how small!) for a full 30 days. You’ll be amazed at how much you spend on unnecessary items. Use your list of expenditures to come up with a smart monthly budget – then follow it!
• Entertainment on the cheap: Every college student should be allowed to have fun, but having fun doesn’t have to cost an arm and a leg. Take advantage of activities on campus (most are free!) and student discounts at local restaurants and movie theaters.
• Be careful with credit: College is a great time to begin building credit, but students must be careful! If you choose to get a credit card, make sure that you can pay it off every month. Look for cards with low interest rates and don’t be fooled by introductory rates!