Mathematics for Business and Personal Finance

Chapter 14: Purchasing and Inventory

Business Math in Action

The (Spending) Power of Youth

If you have a student ID card, you may have used it to buy movie tickets, a bus pass, or even a ski lift ticket at discount prices. But the student ID in your wallet can get you many other discounts as well. Retailers know that when teenagers buy a particular brand, they often keep buying it for years. This is called brand loyalty, and it is what retailers prize above all else.

Society wants to you experience culture, and retailers want to win your loyalty. This means that not only can you get into the museum for half price, you can also furnish your dorm room at 15 percent off; get discounted eyeglasses, make-up, and magazine subscriptions; and travel across the USA—or just about anywhere—at reduced rates. Here are a few suggestions for making the most of your student ID:

• Carry your student ID with you at all times.

• Always ask if there is a student discount. If the answer is no, ask if there is any other type of discount. Many retailers offer discounts only to eligible shoppers who bother to ask.

• Make sure the student discount is the lowest one available. There may be another promotion that's even lower.

• Consider getting an International Student Identification Card (ISIC). It currently costs $22. The ISIC will get you discounts on travel, entertainment, meals, hotels, car rentals, and much more. Anyone who is 12 or older can get the card. The ISIC discount is sometimes greater than a regular student discount. Go to www.myisic.com for more information.

• If you are under 26 but are not currently enrolled in school, the International Student Travel Confederation will issue you an IYTC youth card that will get you most of the same benefits and discounts as the student card. Teachers can get cards, too.

Finally, if you plan to attend college, find out about student loans. A recent survey found that many college students pay their tuition and fees with credit cards. Credit cards charge interest rates as high as 22 percent, while the typical student loan charges just 3 to 5 percent. You are very unlikely to get a better deal on borrowed money than with a student loan.

English Language Arts/Writing

Student Discounts

Make a list of different businesses and facilities in your community where you have seen student discounts offered.