Ways To Save

It’s hard to imagine a more vital need for college students than money. Not only is it a strange transition from living with our parents to going alone, but it’s also weird to be responsible for our own expenses. As a result, we may find ourselves blowing through our money a lot faster than we realize. But you can take some very quick and very easy steps to make your money go farther. For example…

MAKE A BUDGET! This is the single most important piece of financial advice that you’ll ever hear. Nothing else matters unless you can make a plan for your money and stick to it, because there’s no better way to become broke than indiscriminate spending. You can avoid this by 30 minutes every month to determine what income your will have and how much you intend to spend. After all, how can you expect to save money if you don’t know where it’s all going?

EAT FOR CHEAP: This sounds simple, but surprisingly many college students struggle to follow it. For example, if you have a mean plan, use it! Don’t waste money on off-campus fare every day when you have free food waiting in the cafeteria. If you simply must eat off-campus, take advantage of local restaurants that offer student discounts.

TAKE FREE STUFF: There are always free giveaways on college campuses. Clubs and organizations occupy the main walk of most colleges and are often giving away free stuff to passing students. Plus, many clubs typically serve free food at their functions. But don’t be a jerk and just go for the grub; at least act like you want to be there. I mean, come on.

BUY USED BOOKS: College textbooks can run you a pretty penny, so take advantage of sites like Amazon and Half.com to find used books for school (sometimes more than 50% off!)

KEEP A CLOSE EYE ON YOUR BANK ACCOUNT: Got a debit card? Make sure you always know how much you have in your account. Overdraft fees can be a killer. Your card will not get rejected if there isn’t enough money, but your account will go into the red. So unless you like an extra $32.50 tacked on every time you buy a Coke from the machine, be sure to keep an eye out.

AVOID CREDIT ALTOGETHER: Banks love nothing more than signing up college students for credit cards, but don’t fall for their promotions! It’s easier than you think to get into credit card debt, and the fees and interest it brings can follow you for years.

INVEST!!! Students have their entire lives ahead of them before their eventual retirement. Set aside a portion of your income each month to invest. Don’t know how? Put it into an S&P 500 index fund to get returns that dwarf those that any bank will offer you. Of course, you may want to learn to do it for yourself. If so, you won’t find many better paces to start learning than CollegeStockPicks.com. Even if you don’t have money to invest, it doesn’t mean you shouldn’t start learning. Once you start to learn the power of investing, you are more likely to make smarter decisions with your money, which will lead to a better financial future.