Go On A Budget Diet
Graduating from school without a boat load of debt can be tough, but it is not impossible. Here are some of the tips and tricks I learned in school that helped me escape debt-free. There will be points of difficulty, and eventually the most dedicated saver throws up his arms, sighs, and sifts his credit card from his back pocket. That's okay; just be aware that habits like these, if relied upon too often, can strap you with a significant financial burden after you graduate. Observe your weaknesses, but focus on building your strengths.
Set Savings Goals
Goals are important in every area of your life from academics to weekly achievements: finances are no exception, especially in college. For most students, the four years they commit to college are several of the most financially stressful and demanding years of their lives. Money is tight in college, and that is why saving something is more important than ever. Your college years will be chock full of expenses that you didn't anticipate. Having even a few hundred dollars in the bank can ease your level of stress significantly, and allow you the flexibility of which you would not otherwise have the luxury. For myself, I created a three bucket rule that worked well.
Money for food and other essentials. Most students are shocked by how quickly the cost of everyday items like paper towels and toothpaste add up. Don’t be caught off guard and factor such items into your spending budget.
- Short-Term Saving
This is an important stash to contribute to. This money can help you when you have an unexpected expense. Cars break down, microwaves burn out, and denim wears thin. This account can help foot the bill for such costs.
- Long-Term Saving
While it is important to have some type of long-term savings account, the first two should be your priority while you are in college. This account can help you when you begin paying off student loans, or support you while you are looking for a job after graduation. I suggest putting this money into a high-yield savings account. Most banks don't require a large deposit for an account that yield 4.5 to 5%, and the money can usually be withdrawn at no charge if necessary.
Stick With Your Plan
You've established a plan that works for you, stick to it even during the dry spells. A budget can only reward you if you adhere to it.
One of the best parts about saving money is the possibility of giving yourself unexpected and delightful rewards. If you have budgeted successfully, there should be at least a little bit of money that can be played with. My girlfriends and I decided that our extra cash would be allotted for post break-up presents. Every time a boy got left behind, we acquired a new piece of jewelry or article of clothing. Nothing like a little bling to lift the break-up blues!
- 8 Great Ways to Save Money in College
- Apartment Penny-Pinching
- Avoid Credit Card Debt
- Basic Money Management
- College Money Management Tips
- Go On A Budget Diet
- Money Management for College Students - Learn to Recognize Want vs. Need
- Resist The Urge To Splurge
- Student Checking Accounts
- You and Your College Fund
- You Are Your Credit Score
Latest College & Financial Aid News
May 3, 2016
by Susan DutcaMalia Obama won't be the first child of a president to be accepted into Harvard University, but her decision to take a gap year sets her apart from the traditional college-bound student. As the gap year trend gains popularity in the US, there is still some reluctance in putting pause on a college education. Could it pose some trouble for those who aren’t socialites? Despite [...]
April 29, 2016
by Susan Dutca117 underclassmen recently took advantage of the new NCAA rule which allows them to test the NBA waters without losing NCAA eligibility as long as they don't hire an agent. However, talented athletes are stuck between choosing to play on scholarships or play professionally. Division I schools are balling on a tight budget, with only 13 scholarships available per team. With the constant [...]
April 26, 2016
by Susan DutcaThe class of 2015 had the largest student loan debt in history and while some students may side hustle to cover their tuition bill, one student has opted to skip the grind and instead, hustle the streets to help pay for her college education. Star student Emily Stutz wasn't offered the necessary financial aid to attend college, even after she appealed to all of the eight [...]