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 Most banks don't require a large deposit for an account that yield 4.5 to 5%, and the money can usually be withdrawn at no charge if necessary.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
June 22, 2017
When it comes to college applications, most students worry more about whether or not their grades are high enough, whether their essays are well-written, or if they have enough extracurricular activities. College recommendation letters are often lower on the list of priorities and are often hastily asked for close to the deadline. However, college recommendation letters are often one of the most common ways to distinguish between quality applications. Below are several ways to avoid getting tepid college recommendation letters that make your otherwise quality application look lackluster. [...]
June 22, 2017
by Susan Dutca
Everyone knows big-name companies such as Google or Coca-Cola...but did you know that these companies also offer scholarship opportunities to help you pay for college? That's right! If you love these quality products and services, you may be interested these generously-endowed scholarships. Check out this list of brand name scholarships offered by the companies with which you are most familiar: [...]
June 22, 2017
by Susan Dutca
Independence Day, also known as the Fourth of July, is the day in which we celebrate America's independence and freedom. Education has been, and will always be a great equalizer. Even though college can be expensive, it is still a fast track towards the American Dream and can be more easily attained with the help of financial aid in the form of grants and scholarships - which do not have to be repaid! Exercise your freedom this July and help make your college education dreams more affordable with these red, white and blue July 2017 scholarships: [...]