Saving Money

Photo Credit: www.collegetocareers.com

To have the Starbucks grande caramel macchiato or to not? As an independent college student (or a young professional), even a simple decision like this can have a huge impact on your finances. Here are some of our saving tips, pulled from Daily Finance, to help you save while working toward your goals in college and beyond.

• Be wary of credit cards- Research what kinds are out there, their fees and interest rates, and make a decision based on that. Unless you know you can pay it off, don’t get a card. You, your credit score, and your bank account will be happier in the long run.
• Create a budget that works for you- Outline a budget to help you figure out how much money you have each month and what it has to go towards. This will also help you decide how much you can spend on going out or on other events. A way to do this—decide how much you want to spend on a night out, and leave the rest in a safe place at home.
• Embrace the student discount- Stores and restaurants near campus may offer a student discount, so take advantage of it!
• Pay less for textbooks- Since the school bookstore is often more expensive, buy your books used from Amazon or rent them from sites like Chegg.com. Remember to sell used books back at the end of the semester to get a little extra cash back.
• Be organized- You may not realize it, but unexpected fines like a parking ticket or overdue library or movie rental fee can mess up your budget. Also, be aware of ATM fees—know where your closest bank branch is to avoid this when getting cash.
• Online banking is your friend- Sign up for text and email alerts from your bank to help you stay on track and well-informed about your spending.
• Go couponing- Think that little coupon book you get at the campus fair is silly? It can help you save on a dinner out or a haircut you want. That way, you’ll have a little extra cash for other things you might be saving towards. Sites like Groupon are also a great resource!
• Invest in yourself- Take that volunteer position or internship and network amongst family and friends. This will help you learn skills and build connections to get your dream job in the future (which won’t hurt your bank account at all).
• Set limits- If something is over $50, consider whether you really need it. This is a good way to determine wants and needs (and maybe that shirt will go on sale in a few weeks!)

With these tips, you can stay on track and start thinking about your future goals. In other words: invest in a good ol’ coffee pot and treat yourself to Starbucks when you get that job or ace your term project.