Let's face it -- most college students have no experience being financially independent until they're living on campus, buying their own dorm supplies, and hitting the town without asking their parents to borrow 20 bucks. In fact, many students ignore the possible consequences of swiping their debit card at the local Chipotle whenever a craving hits. No matter how much money you have, these simple choices create habits that empty our pockets.
In an article for Her Campus, Rachel Kossman has 10 great tips for stretching your dollars and lowering the chance of future financial woes!
You're a collegiette -- you know what it's like living on a tight budget. Between classes, schoolwork, internships, sports games and club meetings (not to mention dating and spending time with your girlfriends) it's hard to find time to fit in a part-time job. And even if you do have some income, you're probably only making minimum wage for a handful of hours every week. If you're lucky, your parents throw you a few extra bucks here and there, but for the most part, living on a college girl's budget is quite the challenge.
So if your New Year's resolution is to spend less, or if you're simply saving up for your next big purchase, here are some incredibly easy ways to ensure your bank account balance doesn't hit zero anytime soon!
1. Budget!
If you're like me and have tried to set up a budget based on how much you earn and can spend per month, you know that sticking to that plan isn't always easy. Mint.com is an incredible website that will help you realistically manage your finances. It's completely free to sign up, and all you have to do is input your credit card and bank information. The site will track your spending and help you set up budgets you can actually stick to. They'll even send you e-mails if you go over your allotted spending or have a bill due soon! The site also offers tools for paying down debt and saving money. "Essentially, once you set it up it monitors all of your finances for you and it only takes you a couple of minutes per month," explains Kate Zasada, a recent Northeastern graduate who swears by her Mint.com account. "It even has an iPhone app!"
2. Let your savings make money for you
One of the easiest ways to make interest on the cash you've already got saved is by keeping your money in a high interest savings account. By literally doing nothing but letting your money sit in the bank, you'll automatically earn interest. Although most interest rates aren't particularly high, a few do have rates higher than 1 percent. If you put $3,000 into a savings account with a 1.3 percent interest rate, you'll make $40 on that money in 12 months. Not great, but that extra cash can't hurt, right? Check out this list of banks to get you started. Beth Kobliner, author of the New York Times bestseller Get a Financial Life: Personal Finance in Your Twenties and Thirties, suggests checking out www.bankrate.com, a site where you can compare rates of banks across the country.
3. Join discount programs
Drug stores, major grocery store chains and other retail stores across the country offer completely free rewards programs for their customers. Most are point-based and offer coupons and access to special sales and in almost all cases, it certainly can't hurt to sign up. Most cashiers will ask you if you want to join their program as you're checking out, such as American Eagle, Sephora and CVS. Just be sure to ask questions and read the fine print before you sign up.
Read the rest of the article from HerCampus.com!