Congratulations! You just got the internship you have been working for all your life. Even better, the internship lies in the dream state–California. However, this creates one problem. California. Where will you stay? Well if you don’t want to live in a box, keep reading to figure out how to survive while saving. You have just enough time to start saving up that cash for your luxury apartment.
Wonder how this magic works? Check out these 10 ways to save money.
A plan keeps you on track. It watches you make sure you stay on your toes! As soon as the plan gets ignored, everything goes down-hill.
Step 1: You need to get into the mindset of a broke college student. Perfect. You’re already there. The hardest part about this? Reminding yourself that the time has come to start saving money. Determination becomes your key secret when saving, so the urge to buy that cozy sweater does not hypnotize you with temptation. Important knowledge about necessary money loss vs unnecessary money loss gives a great advantage. For example, say your shopping around on Black Friday and you see the perfect popping pair of shoes on sale. Ask yourself, “Do I really need these shoes?” Look down at your feet and notice you already own a pair of shoes. Therefore, pick your head back up and walk out proudly out of the store with money still in your pocket.
Step 2: Set a goal. Without a goal, what happens to the drive of saving money? Your goal should stand at the minimum amount of money you need to pursue your trip. However, when you reach your goal, celebrate and raise it. This helps keep your determination strong.
Step 3: Start saving.
2. Save on the small
Saving requires strength. Believe it or not, this means saving on the small things. Sure, it’s hard to resist buying something that only costs $5. However, $5 adds up. Instead of going to a fast-food restaurant, head to the grocery store and create an art piece of your own. How about the Starbucks coffee that costs you $6.50 every day? Better off, just buy a coffee maker and some coffee grounds. “I save money by separating my needs and wants and then organizing them by importance and urgency so I only buy things when I need them and when I have the financial stability to buy them,” University of Florida freshman Anna Moye said. In this situation, every dollar counts.
3. Watch the bank
As mentioned previously, setting a goal continues to be a necessity. However, reaching that goal–not the most important part. Staying above the goal makes this strategy extremely useful. Once you reach your goal, pretend your bank account sets back at 0. Never drop below that number. This method allows the bank account to start saving. Eventually, money starts to build up in your account without you even knowing.
4. Checking vs Savings
Many people don’t understand the difference between a checking account and a savings account. A checking account holds the money you spend. A savings account holds the money you don’t. BOOM. Not so complicated right? The savings account stores away money, so do not touch it. The checking account holds the money you spend and earn. When you earn money, through a job or yard sales, put the money in this account. This account aims toward the set goal. “I use my checking account once a week and set aside money for necessities,” University of South Florida freshman Christian Humperville said. As a college student, the bank account should not contain more than $2,000 in that account. As soon as you get to that point, move $1,000 into your savings and get rolling.
Instead of taking your car everywhere, maybe walk? If you live off-campus, maybe take a bus? Stop using the car as your only method of transportation. As a college student, everything you need should lie close by. So why stand there watching your money fly out the window paying for gas? For example, some people ride bikes or buy scooters. Others prefer to learn the bus routes, but those get a little complicated for some people. If you are super lazy, you can pay for an uber, however, then you end up spending money again.
6. How Many Banks?
The answer to that, two at most. With more than two, major debt stays in your future plans. It creates a lot of work and makes it very hard to follow and keep track of multiple accounts. Money would sit everywhere and become difficult to keep track of. My advice: have one bank as the primary bank. All the money remains stored here and used. For the secondary bank, make this a focus for vacation money. All the extra money such as tips or family money goes into this bank. Now every time you go on vacation you have money to spend at free will. Imagine getting those back massages you always dreamt of.
7. Party Time
Eating at restaurants, club covers and mall trips sound like a lot of fun, right? Well, unfortunately, they all require money. Instead of going out every night why don’t you stay in? Sorry to play the party pooper, but you will survive. A good card game and conversation with a few drinks crafts the nights I live for. Everyone bringing their own food and drinks = a night of guaranteed fun.
8. DIY Life
Christmas season approaches upon us and gifts get a little pricey. So, hit up Hobby Lobby or Michael’s to create a present yourself. I love making boxes with a theme. For example, if they like the color yellow, make a sunshine box! My favorite creation would be the “Jar of Nothing.” This creates the perfect gift for a parent– as a joke. Write a long letter explaining how they always want nothing for Christmas on the font and BAM. A gift completed. The gift means more personal value if you create it yourself. Double win!
9. Cable…or Netflix.
The hardest question of all. You do not need all the TV networks. Choose your weapon. Sure, cable has commercials, however cable allows you to watch new television shows. Without cable, you might walk down the hall one day and hear someone spilling the tea about the Grey’s Anatomy series finale. With the exception of Netflix originals, TV apps only allow access to certain shows that eventually get knocked off, but you can watch shows in order from episode 1. Plus, there are no commercials unless you are watching Hulu. Now, time to make decisions. Netflix or Hulu?
Yes. This paragraph is a trap, just like it says. A trap. Every time you leave the house only bring a limited amount of money with you. Now, you can’t spend more then what you have. When you go to the mall, don’t bring your wallet if you know you aren’t planning on shopping. If you go to a school event, only bring $20 cash. Think ahead and don’t spend.