Spring break and summer are quickly approaching. Vacations are on the calendar, but it takes money for trips to be as wonderful as people wish. Saving money is a difficult task, especially when you’re a college student.
The difficulties of saving have increased since the recession. Gas prices are constantly rising, and everything that revolves around these fuel prices becomes affected. As a college student, you have to be smart and creative when it comes to spending money. Think of alternative ways to cut your spending. Here are some tips for saving:
Tip 1: Keep track of how much you spend
Spending money is the main issue that students have when it comes to saving money. If you keep a record of what you spend money on and how much is spent, you can discover your spending habits and alter them if needed.
If you eat out a lot, pay close attention to how much is spent on dinner and lunch. During the course of a month, eating out two to three times a week can add up to $56-144. The best places to track your spending are in your phone or in a checkbook. Saving receipts is also an easy way to keep track.
Tip 2: Make a budget
The most important thing about saving is setting limits for how much you spend at a given time. By establishing what you are able to spend within the span of a month, you can make sure money is being spent in a responsible manner.
Instead of setting aside money for going to the movies or other events that charge admission, think of entertainment that is free or does not cost much. Think about using alternative transportation so that you can save money on gas.
Tip 3: Make goals
By making goals, you will have more motivation to save money. The goals that you make must be realistic for your income. First, start by making an end goal and the ideal amount that you would like to save each month. Post your goals somewhere you will see them on a daily basis so you will be reminded about your personal savings goals.
Tip 4: Open a savings account
Savings accounts make saving a much easier process. Some banks have savings accounts attached to checking accounts. Contact your bank provider about how to start an account. You can automatically deposit money each month to this account. Do not touch this money unless it’s an emergency.
Tip 5: Portion your paychecks
When you first receive your paycheck, think about how much of it you want to take out to save. This will minimize the pressure of making sure you don’t spend it all because you would already have some
money set aside.
Ivanna Tucker/ Features editor
Ivanna Tucker can be reached at email@example.com.