Seeking a little bit of help!

kayla22 · #1 07-06-2005, 01:15 PM

hi everyone

I'm new to the boards but am so glad I came across them. i love the Greek life at my university!!

I was wondering something... does anyone know how to save a bit of money? i'm a semi-struggling college student and would like to maybe start getting my debts down (credit cards & loans) with a goal of putting money into savings. lofty goal in college, I know, but where there's a will...!

so i was wondering if I could get some suggestions on how you earn enough money and save money. tips on living frugally, i suppose! i do have a part time waitressing job, but it can only do so much with all the other bills i have (living expenses).

any help is very much appreciated! thanx!!

Kayla

blueangel · #2 07-06-2005, 07:32 PM

That is a VERY broad question. I can help answer specifics if you have any. But for now... get thyself to the library and read the book:

The Money Book for the Young, Fabulous & Broke by Suze Orman.

Read everything you possibly can on investing, finances, etc. You must educate yourself on this very, very important life skill. I still don't understand why it's not taught in school!

AXOeva · #3 07-07-2005, 09:45 AM

I am one year out of college and I struggled with the same issue. This will be a "do as I say not as I do" moment, but good advice gleaned from my mistakes.

~If you have a credit card, don't use it! If you do, make a small purchase and pay it off in full when the bill comes. And pay the bill on time. You will want to start building credit now, but if you are not careful you can really screw yourself over. Never put groceries or eating out on your credit card. Save it for when you really need it.

~Open a savings account and make at least a small contribution every month. Even if it is $50 or $100, it will still add up. That way you have a cushion if something happens and you need money.

~Track your expenses. I don't like those little ledger books that come with my checks, so I keep a large spreadsheet and list every purchase, every check written, every deposit. I have it color coded too. One color for each credit card, my cell phone payment, Alpha Chi expenses, and Walmart purchases. (Walmart got a ton of my money in college, especially the first two years when I really didn't pay much attention.)

~Be frugal. Don't spend more than you have and don't buy anything you really need. I'm not saying be cheap, because you still want to have fun. If you don't spend money on things you don't need, you will have more to spend for that night out or impromptu beach trip.

~Get a job! (If you don't already have one) It amazed me how many college students complain about not having any money, but don't take any responsibility for it by getting a job. My middle two years in college I worked two jobs totalling 30-40 hours, took a full course load and was heavily involved in two organizations. You do what you have to do.

~If you find yourself in trouble, ask for help. Luckily I never found myself in real trouble. But if you do, swallow your pride and get help, cause it can get worse.

kddani · #4 07-07-2005, 10:02 AM

an easy way to cut back: stop going out to eat, even fast food or street vendors. Make full use of your mealplan. Don't go out to bars as much, and if you do, just get the special. A very large portion of college student's money goes towards eating and drinking. Resist temptation- if your sisters are going to the mall, don't go with them. Yeah it's fun, but you can drop a ton.

What got you in credit card debt in the first place? If you're still in college, you couldn't have had them that long. It amazes me how many college student acquire credit card debt so quickly. But it seems you've learned it's not free money

Look for a better paying job. Waitressing can pay decent, depending on what kind of place. But really sit down and figure out how much you're making. Hunt for a part time job that pays more. Retail in some places can pay pretty decent for a college kid. Or if you have some sort of specialized knowledge, you can get good money. For instance, I took a job in tech support at my university and made a lot more than any other job could on campus. Their pay was different than the standard university student job, I started at $8 an hour back in 2000 when I took the job, and when I left 2 years later I was making $9.50. And half the time I could do homework or surf the web (that's when I found GC, lol)

honeychile · #5 07-07-2005, 10:09 AM

One phrase to keep in mind, and keep your budget intact is when you go shopping and see something that you want to buy, ask yourself, "Is this a Want or a Need?"

You do need a certain amount of nice clothes for school and work, but a $150+ purse (for example) is a Want, not a Need. You'll be surprised how much you'll save with that expression in mind!

There are also many online sites for living frugally. Many of them go MUCH too far, but you'll get a good idea or two. Just put frugal living or thrift or such in your search engine. Good luck!!

chideltjen · #6 07-07-2005, 11:38 AM

I survived college by working full time during breaks and shopping at cheap places. The Dollar Tree, Target, Ross and Marshalls were my shopping venues of choice. I never had a credit card in college either. Why pose the risk. Luckily I had parents to put me through school and help with rent and food. (They were more focused on my grades.)

Now that I am a poor college graduate, shopping at Wal-mart is my new favorite hobby... especially for groceries.

Stay away from name brands if you can. Especially if you are broke. No one is going to think less of you if you don't buy that Coach or Louis purse... or Express jeans... or whatever. Same goes for food. Snack foods generally taste the same whether they are Albertsons brand or General Mills.

And I agree about the savings account. Man, am I glad I set that up.

Glitter650 · #7 07-07-2005, 11:47 AM

My main suggestion for saving money, don't eat out ! Since I've been more careful about making sure I cook for myself it has saved me A LOT of money.

kddani · #8 07-07-2005, 11:50 AM

As much as I think walmart is the devil, you can't beat their prices on so many items. For instance, I just bought their brand of rice krispies. $1.50 for a box. A box of Rice Krispies was $2.58 there, and lord knows how much elsewhere.

kayla22 · #9 07-07-2005, 01:37 PM

WOW, thanx for all the great advice. I'm definitely going to take those suggestions and try it out. yea, i think a lot of money i spend ends up going to eating and drinking. i really should start using that meal plan more and cut back on eating out! and I am def. going to check out that book.

I did some research and found an interesting site, www.studentfinancialguide.com -has some great articles and tips, too.

Walmart is a good priced store, agreed! thanx again, I'm printing out this thread so I can keep these tips handy and in my mind.

Kayla

chideltjen · #10 07-07-2005, 01:57 PM

Quote:

Originally posted by kddani
As much as I think walmart is the devil, you can't beat their prices on so many items. For instance, I just bought their brand of rice krispies. $1.50 for a box. A box of Rice Krispies was $2.58 there, and lord knows how much elsewhere.

Agreed. However desperate times call for desperate measures. I mean who can beat $1.89 on a gallon of milk, when I normally pay around $3 for it.