Tips on How to Save Money
Being a college student, I have quickly learned how fast
money is spent. From the start of the year, I have set a personal goal of saving my
money and not spending it frivolously on things I don’t exactly need. There are a
variety of different ways to go about saving, and after trying almost
everything, I have made a list of the top five tips to help you save money.
1. Think
before you spend! Before purchasing something, stop and ask yourself a series
of questions. Is this something I need? Could I buy it somewhere else for
cheaper? Will I use it after I purchase it? Is it worth the amount of money I
will be spending?
2. Divide
your money. Saving for a car? Going on vacation? Ready to go on a shopping
spree? Divide your money and save for certain things. You will find that the
money will add up quickly and you’ll have the money available when you’re ready
to spend!
3. Put
your money in the bank. After you get your paycheck, immediately put it in the
bank. If you put the money into a savings account, your money will be secure
and stop your spending. You may also put your money into a checking account,
which would leave you some spending flexibility.
4. Shop
sales. Avoid buying things at a full price. Wait for items that you're interested in
buying to go on sale, or search for coupons. Also, most of the time you can
find the same item for a cheaper price under a different brand name.
5.Track
your spending. Keep track of what you spend and where your money is going. This
will help you make decisions about where you should cut back your spending.
If you follow the five tips listed above, I can guarantee
your spending habits will change and it will be easier for you to save money.
Tips about saving money, specifically for college students, have been presented
by Get Rich Slowly. Investopedia has compiled a list of financial tips for
young adults. As we grow up, it is important to save money and by following the tips
provided, you will be able to do so.
Jaime, I love the idea of saving money. I have always tried to save my money as a little kid. Even when I went to arcades I would save up my tickets. I have over 10,000 tickets to even prove it. I love saving money and always will. I now work for a company that teaches people how to make money, save money, and get out of debt. I love working here because I have been practicing what they preach all my life. I find it fun to go see families and teach them how to get out of debt quicker or how to save money over time. I know a lot of people tell you to put your money into a bank, but banks are offering such low rates of return that it’s crazy to do that. I have learned that if you want to save money invest directly into the market. Banks are offering you decimals on your money while the market will yield you a 3% return or better. Also kids our age should start thinking about retirement now. The sooner you start putting money away the better retirement you will have in the future.
ReplyDeleteI love the idea on saving money. Saving money can help in the future when we need it. When that time comes when you really need something you either have the money or don not. If you have the money then you can go buy the things you need. When I was young I would always spend my money because I always wanted the one thing that I like. In today’s life I am still doing the same thing but every once in a while I do question myself if I need that thing. But most of the time now I do not buy the thing unless I really need it. Like video games I always buy the game when it comes out like Call of Duty, Madden and Halo. But otherwise I will wait until is it used at cheaper price of barrow it from a friend.
ReplyDeleteI quickly learned how expensive things are and how fast money goes since being at Nichols College. The idea of saving money is awesome and is something more people should try to do. Not having a job and being a student can be very stressful. Since the beginning of the school year I have been putting a lot more money in my savings account than my checking account. This ensures me that I will save the money rather than spending it. Tracking my money has also been helpful in saving money. This way I can keep track of what I have bought as well as what I need. Shopping sales can also be a good tip for saving money. This way you are saving money rather than buying something at full retail price. Although I try to follow these saving tips sometimes it is extremely hard. Sometimes I have to ask myself if it is a need or a want.
ReplyDeleteI'm glad that someone else has realized how easy it can be to save money. A lot of my friends here at Nichols spend money like they have a bottomless bank account. Then, they'll look at some of the things they bought and say, "I can't believe I just spent $100 on this pair of pants." Thinking before you spend is, I think, the most important thing about saving money. When I see something I like in the store, I do pretty much exactly what you listed. I ask myself, "Do I really need this?" or "When am I ever going to use this thing?" A lot of people fall prey to buying things on impulse, and they quickly drain their bank accounts by doing this. We're in college, there's no reason to be buying a ton of stuff every time you go out. And by taking your advice and tracking your spending, you can really see how much money we waste on things we don't really need.
ReplyDeleteSaving money these days can be so difficult! I tend to never track my spending’. And when I say never, I mean it. I do not think I have ever written down anything that I have ever bought from a store or online. Since being at college, I have blown threw my money fast and I cannot be doing that. Typically, I do not put my money in the bank, but when bringing that up in your post that seems like a really good idea. Putting money in the bank can help me save my money and not spend it right when I get it. The most important thing that you mentioned is thinking about your choice before spending. I usually just see something I like and buy it without thinking about what else I need to buy before I buy something that I really do not need that bad.
ReplyDeleteI agree that trying to save money is a big key in your life, especially being a college student like ourselves. I personally always have trouble with saving money. It is usually being spent on things that may not be necessary to buy. I think that these tips could definitely help me in the future with trying to save money.
ReplyDeletePlanning your finances is always a good practice to follow. That you are already doing it while studying will definitely help when you are out there and earning for your own. Keep it up!
ReplyDeleteBobbi Burtch
Tracking your money is good advice. Having an idea on where you spend the biggest chunk of your money and finding ways to reduce spending on that particular area can help save you more money in the long run. It can also be used to backtrack and for debt management, if you have any.
ReplyDeleteJaden Allred