Tuesday, 08 November 2011

• 7 Tips For Stretching Your Check As A College Student

  

  The last time I looked at my available direct deposit balance online, I wondered how my money went so fast.   My weekend went a bit like this: I got paid on Friday afternoon, feeling so relieved that the school week was finally over that I couldn’t wait to run out of my job. After depositing the money I worked so hard for, I couldn’t control what my money began to get spent on. After a few swipes of my credit/debit card on fast food, drinks, mall shopping visits, and the perfect accessory for that party that everyone was talking about Saturday night, Monday came again -- the day everyone dreads -- and I realized that most of my check I got just three days ago was now down the drain.

  How was I possibly going to survive another two weeks before my next paycheck? Well, in my dilemma, I came up with these seven tips to help you stretch your check as a college student and prevent you from pulling only lint balls out your pockets like I did.

  
  1. Wait for the sales. Stop buying everything as soon as you see it. You don’t have to be the first to have everything! Now I know, once you see that gorgeous handbag sitting in the window, you can’t wait to take it home, but nine times out of ten, you can stop yourself from grabbing it off the shelf. If you see something that you really want to purchase, wait two weeks before you spend your money. Most likely, it will be on sale by then, and you can congratulate yourself on being patient. And if it isn’t, and you can’t stop yourself from buying it another two weeks down the line, then use a credit or debit card and keep the receipt so if need be, you are able to get a price adjustment when it does go on sale.

  2. Save on food. It has been known that college students -- like myself -- don’t have the healthiest appetites. Most college students depend on their meal plans or just eat on the move, grabbing whatever they see that looks mouth-watering. Instead of spending your money on that expensive bag of chips, or ordering Chinese food for lunch, cook for yourself sometimes! Set aside some money every two weeks and take time to go to the grocery store to buy actual FOOD. Items such as spinach to make salads, small packages of chicken cutlets, cup of noodle packages, yogurt and oatmeal are just a few grocery items that can last you not only throughout the day but during the week. Afterwards, notice how much money you save by bringing granola bars as a snack and lunch that you made yourself from home instead of spending $15 a day just to eat.

  
  3. Save part of your paycheck. What if you saved $50 from your paycheck every two weeks -- or even more? In a month, you could have an extra $100 to treat yourself to something that you deserve. Start to save little by little so that after a while, you build a possible savings account and have money to fall back on in case of an emergency. This can also prepare you to start saving your money for future purchases, whether be it a trip across the country for spring break or money to pay back a few loans once you graduate.

  4. Take advantage of your student discount. Don’t be afraid to ask if places offer any student discounts. You are a student, right? Surprisingly, a lot of places offer a student discount to college students. Places like Apple, movie theaters, restaurants and even cell phone companies give discounts to students if you simply ask.

  
  5. Use the one-week rule. If you recognize that you spend money carelessly and quickly, try using the one week rule. Hold off on any nonessential purchase that you were considering for one week. After a few days, chances are your interest in that expensive handbag diminished or you forgot about it all together.

  

  6. Look for other alternatives. Jot down a list of the things that you spend money on daily. Instead of hitting Starbucks in the morning to grab a cup of coffee, spend an extra couple of minutes making your own at home to take with you. Saving $2 a day adds up. I usually buy coffee four days out of the week, which averaged out to $10 a week. Instead of spending $40 a month and $120 a semester just one coffee in the morning, why not save that for an expensive textbook or put it in your bank account for a future shopping trip.

  
  7. Don’t carry your bank card. When you always have your card, it's easier to swipe for something without really thinking. Go to the ATM at the beginning of the week and take out a set allowance to last you until Friday. Leave your cards home so that if you do go out, you can't just reach for the plastic. If you do see something that you must have, I guarantee that you will think twice about.

  These tips are just a few of many that I follow to guide me through the crucial two week pay period. They might sound hard to accomplish at first, but once I got the hang of it I realized I wasn't waiting hand-and-foot for my next pay period to come. And surprisingly, my checks actually lasted for two weeks or more.

  What tactics do you embrace to save money? What are some of your thrift secrets?

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