Another semester has come and gone, and like almost every college student, the money in your pockets are diminishing too. Summer vacation is the perfect time for the broke collegiette to work a part-time job without the stress of assignments getting in the way. However, it can cause a large amount of splurging on unnecessary things with your paychecks. Budgeting and saving your money for next semester has to be one of the smartest things you can do while you have the time to make some extra cash. It just takes a little patience and perseverance to make it happen.
1. Open a savings account
Surprisingly, 67 percent of college students have a savings account, but do they actually utilize it? Having a checking account is great because it’s a safe method to keep track of your money, but opening both a checkings and savings is ideal. Keep a separate account so that you won’t “accidently” spend the money you want to save. Also, most banks have a penalty for taking money out of your savings account to prevent over withdrawing your saved money. Plus, there’s also accruing interest when you save.
2. Check your tuition bill for small fees that you are able to pay on your own
Paying for expensive textbooks and supplies is one of the biggest hassles college students face at the beginning of each semester. Try setting side a set amount of money you want to use to pay for books, supplies, and even small fees that will make your tuition less than what it already is. That way you won’t have to scramble to find the money before classes start in the fall.
3. Budget, budget, BUDGET!
This is so important. How can one person save money if they do not have a set budget? Try eating out less, buying summer clothes that you are going to wear once, and going on expensive vacations you know you cannot afford. If you create a budget checklist for every time you get paid, then your life will be so much better. Set a weekly and monthly budget so that you can stay on track with your spending. In the end, you may find out that you have some extra money to save for next semester in case you fall short.
4. Take the time to start paying off loans now
Loan debt is waiting like a thief in the night for millions of college students like myself. However, you can eliminate having to pay large amounts of money straight out of college by paying on loans now. Make your loan payments a bill that you have to pay within on your budget and watch your debt and interest rates decrease.