Have credit card bills that are more than your tuition? Or do you scramble around trying to find loose change and dollar bills when your friends want to go out to eat? If the above sounds like you, you probably have a case of the "no money, more problems" syndrome. Mismanaging money often causes more problems in your life when you don't have the money to do what you need to. So, the question is, how do we save money? That's hard! We all want to have nice things. The latest cell phone, iPod, and of course go out to have fun, but we all need to know how to budget. Many students have learned the hard way and wish they knew what they know now. Here are some tips to help to conserve your cash.
1. Take advantage of the free services Kean University has to offer. There are free programs, workshops, and bigger events like comedy show and concert tickets sold to students at a discount rate. There is Homecoming every fall, Unity Week in the spring and a plethora of events in between to keep you and your friends entertained. You can't really complain if you don't go for what's free!
2. Only open one credit card or none at all. Several college students, even some here at Kean University, have found themselves in credit card debt. They found themselves in debt because they couldn't control their spending habits. If you can't afford to pay for it when the bill comes-don't buy it! It may sound easier than it is, but having good spending habits now, will make it easier for you later. There are lots of credit card companies out there who will not care if you are a college student. They just want your money.
3. Try going on a spending diet with a few friends. Sit down and write what your money goes towards and how much you make a month. Eliminate any unnecessary items you can get from home or make on your own. We're trained to want to buy things, and often don't take advantage of all of our resources.
4. Start a savings account. If you already have on -good. People with savings account are more likely to have better money management and extra cash to spend. Saving money is an important step towards gaining financial freedom.
5. Shop around for deals. Don't just buy something from the first place you see. Compare stores and services. Many Kean students say they check out places like amazon.com, ebay.com, and fatwallet.com for discount prices. Get quality; but also don't be afraid to buy something that is used. College students also can get discounts at certain places simply by being a student. For example, Student Organization provides a discount card, which gives discounts to places like the Tropicana Diner, Burger King in Elizabeth and Roselle Park, Outback Steakhouse, and more. Also, keep in mind many places like the movie theaters and certain stores have a general student discount rate they can give you, if you present your student ID card.
This IS college. So definitely live a little! We all cannot stay confined to our rooms, pinching pennies forever. However, be careful not to make the same mistakes other students have made with their money. Even a typical "broke college kid", can still save money and invest in their future.
