We are in
the toughest time ever financially for most students.
The rising cost of education, books and housing makes for a major challenge
for most any student. Bad economic times such as these also make it more
difficult for students to find jobs after graduation. Now more than ever
it is important to budget your money and plan for the long term post college.
Research student loan and grant money thoroughly; a percent or two savings
on your student loan adds up to big money saved in the future. Consider
a less expensive community and/or state college and then transfer after
2 years. If you must live off campus scour sites like Roommates.com and
Craigslist for the best deals.
For you Freshmen find out the best places to purchase used textbooks,
never pay full price if you can avoid it. Sophomore students review your
spending from the prior year and highlight any unnecessary spending. Junior
and Senior students should already be pretty budget savvy at this stage
of college life and if you’re not it’s time to get going.
Pizza 4 times a week versus Ramen Noodles? Where’s the best place
to buy a 30 pack? Who offers student discounts to attract new business?:
these are things you should be aware of all the time when considering
your financial state.
Check out our awesome
Circular Page for links to many of the best deals
around and don’t forget the coupons!
Employment:
Part time jobs are essential for many of you so create and/or fine tune
your resume for the dreaded job hunt. As you may know sites like Craigslist
often have a larger amount of local employment listings than the more
traveled job websites. Once you find a job listing that interests you
jump on it right away, unfortunately competition for even low paying part
time jobs is fierce at the moment. Look presentable on interviews, bring
a copy of your resume and by all means have your own pen in case you have
to fill out an employment application right then and there.. Nothing spells
“not prepared” to a potential employer like having to ask
him/her for a writing tool.
Once you land a gig take it seriously, be on time and put your best effort
forward.
Yeah it’s not your “dream job” but if you do it exceedingly
well you’ll absolutely shine when you land your first “real
job”, trust me.
Plastic:
Beware of Credit Cards and read the fine print thoroughly. Many cards
have attractive introductory rates but after that period ends you may
be looking at some serious charges. Factors such as going over your credit
limit and making cash advances on your card can rocket your interest into
Sopranos territory so be very careful there. Check if there are fees such
as a “monthly service charge” or “membership fee”
and how high they are.
It is unbelievably easy to get in debt over your head with plastic in
a very short time so beware and pay cash whenever possible.
If you are already in deep with your cards go to our “In
Debt” section for possible alternatives.
Create A Budget:
Not an easy task and often a pain in the butt to execute creating a budget
is a skill you have to develop now in order to avoid heavy debt.
To control day to day spending make a daily tally sheet of your purchases
over a span of a week or two. Make a master list of the expenses and determine
what you can live without. Scan your lists for the impulse purchases you
have made.
Calculate how much money you have coming in on a week to week basis and
total a months’ worth as a baseline for your budget. Add up your
weekly spending times four and see if it will fit into your baseline number
for cash coming in. Add in your rent, car payments, utility bills etc.
If you are over your baseline number further cut in expenses have to be
made.As in all
things done well, consistency is the key here. Make saving money like
you would an exercise routine or an obsessive hobby. Network and ask friends,
family etc. for advice on purchases and money saving ideas. If you follow
our save cabbage guidelines year after year a better financial future
is in store for you.
Saving
Cabbage is a skill we want you to have for a lifetime
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