Tips For Saving – College students and Young Adults by Carolyne Perez

Tips for saving money:

  • Instead of taking out a percentage of your paycheck, take out an amount so that you are consistent on your saving. Paychecks are not always a steady amount, so a percentage would not be as efficient in the long run.
  • The amount of money you save is really up to you. Analyze the way you spend: If you know you are going to spend over half of it on useless things or mostly “fun” take out a larger amount. Saving is all on you, if it’s really a big problem in your life, face it. Don’t try to cover it up or ignore the issue because it can grow and be more difficult to overcome.
  • Stay away from using your money on non-priority things. Priority spending includes bills, fees, groceries, car payments, or rent.
  • Nobody is saying not to have fun, but if you noticed at the end of the week, over 50% of your income is spent on going out, buying food, buying yourself clothes, etc. then there needs to be a change.
  • Managing your money is critical. At the moment, if you are not paying large bills such as house rent or electricity/water bills then you should arrange what you are spending and saving so that the day those bills come into play, you are prepared.
  • Think about the future. What you do now will most certainly affect the future whether it is in a small way, or a significant way. Be realistic, nobody knows you like you know yourself. Set goals and be determined to complete them.
  • Give the money to someone who is trustworthy. They can keep the money aside. Count the money and record the amount somewhere if you are still uneasy about giving out your own money. One important thing is that you absolutely, under any circumstance (unless an emergency) make sure that person does not release the money back to you.
  • As embarrassing as you may think it is, go couponing. Places such as CVS, Walgreens, Winn-Dixie and Publix are the best places to go couponing. Buy the newspaper every Sunday and keep yourself posted on sales, do the math and save lots of money. Sometimes items including toothpaste, pasta, shampoo and granola bars come out to be free. A bit of time adding numbers, goes a long way.
  • Cook at home and eat leftovers. It is much better to eat at home because the price of the ingredients totals up to less than using up gas and going out to eat at Panera or Chipotle. You can brush up on your cooking skills and at the same time, save yourself a couple of dollars at once.
  • Keep track of your spending on a budget sheet or planner. Seeing what you are spending physically is much better than planning it out on your head. It’s not just budgeting, it’s actually applying the budget and sticking to it. Writing it down will force yourself to apply your proposition.
  • Preferences aren’t always the best choice and searching for the best deals can go a long way. Publix may constantly have buy one get one free specials when in reality Wal-Mart may have that exact same product a few cents cheaper. But hey, pennies, dimes and nickels add up eventually,
  • Don’t go for brand clothing just to look good. Cheaper brands can look just as good as brand clothing, sometimes even better. Also, don’t be afraid to try a generic brand because most of the time they are the exact same product, just a less expensive version.