It always feels great to replenish your closet with new fashionable items, spoil your tastebuds with fine dining, and hit up the hottest clubs every now and then, but not when you're broke! Therefore, it is always exciting when Christmas comes because you get the freshest bills from aunts, uncles and grandma. But, so many of us make the simple mistake of emptying out our pockets the following week. In order to keep money in your pockets during and after the holiday season here are some precautionary steps to take:
1. Return and Sell:
The semester has ended and you have piles of barely touched books. Don't let them pile up. Remember to first return your rented textbooks on time so you will not be fined! More importantly for this upcoming semester always look for the textbooks you need for class on trustworthy sites with wonderfully cheap prices such as Chegg, Amazon, and EBay. Remember that selling your books back to your school bookstore is not very profitable. Go online and be prepared to take pictures and market your lightly used textbooks at a decent price so that you can make a profit and still be helpful to other struggling college students. If social media is not your strong suite ask friends and incoming students for what textbooks they need and see if you can provide a ready- to- sell book for them.
Likewise, we all have piles of clothes in our closet, dresser, or under the bed so why not sell them back for a little cash! In this case it is okay to regift your lightly or never worn clothes and shoes. Check out a Plato’s Closet or a store that will buy back your clothes in exchange for money.
2. What Do You Want For Christmas?
As Christmas, Hanukkah, Kwanza or other holidays quickly approach the common question, “what do you want for Christmas”, is asked daily. Before you tell your parents you want those $945.00 pair of red bottoms, new Grand Theft Auto, or new Xbox tell your parents that you want money! Remember to always think long term. You want to have money that you can store in your bank account or wallet; this may last you a lifetime. You may get tired of that new game or new shoes in about two months or less.
3. NO More Unnecessary Spending
Yes, grubhub, shopping and Uber are great, but minimizing your regular impulses/ habits is even better for your pockets! Yes, these resources are convenient, but every now and then it is okay to eat left overs and ask your friends for quick rides down the street. When trying to pinpoint what exact options you should be limiting, observe your weekly routine and acknowledge what you spend the most money on throughout your days. Limit your regular impulses and use resources, like the above stated, to a minimum of once a month.
Furthermore, no matter where you go always ask about student discounts, prior to checkout! Never be ashamed to ask for discounts, we all need a little help sometimes. When shopping, another tip is that you do not need to unnecessarily spend on a name brand item when you can get the same Captain Crunch or Gucci outside of the label. There are copycat products and better items everywhere so stop by some local thrift shops or local grocery stores!
4. What Are Your Eating Habits?
Starbucks, Subway and Grill Works is always tempting, but you have a meal plan for a reason so why not use it! Do not waste all of your (or your parent's) hard earned money. Utilize the resources provided to you by your school facilities. The caf has way more options than what is seen on the surface. So, invest your time in finding unique food choices in your caf. Only go to external food sources twice a month instead of every other day.
5. Pay Your Dues... ON TIME
Whether you live off campus, on campus, have an overdraft fee or an IOU, pay ALL your dues ON TIME. The longer you wait paying your bills and dues the more interest and annoyance you will be to others and sometimes yourself. This may also lead to bad credit. Do not be your own obstacle! Act like an adult and adulthood means learning how to manage your money and being on time with all of your finances.
6. Save Yourself, and Others
This upcoming semester, whether you live on or off campus safe yourself some money and have a roommate, or two, or three. This will help you save major bucks. Off campus living may be hard and at times dangerous, so it will always be good to have a buddy to walk, or drive home with. This will also help you split the cost of rent, bills, groceries and cleaning!
7. Plan Your Trips Early
Spring break will be here sooner than you think. In order to avoid the last minute influx in prices for houses, hotels and parties, plan your trip months in advance and save lots of needed cash in the process. Or better yet consider volunteering this year in place of your normal vacation trips.
8. Savings Account
As a young adult it is time for you to begin taking the necessary steps to secure your own future. At one point your parents used to do everything for you, but it is time to do for yourself. Set up your own savings account that earns interest. A personal favorite is Navy Federal Credit Union! Always look for banks that have fewer fees and a bank that is student friendly with their plans.
9. Hello Career Counseling!
You are NOT guaranteed a job before, during, or after college. So become best friends with career counseling now. They will help guide you down a good path and connect you with wonderful people pertaining to your filed.No matter how young you are, begin applying for jobs or paid internship so you can start accumulating funds.
10. Have a Plan
Have a plan for your life and for your bank account. Plan out how much money you will spend on each necessary aspect of your life, in a day, in a week and in a month. Making your own budget will help you conserve your funds and will help you survive until the next paycheck or holiday!
