I know, firsthand, how difficult it can be to save money in college. Which is one of the major reasons I coupon. There are countless tips & tricks for saving money in your college years, I’m sure. I’m still learning about it all, personally. Michael happens to be extremely interested in financial planning & saving money while you’re young, especially in college. So, I’m pleased to introduce my first guest-blogger today! Michael will be sharing his handful of advice with us! Enjoy!
By Michael Wesley Mealey.
Saving money in todays economy is Numero Uno in many dorms, households, and business’s across the nation. We are in the biggest recession since the Great Depression. Anyone with relatives that have been through the great depression would usually describe them as being frugal, meager, and penny-pinching. There is MUCH to be learned from that generation in regards to saving money. In this post I will point out 5 very easy things to help you budget and save money.
Number 1-Use cash. I personally believe out of all the ways there are to save money, using cash is the best. No one can ever say that when they went to the mall and bought those pair of shoes, that it hurt to swipe their credit card. It is such an easy thing to do. Society today tells you that credit cards are faster, easier, and blah blah blah. In all that mess of advertising they just forget to mention that “69% of all bankruptcy filers say that credit-card debt caused their bankruptcy.” Using cash leaves an impression on you. It hurts to spend cash. Heres a crazy fact for all those college kids(like myself) and parents who are putting kids through college, that “over 88% of graduating college seniors have credit card debt before they even have a job!” Now is that crazy or what. I have about 100 more statistics to use to point out how BAD credit cards are, but to keep this short and simple. USE CASH!
Number 2-Budget. The word budget is such a nasty word for most people. More than one-third (36.1 percent) of Americans report that they do not use a budget to manage their family’s expenses. Budget, by dictionary standards, is “an itemized allotment of funds, time, etc., for a given period.” There are thousands of budget sheets out there to use or you can make your own. If you are a single person with a relatively small amount of expenses and bills, this will not take you very long. On the other hand, if you are part of a family, doing a budget sheet this WILL TAKE AWHILE. I encourage you to stick to it; through this your eyes might be opened to some rather questionable purchases. After you have realized what your spending your money on (and not on), its time to make a monthly budget. I stay away from the sheets because I hate paperwork. I do a customized-envelope-system. Dave Ramsey is huge about the envelope system. You can learn more about it here.
For my budget, I use a 12 file pocket organizer. You can get them from office depot. In each sleeve I label them a specific thing ex. gas, grocery(food, body wash, ect.), food(as in eating out), clothing, and “blow(fun money).” I put the amount of money, CASH, that I am going to use that month on each item. The main rule is-don’t take from other slots!
Number 3-Coupon. If you have been following this blog you will know all about couponing. Since I am a guy, I don’t find couponing to be fun or a joy. For the guys reading this either A) date/marry a woman who coupons for you, or B) simplify the matter. By that I mean, how hard is it to save receipts from restaurants with coupons on them for a free whatever. Or save those monopoly pieces from McDonalds. I’m not saying go out of your way here guys, but come on man, save that piece, it might even be the million dollar one.
Number 4- Shop Wisely. Now you can shop wisely in many ways. Buy stuff while it is on clearance. For clothing thrift stores are great(even if they smell bad.) Guys, by the way this is a great date if you have a couponing girlfriend or a shopper. Also buy clothes that are going out of season. You get them way cheaper. Shop the clearance aisles too. You can make an XL a medium with a little ingenuity and Google.
Number 5- Free Outings. Finally the last one. Almost everyone in the whole world does things with other people. I am going to throw a really crazy thing in front of you. YOU DO NOT HAVE TO SPEND MONEY TO HAVE FUN. I wrestled with this and still do, but simply going to the park or to the mall, you can have some of the best times. Out door malls are the best. You don’t have to buy clothing you can look at the shops and usually there will be outside entertainment. Be crazy with it. Guys wake up, your girl more than likely will not be to impressed by a dinner date, shes been on thousands of them, but she will enjoy and always remember you for originality and a good time of a free date. ;P
There you go, 5 easy, well somewhat easy ways, for you to save some mullah. I hope this helps get people on the right track. As we say in Texas when you catch a big fish, BOOOYAH!
Slice of Southern Pie 