Thursday, January 18, 2007

College Saving Skills (Not Involving Ramen)

As Prior Walter in Tony Kushner’s Angels in America said, “I am known, where I am known, as one cool, collected queen.” I have done my best throughout my college years to adhere to this mentality. I opt, when I can, for a zen-like existence, taking ups and downs one day at a time, accepting those things which I cannot change, having the courage to change the things… well, you get the idea.

But, unfortunately, when it comes to my money, I am a demented banshee.

While I have been lucky enough to muddle through college tuition on scholarships, loans and sparkling charm, I am pretty much on my own for the day to day expenses. The parental units are always at the ready in case of emergencies, but I like the feeling of independence that comes from living on one’s own industry. Needless to say co-op was a great time: 40 hours a week at a livable wage. I was able to purchase everything I needed and even squirreled some away for when the bagmen come knocking on my door after graduation. It was a time of bucolic prosperity.

Then I started classes and it all went to pot.

First there were book purchases. Then credit cards to pay off. Then groceries, and school supplies. Then my laptop monitor broke, and I had to buy a desktop screen on sale (after which the laptop monitor miraculously fixed itself.) Then the phone bill came due. Then I remembered I had to pay back the parental units for the Christmas flight home. Then I wept openly as my nest egg lay broken and bleeding on the floor.

But all is not lost! I thought. I am working very, very part-time at my old co-op, as well as Xerox-jockeying at an office on campus. I knew I had to find a way to live on what I was making now, and re-save the money for the bagmen. It was the dreaded time that plagues most of us around the New Year: it was budget time.

There are massive amounts of information on how to save money, of course (our dear friend and comrade Ryan already gave you a tutorial on scouring the BPL stacks for job advice tomes, and budget books are no different.) But while puttering about the interweb I came across some rather original ideas to getting a bit of spare change in your pocket. Here are a few that seem specially designed for people who are living paycheck to paycheck, as most college students are. Some I found, and some are my own ingenious creations.

1. Play money games with yourself.

There are endless forms of money games. The common one is to take a form of legal tender (a $5 bill, for instance) and sock it away every time you come across one. One woman spoke on MSN of how she and her husband saved for their vacation by putting aside every new, colorful, holographic $20 bill they received. It can be anything: any $1, every Connecticut state quarter you come across in your travels. Every little bit helps.

2. Respect your elders.

Talk to your grandparents about what they did to save money. Many of them faced the Great Depression, which defined their spending and saving habits in many ways. They can give you wonderful bits of advice about how to have a little to save when you really think there is nothing to forfeit.

3. All unexpected cash goes into savings- no excuses.

At my co-op, I occasionally had the opportunity to pick up extra money by flyering on the street, help accounting move documents on a Saturday, etc. I made the decision that since this money wasn’t in my budget as my regular paycheck was, I could just throw it in my savings account like I never knew it was there. It added up extremely quickly.

4. Do not shop for fun.

I love to shop. While the pants section of the department store usually makes me bemoan those hours I spent in front of the computer gorging on Oleos, my friends and I love to go out together and be girls on the town. I didn’t want to give up the quality time with my friends, but I also really can’t afford to “hang out” on Newbury Street anymore. So I still go out with my friends- but I leave the debit and credit cards at home. I take a little cash to make a small purchase and then can enjoy the sights of the city without the incidentals.

5. You may think you’re saving, but what’s that Starbucks cup doing on your desk?

I know, it’s really hard. You’re used to popping into the corner coffee shop every morning for your caffeine fix. You’re used to grabbing a greasy burger on your way to class. It’s your routine! And it doesn’t cost that much....

Actually it does. After tallying up everything I’d spent over the past few months, I was completely shocked to realize that most of my money went to small purchases- a latte here, a slice of pizza there. Not only does it add to the despair I feel in the swimsuit section, it also eats up a sizable chunk of my spending money. So, believe me, I know it’s hard. But make your coffee at home. Make your own dinner. Resist the temptation of DVD sales at Best Buy. They cost more than you think.

Other people, far smarter than me, who also have ideas!

Bankrate.com: Money Management Tips for College Students

Scholarships Around the U.S.: 118 Ways to Save Money in College

MSN Money: 20 Ways to Save on a Shoestring

Posted by ejohnson at 11:11 PM

Print | E-mail to a friend | Permalink | Subscribe via rss