In the past I have written (and begged you) to begin your savings early, because at your age the benefit of time and compounding sooooooo outweighs even the biggest salary you may earn when you have climbed the corporate ladder or developed the trendiest app! You can play "catch up" with large funds when you are older, but nothing will be sweeter than having invested little early on only to be rewarded big later on!Read More
Its so easy to sign up. Maybe even needed to get a credit score and credit history established. It's so easy to swipe the plastic, hit the 'Buy Now' button, and to convince yourself you need something when you don't.Read More
Wanna make a quick $10,000,000? Just start with a penny and double the amount each day for 31 days!Read More
One aspect of my own financial education that completely transformed my perspective on the money I earn is when I read 'Rich Dad Poor Dad' and started focusing on having my hard-earned cash 'work for me rather than having myself work for money'. Whether in stock accounts or retirement accounts or in the little properties I eventually acquired--the goal was (and remains) to have money working for me, i.e. creating more cash that compounds and makes more cash.Read More
Holidays don't have to ruin your student budget. Try to make the most of the festivities and time off to boost your financial status. These tips and ideas made a lot of sense. See what you think!Read More
Time and money are precious commodities to college students living off of borrowed money and limited time.
Here are a few simple time and money savers to make the most of your money and time in the kitchen:
--save space in your cabinets, money in your wallet, and time in your day
--dried bouillons $1.55 for a six cube packet (12 cups) vs. $4.50 for store-made carton (4 cups)
--homemade stock is better, but given the time and effort to make it, I usually opt for the above.
9. Limit grocery shopping to once / week.
--returning 2-3 times / week is likely to increase your spending on additional items with each trip
--it's also a waste of time going back and forth to the store
8. Make a menu
--even if only one meal / day is planned, this will keep your shopping focused
--make your list, stick to it, and go once a week
7. Buy in bulk, especially meats on sale and other items you can prep and freeze
--look out for sales on your higher priced items, and when possible, buy 2-3 times the amount
--once you get home, portion them into freezer-safe containers for future use
--money and timed saved on both ends
6. Invest in good-quality Tupperware.
--after shopping in bulk, have a set of containers that seal properly and can store your foods.
--prep veggies when you get home from the store so that they are ready for salads and snacking
--freeze additional amounts of soups, pasta sauces, casseroles in proper containers and freezer bags
5. Store-bought Roasted Chicken.
--one of the best time savers there is
--master the limitless options with Roasted Chicken
--chicken salad, chicken enchiladas, roasted chicken, chicken noodle soup, chicken quesadillas
--just to name a few
4. Skip the meat.
--become vegetarian 2-3 x per week
--this is one of the ultimate ways to cut your grocery budget
3. Drink more water and make your own tea and coffee.
--skip the soda, alcohol, energy drinks.
--buy a good thermos to take with you to class or the library
2. Cook in bulk.
--double batches of spaghetti sauce, meatballs, soups, stews, pasta bakes
--make sure you have the containers (mentioned under no. 6) to store and freeze the extras
1. Learn to cook.
--next to skipping meat for a few days, this can make a huge difference
--even just learning a few skills, like making eggs, omelet, searing a pork chop, or making a sauce
--limit dining out (even fast food), another budget-buster, and eat leftovers.
--doesn't always save time, but it will save money and is usually healthier for you
(Compiled from my own experience as well as from friends' and family members' advice)
Really liked this quick blog I found on www.budgetsaresexy.com Guest blogger Ben Luthi presents solid advice on simple steps to consider doing right now for your future financial happiness.
Whether you are currently about to start college, in college or ready to graduate, this blog has something for everyone to think about! Life, living, and finance doesn't really have to be so hard if we just planned better.
Things I Learned Doing Financial Planning by Ben Luthi for www.budgetsaresexy.com
Recently stumbled upon www.richhabits.net finance blog by Tom Corley. Interestingly, he has quite a bit of info for the college age population, and one recent blog / video interview he posted featured Kristina Ellis and her book 'Confessions Of A Scholarship Winner'.
In short, she managed to collect $500,000 in college scholarship to fund her way thru Vanderbilt along with two majors. I have not had a chance to read her book, but I have downloaded a copy for my Kindle App ($7-8) since the hardcopy is 'sold out'.
Don't wait until March or April to begin panicking about your income.
Take a few extra steps now and educate yourself on making next year easier.
(I have incorporated a link solely for your convenience. I do not have an account with Amazon as an affiliate. So, as far as I know, I am not getting any royalties or referral money.)
Not always something that teenagers and college students think of, but if you are looking at your cash flow and where the money's going, this website may be a useful reference for you.
This website has resource page for budget templates to help you look at your finances and stay on track with savings and spending.
We have all seen the ad of the polar bear stranded on the floating island of ice that is would otherwise be attached to a solid piece of land if it weren't for global warming. As teenagers we really don't put alot of thought into how we are contributing to making this world and environment a better or safer place. At that point we are usually just trying to get thru high-school or figure out life. As our youngest son told us when we advise him to practice having a budget, he answered "Why? I don't have any bills?"
Part of moving out on your own is realizing the tremendous amount that "things" cost, and, that your parents paid for most of it while you just thought your budget consisted of going to movies, buying video-games and grabbing some food with your friends. In many cases, you may have simply taken it all for granted, ie toilet paper, water and electric bills, gasoline, insurance, air-conditioning, laundry soap, wi-fi, cable or your cell-phone.
Unfortunately, those things, if important to you, become 'fixed expenses' as you begin life on your own, meaning, you have to pay for them every single month if you want to take a shower, wash your clothes, watch TV or have email--just to name a few. Over and over, month after month, again and again, Right?
But there are two important reasons and questions to ask yourself as you approach to this 'recurrent' problem that eats away at your hard earn cash or high-interest school loan:
1. How do you use energy?
2. What is it costing me and the environment, ie others around me?
How you approach these two issues will directly impact your budget and cash flow as well as the greater good of sharing this planet with others. Whether you are in college, grad school, or just graduated, 'fixed expenses' become a necessary evil, but you can decide how much of them you need and is your money worth it.
Take a look at a great blog offering great advice in multiple venues regarding living responsibly, but which is also geared for 20-something independent-living young adults wanting to maximize cash flow and minimize bills.
These are just a few articles to look at, but if you have time, look at this bloggers entire library of 60 posts on Summer of Savings. He is practical and useful.
It's always frustrating reading books on real estate or finance where descriptions of wealth are described but the road to riches is rarely explained in detail.
In the finance lingo as I have come to understand it, the key to having financial independence is having multiple sources of income--whether from money working for you or stocks or real estate--doesn't matter if you are sick, healthy, have a job or not, the money deposits with uncanny regularity into your account.
As referenced before, take a look at the Financial Samurai's blog and the link to his recent article below.
For more info, check out RichDad PoorDad a classic, easy read for gaining financial literacy about money, especially increasing your passive income...yes, even as a college student.