Tips and Tack

I've decided to dedicate a post to a few tips on money management. I've read several blogs, articles, and other sources on different ways to manage money as a college student and every so often I like to share what I have learned.

1. Define your financial goals.Are you saving for a trip or aiming to save more. Set a financial goal and create a road map. This may include saving $10 a week, or cutting back. Whatever your needs may be, knowing your goals helps create focus.

2. Get organized. The key to managing your finances is organization.Technology has made it easier to have access to accounts on our phones. You can become more organized in your finances by linking any account through your phone. Also, be sure to write down any due dates and keep reminders.


3. Eliminate your vices. This is a toughy, but one way to have a little extra cash is by getting rid of vices such as smoking, drinking, and even snacking. Look for alternatives such as sharing with friends, or knock off brands.


4. Save your change. At the end of the day, make a habit to empty all your change into a jar. It'll start to add up (if you don't dip into it). My uncle did this all year, and accumulated over $500 by the end of the year.


5. Find other sources of income. Got a talent? Put it to use. Whether it's babysitting, tutoring, or design. Set up a price structure, and promote yourself through social network. You never know who could use your help and its a great way to have some money on the side. Also, look for a part time or temporary job that is flexible with your class schedule. Many places hire during the holiday seasons and beginning of the year. A temporary job is good because it requires less committment.

Good Luck,
A Broke College Student