Think you have to be broke to
be a college student? Think again!
Here are ten ways to improve your personalfinances
immediately.
1.
Not saving enough?
An easy way
to increase savings is to enroll in your work's
direct deposit program. Usually, there is an option
to automatically deposit a pre-set portion of your
paycheck into your savings account, so you don't
have to worry about spending what you shouldn't.
2.
Spending a lot on gasoline?
Try filling
your tank at night--gas expands in the heat, so
avoid going to the gas station in the afternoon.
Make sure your tires are inflated to the proper
level; the more inflated your tires, the better
the gas mileage. Finally, do not slam the gas pedal
or brakes, the slower you accelerate and decelerate,
the more fuel efficient your car will be.
3.
Spending too much on groceries?
Try enrolling
in the store's membership savings program where
shoppers can save as much as $20 on a $100 grocery
bill. Try shopping sales and using coupons.
Look for generic items as alternatives
to the popular and more expensive name brands. You
will be cutting costs in no time.
4.
Electric bill too high?
Make sure you
turn off all lights when you are not in a room.
Turn off your computer when you are not using it
(your away message on Instant Messenger isn't that
important!). Run the dishwasher and do your laundry
during off-peak hours and on the weekend. Find ways
to minimize your heating and cooling costs (i.e.
use fans, wear thicker clothes in the winter).
5.
Pay yourself first
Everyone should
save money. Before spending your paycheck, you should
save money in a "rainy day" fund to prepare for
unexpected emergencies like a car repair or leaky
roof. These short-term savings should cover
three months' expenses. Long-term savings are important
for future expenditures, such as paying back student
loans, buying a home, and retirement.
6.
Paying too much in car insurance?
Look for additional
incentives offered by your insurance company. Some
companies offer discounts for students with high
GPAs, individuals who have attended driving school,
automobiles with car alarms, etc. There are many
companies with different policies, so shop around
for the best rates.
7.
Lost your credit card?
Report theft
immediately! If you report the card missing within
30 days, you are only responsible for $50 of your
bill. Some cards offer lost or stolen card protection
(usually $25 - $40 a year), however, make sure the
cost of the service is worth it, given that you
are only liable for $50.
8.
Your credit rating is important.
Many employers
check your credit before they make you an offer.
Insurance companies review your credit before giving
you auto or health insurance. Money handling jobs
also require you to have good credit, as do some
graduate school programs. You can get a free
copy of your credit report by going to www.ConsumerInfo.com.
9.
Declined credit?
If you were
declined a credit card because of little or no credit
history, try applying for a student credit card.
These credit cards have a low interest rates and
a low credit limit. Consider a co-signer
like your parents, however, be aware that co-signers
are equally responsible for payments. Both
credit ratings could be hurt by failure to pay or
making late payments.
10.
Having trouble filling out your taxes?
Many major
tax preparation companies offer online tutorials
and many allow you to process your tax information
online for free. Go to www.IRS.gov
for a list of free tax programs.
Check with your school to find tax preparation assistance.
Some schools offer seminars, VITA sites, and/or
one-on-one assistance.
The
Credit-Wise Cats are a group of University of Arizona
students who have been trained in the principles
of personal finance. They lead workshops,
counsel clients, and hold events for college students
and other members of the Tucson community on topics
such as credit and debt management, budgeting, saving,
investing, and insurance. The Credit-Wise
Cats are part of the U of A Students in Free Enterprise
(SIFE) chapter and are funded by the University
of Arizona, Take Charge America Institute, and Take
Charge America, a debt management organization in
Phoenix, AZ.
