How to Save Your Money

College Kids,

I am going into college this fall and was wondering if you had any tips on how to manage your money?

Vicky
18 years old
Rhode Island
WuTang Says: Diversify Yo Bonds!

Vicky,

As a college kid I know how difficult it can be to save your money. When your on your own there can be lots of temptations. Here are some tips from my experiences:

Do not look at your money - Direct deposit is amazing. If your job offers it (and most companies do) you should definitely use it. Not seeing your money means you are less likely to spend it and that is a good thing.

Make a budget - once your moved in and start getting into a routine, make a budget. See how much money your making and budget out how much you can spend. Take your most important cost and spend your money on those first. Also remember, just because you have money does not mean you should spend it.

Let your money work for you - As the WuTang Clan always says: you need to diversify yo bonds! Just because your a college kid does not mean you should not invest. In fact, this is the best time to invest. Of course not everyone is a stock market guru, but anyone can put their money in a CD account.

Save for your weak spots - People usually have certain times during the year when they always come up short on cash. For me that is always right before Christmas and before summer break. I would recommend throwing some cash in a CD account that will expire right before your low cash period. Your future self will thank you, trust me.

Also....

• Save your change
• Recycle (you would not believe how much you get from those "soda" cans)
• Wait for sales
• Clip cupons
• Always bring your own food to work
• Be easy on the magazine subscriptions
• Do you really need 500 channels?
• Ebay is your friend.
  
  

Finally, you must always remember, you are a college educated adult and you can save your money. If any of you have any other tips for saving your cash please send them to support@askacollegekid.com.