Money Smart Saving

by Jasmith Joseph, Illinois College Student

Being a college student is really hard. Having lots of expenses and a part-time minimum wage job doesn't really help much either. Things got especially tough for me when I broke my phone. I really needed to get another one and I had no choice but to save. I didn't have the over one hundred dollars to spend on the new smart phone I really wanted.

The first thing I decided to do was put aside ten dollars from every paycheck. I quickly discovered that this would take over five months for me to save enough! I needed to devise a better plan. I am great in English so I resolved to help my friends out in English for a small fee and I rented out my books to those who didn't have them. In about three weeks I managed to make $105. I added the $20 I had set aside from my paychecks and I had just enough to get the phone I wanted.

Although I was able to come up with the money fairly quickly, not spending it was twice as difficult. I really wanted to go shopping when I reached the 90% mark, but I couldn't. What made not spending easier was putting my money in the bank as soon as I got it. By having a savings account, I was able to put the money away and not accidentally use it from my checking while swiping my debit card. I found that my separate savings account was very helpful in my quest of saving the money I earned - even though it was for a short-term goal. Now, I'm saving for long-term goals like my future car. I am confident that by using the same plan I did for my phone, I should be able to reach my goal within a year. If you save a portion of your income and fundraise to earn more money, you can reach your goals as well. Good Luck!!

Here are a few ideas on earning money to save from Young America Saves:

Do odd jobs for family, neighbors, or friends

  • Dog walking
  • Lawn mowing
  • Baby and child care
  • Window washing
  • Car washing
  • Bike repair
  • Collecting cans or bottles
  • House painting
  • Part time job

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Tip of the Day

  • Written by Administrator2 | January 14, 2014

    To minimize interest charges, limit credit card purchases to those you can pay off in full at the end of the month. In the end you'll have more for emergency savings. http://ow.ly/FJyVP

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