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Saving Money In College - The Very Basics Savings 101

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         Views: 1108
2010-12-30 07:03:22     
Article by Craig Ferdinands

Saving money in college is easy if you know the main philosophy behind all saving. This article discusses this main philosophy. It also provides 2 of the most important tips you will then need to apply if you want to start saving money in college. To put it bluntly college is no bed of roses. It is a challenge. You need to work hard and get good grades, you need to network, socialize and enjoy the college experience and most college students need to be money smart. Come on! Not all of us have a trust fund from Daddy.

Once you have money, whether in the account, in your wallet, or in your hand, its' destiny is then based on your decision. Will you spend it, or will you save it for a rainy day. Saving money in college, therefore comes down to the principles you apply in making this decision. Will you throw your money around, or spend it carefully?

Needs and Wants. The philosophy or principle comes down to that. Understanding what you need to spend on and going ahead with the purchase, and analyzing what you're buying unnecessarily on a whim and then deciding against it. The best way to go at it is with an example. This is an example you will see embodied all around you. You may very well be guilty of it. Don't worry I am not judging or accusing. I'm just saying take a look at things more closely.

So for the example: A mobile phone is something that almost everybody "needs" these days, because it is important to be able to contact other people in various situations. Though some extremists may even say you don't NEED a mobile phone, let us assume you do "need" one and you can own one and still go about successfully saving money in college. However, look at the type of phone most people carry around these days. The latest $400 models that they only use quarter of the features on. In these cases, just by putting needs before wants and prioritizing, they may have saved themselves $350 with a phone from Walmart that did all the important necessary things.

I may have chosen this example because I myself have a pretty fossilized phone. But it does its' job and I don't think I'll change it until it dies after it falls the billionth time.

Next the 2 tips to saving money:
Tip 1: Saving money in college? Then start now, don't wait till next year, next semester or even next week. Start saving now. Don't procrastinate on this one. There is no last-minute cramming for this.
Tip 2: Try and increase your income. If you're not already overworked and have a bit of time to increase your income, go ahead and do that. More money coming in, means more money to save. Part-time jobs, making money online, through affiliate marketing for instance, other odd jobs are all good ways to make money.

Saving money in college doesn't have to be difficult. Simply distinguish between 'needs' and 'wants' and you will already have won half the battle. With the 2 tips to start saving now, and earn more if possible, saving money in college will be even more achievable. Good luck with your saving endeavors, and remember Think twice before spending and Start saving NOW.

Specialized in: Saving - Money - Very Basics Savings
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