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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Savers who make a plan are twice as likely to save successfully. 

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Tip of the Day

  • Written by Administrator2 | March 19, 2014

    Having emergency savings may be the most important way to stay afloat financially http://ow.ly/r6i1n

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