What steps can I take to save? I am in college, paying loans and other bills with a part time job.?
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Answer:
I was in the same boat as you once. What I did was I sat down and wrote out a budget. I listed everything I spent money on for the last 2 months and looked at my income. I quickly figured out a lot of things on my expenses were stupid and a waste of money. I cooked at home more instead of going out, I stopped buying coffee at starbucks everyday, I learned to buy soda when it was on sale. Before you knew it, I freed up about $300 extra a month. So really look at your expenses and think about what you need and what you want. Big difference in that.
It's rough, but you are doing what it takes to minimize your debt. Just WORK,WORK, and Work some more!
Do not get any credit cards. If you cannot afford it you do not need it.
Open a savings account or CD (certificate of deposit) and commit to putting a small amount in each month 5, 10, 15, 20 whatever; but put something in every month. Keep that as money you cannot touch until a you graduate. Then you will have something for later...security deposit, car down payment etc.
Sharing housing costs is one of the best ways to save money. Don't own a car and take public transportation. Avoid buying prepared foods and cook large quantities from scratch and freeze leftovers. Join a food coop or community garden to grow some produce. Buy clothes and housewears from thrift stores. Make use of your library for books, CDs and DVDs. The list goes on. There are groups and websites that are devoted to exchanging money saving ideas.
How much is your part time job paying you? U can get either 2 jobs or a better paid part time job or cut down unnecessary spending like mobile bills, transport bills by not taking feeder buses,make sandwiches for 2 meals. Been through your stage where I totally paid for my whole university fees & living expenses with my 3 jobs & the last year through investments. =) U can do it. It is only a matter whatever you wish to do it. Good luck. :)
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