If you're furnishing an apartment, check into homebuilders' model home closeouts. Builders often auction off quality model home furniture at a tenth of its cost new when they've sold the last houses or lots in a development.
Many college bills include athletic fees. If you don't play a sport and don't plan to use the athletic facilities, see if you can get the fee waived. Why pay for something you won't use?
If there's a beauty school in your town, have your hair cut there. Beauty school students learn the latest styles and techniques and are supervised by professionals. The schools charge a much lower fee than regular hair salons.
Keep track of your dorm room key. Replacements will cost you $30 or
Avoid book or CD clubs by mail. They start out cheap but get more expensive. If you forget to send in your form each month declining the CD or book of the month, you'll end up spending a lot of money on something you might not even have wanted.
Skip the tanning booth. A tan is not a sign of good health, as so many people believe. It's a sign of overexposure to ultraviolet light that causes skin cancer, premature aging of the skin, and damage to your immune system, not to mention a thinning of your wallet. Get sun in moderation the natural way: outdoors.
Clever marketing may have convinced you that expensive shampoos work better than inexpensive ones, but studies have shown otherwise. That $10 shampoo you buy at the hair salon does no more for your hair than the $3 supermarket variety. Try a few inexpensive brands until you find one you really like.
Think of eating out at restaurants as a luxury and plan accordingly. Like most things, if you do it all the time, you'll take it for granted. A habit of eating out regularly can be one of your biggest budget busters.
You can spend an exorbitant amount of money on grooming without realizing it. Add up the cost of perms, highlighting or coloring, salon haircuts and trims, manicures and pedicures, brand-name makeup, perfume, lotions, special shampoos...the list goes on. Try reducing costs by having a friend give you a manicure or pedicure and help you color or highlight your hair. Buy less expensive toiletries and makeup, which are often just as good as the name brand products.
Adopt a simpler hairstyle that doesn't require frequent trimming in order to look good. Getting your hair trimmed every three to four months instead of every month could save you $250 to $600 or more a year. Getting less frequent perms can double that savings.
Don't waste big bucks on a wide assortment of cleaning supplies. Baking soda and vinegar can do almost any cleaning job just as well as the expensive store-bought cleaners, for a fraction of the cost.
Just because you have a car at school doesn't mean you have to use it everywhere you go. Walk or bike whenever possible. You'll feel more energetic, stay fitter, and save money on gas, parking, and wear and tear on your car. Save the car for longer trips, grocery shopping, or bad weather.
Learn to wield a needle and thread well enough to sew on a button, hem a pair of pants, or fix a small tear. Otherwise you'll waste money buying new clothes you don't really need just because of a minor problem like a loose button.
Limit your online shopping. When you make a purchase online, record it in your check register or on a log of credit card purchases so you can keep track of how much you've spent that month. Online purchases can become addictive because you don't feel like you're spending real money, and they can add up very quickly. Keeping a list provides a reality check.
Use your computer to make greeting cards. Most computers come with free programs that can be used to make all sorts of cards, or you can buy greeting card software (a onetime purchase), or use clip-art or original photos and create your own images for the cards. You'll have fun, receive compliments on your creativity, and save $2.00 to $4.00 per card.
If you have access to a hose, wash your car yourself instead of going to a car wash. If you don't have access to a hose, use a doit-yourself car wash instead of the full-service type.
If you really can't stomach tap water, buy spring water by the gallon and pour it into a smaller bottle. If you drink one 16 ounce container of bottled water a day, you could save 25 percent, or $25 a month or more.
Don't buy books that you're going to read for pleasure. Use the library, swap with friends, or go to used book sales or yard sales. People are always trying to get rid of perfectly good books. Limit purchases to books you want to keep for reference, like a good dictionary and thesaurus.
If you're a camera hound, get a digital camera and upload your favorite photos to an online service like www.ofoto.com for printing. Not only will you save the cost of film at $4.00 or more per roll, you won't keep paying for photos that don't come out well.
Buy school supplies like paper, pencils, and pens at an odd-lot store like Big Lots. They buy leftover items at a steep discount and pass the savings on to you. Why pay full price for the same product?
Crime has become big business on college campuses because today's students bring so many valuables to school with them: computers (many of them fully portable and easy to steal), DVD and CD players, electronic games, Palm Pilots, and other gadgets. Keep track of your stuff, keep your dorm room or apartment locked, and keep valuables out of sight.
When you hang out with people who spend money freely, it's tempting to do the same. Resist the urge to keep up with your friends' and roommates' spending. They may have more money than you do, or they may be getting more deeply in debt.
Cosigning a loan for anyone, even your best friend or someone you're dating, is a bad idea. You'll be responsible for paying the loan if your friend fails to make a payment. Although you believe your friend would never leave you holding the bag, it happens every day to people who thought the same thing.
Invoices from your college can rival a hospital bill for complexity and sheer length, and you should check them over just as carefully. You may find items that shouldn't be charged to you or that are for the wrong amount. Go to the bursar's office and ask for an explanation of any items you don't understand or that seem incorrect.
Don't blow your income tax refund. Use it to cover some of your mandatory expenses (like textbooks), pay off your credit card balance, or start (or add to) your emergency fund. It's a shame to fritter it away instead of using it in a way that will give you the most bang for your buck.
If you're having sex, or planning to, protect yourself. Condoms and other birth control methods are cheap and convenient compared to the cost of raising a child or paying child support for the next eighteen years. Safe-sex organizations on campus or Planned Parenthood often offer free condoms.
Before you head off to college, have "the talk" with your parents--not the birds and the bees talk, but the money talk. Discuss your expectations and their expectations related to who is paying for what. You don't want to spend a bunch of money on the assumption that your parents are going to be providing a certain amount, only to find that they're not, and you've blown your cash on something you could have done without.
Shakespeare knew what he was talking about when he said "neither a borrower nor a lender be." Don't lend money to friends, roommates, or classmates. You may never get it back, which can cause bad feelings and permanently damage your relationship.
Set up a file folder labeled "receipts" and place all your receipts for major purchases in it. If something goes wrong with an item, you may be able to get it fixed or exchanged under warranty. If you don't have your receipt, you'll have to pay for the repair.
Income tax refund loans (instant refunds) give you access to your money more quickly, but they're a consumer rip-off, with annual percentage interest rates as high as 775 percent. It doesn't make sense to pay such exorbitant interest rates just to get your refund a week or so sooner. You can achieve the same result by filing online and having your refund deposited directly into your checking account.
Never sign anything without reading every word of it. If you don't understand something in the document, ask for an explanation. Very few people read what they sign, and many of them end up getting the short end of the stick. The few minutes it takes you to carefully read the small print could save you money and hassles.
Don't leave your car keys in the ignition or in any conspicuous place, like the glove box. It's an invitation to have your car stolen, or at the very least to have your CD collection pilfered.
If you begin to fall into financial trouble, talk to your parents before you get in too deeply. It's easier (and less costly) to prevent money problems from escalating than it is to clear them up, and your parents have been handling money for many years. You should be able to benefit from their experience.
If you have an Individual Retirement Account (IRA), you can withdraw money from it without penalty if the money is used for higher education expenses. This might be a better choice for you than paying interest on a bank loan.
Before consolidating your debts, make sure you've considered the long-term costs. Most consolidations end up costing you more in the long-term because you roll long- and short-term loans together and extend the due date, which increases interest costs.
Regularly review the activity on your school-related accounts, such as the bookstore and cafeteria, to make sure nobody has used your account or meal plan without authorization. If you spot anything suspicious or questionable, contact your school immediately.
If you work while you're in college, put aside a set amount of money, preferably at least 10 percent, from each paycheck into a savings account, even if you think you can't afford to. If you get in the habit of paying yourself first, after a short time you won't even notice that the money is gone, and you'll save a nice little cushion to fall back on when you really need it.
If it sounds too good to be true, it probably is. If you receive an offer that makes you the least bit suspicious, don't respond to it. If you want to satisfy your curiosity about an email offer (like the one that circulated on the Internet about free shares of Microsoft stock), look it up on urbanlegends.about.com to see if it's legitimate.
Gift cards are great, but if you don't use them within a year, most stores deduct a fee. Use the card promptly, and if you don't really want it, swap it online for a different card of the same value at another store by visiting www.swapagift.com. You can also sell it, but you won't get full value.
If you find yourself temporarily short of funds for rent, food, or other living expenses, rather than taking a credit card cash advance or a short-term bank loan, ask your financial aid office if they can help. Many schools have funds available for short-term interest-free loans of $500 to $800 to get you through a tight spot while waiting for a financial aid disbursement or other funds to arrive.
Take advantage of campus health services. There's probably no cheaper or more convenient health care available to you.
If you lose your checkbook or find checks missing, report the loss to your bank immediately to protect yourself from misuse by a thief. The bank will be responsible for cashing any forged checks on your account, but only if you report the checks missing as soon as you know.
Use all other alternatives available to you, like reducing expenses and increasing income, before consolidating loans (excluding student loans). It's too easy to borrow more than you really need, and it allows you to continue living beyond your means, merely postponing the inevitable moment when you realize you are in over your head.
If you're having trouble paying your bills because the due dates fall between paychecks, call your creditors and ask to have the due date of your bill changed so it arrives at a more convenient time. This could prevent late fees, which not only use up your cash but also cause black marks on your credit record.
Keep your bills and the accompanying envelopes for submitting payments in a safe spot. Your creditor may require you to use the preprinted envelope they provided. If you don't, the payment could take several extra days to be credited to your account and you could incur a late charge (as high as $39 for late credit card payments).
If you have a stored value card or gift card, guard it carefully. These cards are usually not protected by law so you won't get your money back if yours is stolen or used without your authorization.
Plan well in advance to make sure all your classes will be available when you need them. This will give you time to juggle your schedule to make sure you fit in those classes that aren't offered every semester. Otherwise you may find yourself paying for an extra semester or two--a very expensive proposition.
Read the fine print on all the documents your college sends you. The costs won't necessarily be in bold print, and fees can add up.
Stay away from what is commonly referred to as payday loans, where you borrow a certain amount of money for a short period (usually a week or two, until payday) for a fee. You give the payday loan company a personal check for the borrowed amount plus the fee, and they give you the cash. They hold onto the check until the agreed upon time. The annual percentage rate (APR) on these loans is obscene, usually several hundred percent, and sometimes several thousand percent.
You may feel you don't have enough time to go to school full-time, study, and hold down a job, but studies show that students who work a moderate amount (not full-time) during college actually do better academically. Juggling work and school requires discipline and planning that pays off in all areas of your life.
Do you have stuff to ship from home to school or vice versa? Greyhound (the bus company) offers students up to 50 percent off its regular Greyhound PackageXpress shipping services for same day and overnight delivery of oversized or heavy packages.
Squirrel away some coins in your car in case you need cash. If you don't smoke, keep change in your ashtray so it's handy when you need to pay a toll or feed a parking meter. It could keep you from getting an expensive parking ticket.
If you're sending a package, prepare it yourself and take it to the U.S. Post Office instead of using one of those mailing services like Mail It 4U, which are convenient but tack on a substantial fee. The U.S. Post Office has a good selection of reasonably priced packaging materials, including envelopes and boxes. Some of them are even free.
Save money by using smaller amounts of product than the packaging recommends. You can do this with shampoo, dish detergent or dishwasher soap, laundry detergent, fabric softener, and cleaning products without any noticeable loss of results. Experiment to find an amount that does the job without wasting the product.
If your school offers a reloadable card that can be used on campus for meals or in the campus store, take advantage of it. You pay up front, your ID card is loaded with a set dollar amount, and you use it on campus like a debit card. You don't have to carry cash around with you that might be lost or stolen or that you might be tempted to spend on something else.
With most things in life, attitude is everything. Develop an attitude of being willing to do without for the few years you're in college. You'll feel less deprived when you can't afford the latest electronic gadget or expensive spring break, and you'll have less student loan money or credit card debt to repay after graduation.
How you handle your money in college is a precursor to how you're likely to handle your money after you graduate. Avoiding bad spending or credit habits now will make life after graduation easier and help you achieve your financial goals.
Avoid situations that trigger impulse spending: malls, certain stores, shopping with friends who spend lavishly, or shopping when you're sad or depressed. You'll be paying for your impulse for months.
Don't hang out at the mall. It encourages impulse spending or using shopping as a form of recreation. Find another way to spend your free time and only go to the mall when you're ready to make a planned purchase.
Instead of equipping your own minioffice in your dorm room, take advantage of staplers, hole punches, disks, paper clips, and other supplies at your campus library. All it takes is a little advance planning to save a few dollars.
You'll go through lots of pens and pencils during your college career, so be on the lookout for freebies from businesses, organizations, and banks. Many businesses also give out free notepads, sticky-notes, and other office supplies with their logo on them. Collect these and you won't have to spend as much money on supplies.
Shop sparingly for Christmas. Your friends and family know you're trying to put yourself through college. They don't expect you to spend lots of money on them, so a token gift is all that's necessary.
You won't always have your parents to bail you out from the consequences of your financial decisions, but if you're really in trouble, phone home. Your parents might prefer to advance you some cash rather than see you take on credit card debt with high interest rates. The cost to you: listening politely to any ensuing lecture.
If you come across a good deal that seems legit, that doesn't mean you should go for it. Ask yourself if it's important in the overall scheme of things. Do you really need to belong to a CD club? Always read the small print (there's a reason it's small--they'd rather you didn't read it).
Many colleges have their own version of "Dump and Run," a type of giant yard sale where students leaving campus for the summer, or for good, dump unwanted furniture, appliances, clothes, books, and household goods. You can buy much of what you need to set up house in the dorm or in an apartment at a fraction of the cost you'd pay at even the best discount store.
Take advantage of the free perks your school has to offer. Instead of joining a health club or gym, use the campus facilities, which often include state-of-the-art racquetball courts, tennis courts, gyms, and weight-training equipment. You're also more likely to stick to your exercise program when you use facilities right on campus where you spend most of your time.
It makes sense to use free services when possible rather than spending your own money. Remember that libraries carry more than just books. Borrow videos, DVDs, CDs, and audio tapes from the campus or town library rather than buying them.
Do the burger flippers at the local fastfood restaurants know you by name? If eating out is a lifestyle instead of a treat, try cutting back. It's much more expensive than shopping at the grocery store and preparing your own simple meals, and more fattening..
Check out the local dollar store for common household items like cleaning and office supplies, greeting cards, candles, drinking glasses, dishes, photo frames, gift-wrap, and other odds and ends. These stores are a bargain hunter's paradise.
Don't let down your guard when it comes to controlling your spending just because you're flush with cash from your summer job. Continue to practice the same control you've practiced during the school year and save as much of your earnings as possible. Every dollar saved is a dollar less you have to borrow with interest.
When tempted to spend money, calculate how many hours you'd have to work to earn after taxes to pay the purchase price. If you work during the school year or summer and earn $9 per hour, your after-tax income might be around $7 per hour. You'd have to work two-and-ahalf hours to pay for a new CD, or 214 hours to pay for a $1,500 spring break tab. Is it worth it?
Save money on gifts by performing a service instead of buying a product. Offer free babysitting, a massage, or lawn care. Create a photo album. Wash the car. Bake goodies. Use your imagination to come up with a creative gift.
Scam artists love to target students. One of the most prolific areas for student scams is spring break and other travel, so be especially cautious when using these services.
Take only the amount of cash out of the bank that you really need for your daily expenses. Leave the rest in the bank and leave your ATM card at home. Having to work a little harder to have access to your cash makes you less likely to impulse shop or overspend.
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Go natural: wear the hair color you were born with. If you really feel you must color your hair, do it yourself or have a friend do it for you. Having your hair colored at the beauty salon can cost between $400 and $600 per school year if you have to have it touched up every month or so. Doing it yourself costs around $70 per school year.
Instead of blowing "found" money like bonuses, rebates, overtime pay, and cash gifts from family, put them in your savings account and use them to cover school essentials. You'll reduce the amount you have to borrow and the interest you'll have to pay.
Don't be afraid to admit to your friends that you can't afford to spend money on entertainment or other discretionary expenses. Finishing your degree with a minimum of debt is your number one goal, and that's nothing to be embarrassed about.
Don't gamble! It's expensive recreation and can turn into addiction.
Start a barter club on campus or join one in your community. These clubs allow people to swap items they no longer need for something they do need, or to trade services without any money exchanging hands. It's a great way to recycle and save money. To get started and find a group near you, visit www.freecycle.org, a global online swap group with many local member groups.
When sending mail, use the smallest envelope or packaging possible, weigh the package, and use the appropriate amount of postage. Why pad the pockets of the U.S. Postal Service?
If you buy something every time you feel the urge, you'll graduate kneedeep in debt. Learn to ignore the urge to splurge. Make planned, conscious spending choices and remember that a little sacrifice builds character and your bank account.
Forego tattoos and body piercings while you're in college. You have more important uses for your money. If you still want the body art after graduation when you're earning your own money and paying your own way, go for it.
Get rid of your AOL account. Internet access is free at many colleges, but it doesn't include AOL. You'll enjoy experiencing the Internet without the restrictions and parameters set by your Internet service. The good news is that you can still use AOL Instant Messenger for free.
Save money by staying healthy. Colds and the flu make the rounds of college dorms and classrooms throughout the winter. Getting sick not only makes you fall behind in your studies, it can cost considerable money in throat lozenges, cough syrup, cold tablets, tissues, decongestants, and maybe even doctor visits. Most illnesses are spread by hand, so wash your hands often.
Instead of buying an expensive dictionary and thesaurus, use online versions, like Merriam Webster (www.m-w.com). They're quick and easy, and best of all, free..
New jewelry is one thing that you can definitely do without during college, yet it's one of the top spending categories for college women. Keep your perspective about what's important during your college years. Reward yourself with a nice piece of jewelry after you graduate and are making money, instead of using money provided by your parents, the U.S. government, or your school in the form of financial aid.
Don't drop $100 or more for a pair of sunglasses. Expensive shades don't necessarily offer greater protection than inexpensive ones. Know what protection you need and make sure you get it, but paying more than $20 for something that's fragile and easily lost or scratched doesn't make sense for a student.
Talk to upper classmen and ask for tips on making the most of your money in college. They've been there, done that. Why not learn from their experience and spare yourself the aggravation of learning the hard way?
You have the big ticket items like tuition and room and board covered, but you may be surprised by how quickly the incidentals add up. Laundry, fees related to your major (lab fees, art supplies), pens, pencils, paper, printer cartridges, and toiletries add up to quite a sum. When developing your budget, be sure to include an allowance for these items or you may overspend in other areas and run out of money before the end of the semester.
Skip the campus bookstore when buying office supplies like pens, pencils, paper, and computer disks. You'll save money by buying these supplies at discount office supply stores like Staples or Office Depot, or at a discount odd lots store.
It may sound like a radical idea, but be open-minded: consider leaving your car at home. A car is usually unnecessary if you live on campus, and you could save thousands of dollars a year on gas, insurance, maintenance, campus parking permits, and the inevitable parking tickets.
Don't waste your money on souvenirs: baseball caps, T-shirts, sweatshirts, cheap trinkets from beach shops, or other stuff you'll put aside and forget about. If you want a memento from a place you visited and really loved, buy an inexpensive poster, print, or postcard that will remind you of the good time you had there.
When planning your courses, be aware that some classes aren't offered every semester, or you may have conflicts that prohibit you from taking two classes you need at the same time. If you don't plan carefully, you may end up having to spend an additional semester or two in order to finish your degree requirements. More semesters equal more money. Lots more money.
At the end of the year, turn in your dorm room key. If you forget, you'll be billed $100 to $150 for changing the locks.
If you're underage, don't drink in the dorms. In some towns, undercover police cruise the dorms looking for instances of under aged drinking because of the high crime rates associated with it. If you get caught, you'll be slapped with hefty fines (hundreds of dollars) and be required to do community service. You could even be arrested and hauled off to jail. Now that's a phone call you won't want to make to your parents.
Keep track of your driver's license. If you lose it, you'll have to pay $20 to $40 to get a new one issued.
If you need computer equipment, furniture, electronics, or housewares, regularly check the classified ads in your local newspapers and the campus bulletin board. You can easily find perfectly good items for a fraction of what you'd pay new.
Shopping at Goodwill and other thrift stores has become the thing to do. You can often find cool, quality clothing and furnishings in good condition at steeply reduced prices. Many items are new or nearly new, and in upscale neighborhoods, you may even find designer clothes for a couple of dollars.
Read magazines at the library instead of buying them. Three or four magazines could add up to $12 to $15 per month, or $180 a year. If you must buy, make a deal with a roommate or friend to swap magazines so you don't both buy the same ones.
Save money by sharing a printer with your roommate. Work out a fair deal so that the person who actually bought the printer gets reimbursed over time for part of the initial investment, and share the cost of ink cartridges.
You may also be able to avoid buying a printer by using the school's equipment. Save your documents on a disk or CD and print them out at the computer lab.
If you work, sign up for direct deposit of your paycheck. You're much less likely to spend your money impulsively if it goes directly into your checking account. Some banks also charge lower fees if you use direct deposit.
Don't subscribe to fee-based Internet sites unless they provide information you need for your courses and you can't get the information anywhere else. A few dollars here and there add up over the course of a semester or school year. Game and quiz sites hook lots of young people, but is it really worth $9.95 a month to be able to take quizzes like "What kind of kisser are you?" or "What's your dating IQ?"
Don't waste your money on diet aids like pills, candies, or similar products. Americans spend an estimated $6 billion a year on fraudulent or ineffective diet products, but the only way to lose weight is to exercise and eat less. If you have a weight problem, your money would be better spent consulting a doctor.
Keep foremost in your mind that your main focus in college is studying, learning, and getting good grades so you can get a better job when you graduate. Spend less in college and you'll have to work less. You'll have more time to study and get the education and grades that will help you earn the big bucks later.
One of the most important moneysaving lessons you can learn is to delay gratification. You don't have to have everything you want right now. Delaying gratification means giving up some things now so you can get a good education and earn more money later without being burdened with credit card debt.
Being on your own doesn't mean you can do everything you want, now that Mom and Dad aren't there to question you. Being an adult means making choices--sometimes tough ones--about how to spend your money. If you indulge every whim, you'll end up paying much more for it later in the form of high interest expenses.
Tuition is only part of the story when it comes to paying for college. Don't underestimate the costs of your social life, books, food, rent, fees, transportation, clothes, and shoes. Most students don't realize how much money their parents spend on these items, and it can be a rude awakening to suddenly be responsible for paying for them yourself.
To trick yourself into saving money, pay for everything with paper money and save all your change. Each day, empty your purse or pockets and put all the change in a big jar. You'll never miss it. When the jar is full, turn the change in at the bank. It's an easy way to build a savings account.
Keep track of the dates your bills are due by marking them on a calendar. This tickler system will help ensure that you don't incur late charges and will help keep your credit history healthy.
Avoid window-shopping, cruising the mall, and browsing aimlessly through online storefronts. If you constantly face temptation, you'll eventually give in to the impulse to buy something you don't need and would never have set out to buy deliberately.
One of the best things you can do for your bank account is quit smoking. A pack-a-day habit at $4 per pack doesn't sound like much, but it totals $1,440 a year. If you saved that money and earned 6 percent a year on it, you'd have over $19,000 in ten years and over $336,000 by retirement.
Train yourself to go through this thought process when you're tempted to make a purchase: Do I really need or want this item? If yes, can it wait? If no, do I already have something similar that will work, or can I borrow the item? If no, do I want this item badly enough to take the money from my long-term goals? If yes, can I buy a similar item that costs less?
It may seem obvious, but don't buy anything you don't need. You can buy things for pleasure after you graduate and are earning your own way. For now, buy only what you need.
Focus on your short- and long-term goals regularly. You'll be less tempted to spend money on things you don't really need.
If you need motivation to take control of your spending while you're in college, think about the latest trend of college graduates moving back in with Mom and Dad after graduation because they have so much debt they can't afford to live on their own. Sure you love your parents, but do you want to live with them again after being out on your own for four years?
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