Saving, and Credit Scores

Document created by taylorw_1 on May 18, 2016Last modified by on Dec 5, 2016
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Saving? In college? I know, I know. It's practically unheard of with the expensive tuition, room and board if you're living on campus, but let's not forget about your textbooks that costs hundreds of dollars too! It's especially frustrating when you have those classes that barely uses the texts. However, saving in college is possible. An easy way to do this is by having a good job whether it's on your campus or off. When you have a job you enjoy, it's easy to go to work but saving the money is a different story. Easy ways to do this is by only buying essentials. Torn between new shoes and stocking up on those 10 for $10 frozen pizzas for food? I'd say to go for the pizzas. New hairdo or that book you need to read for your essay that's due in a week? You're more than likely going to go for the book. Or, maybe not. All joking aside though, you just have to prioritize. I know that those new shoes and that new iPhone are just to die for but do you really need them? You have shoes and a working phone already so don't spend the money! It is easier said than done, though. I myself have slipped up a few times. But what keeps me only buying the essentials is the thought that while I'm getting by with just the essentials, I'm saving money up for something that could easily benefit me way more than a new iPhone like a new/reliable car or an apartment. Or even simpler, set up an exchange with your bank where every time you get paid from your job by direct deposit, tell them to slide about $20 into your savings account. That way it's already in there for you and you're not looking at it in your available balance and aren't tempted to use it.


Then with Credit Scores, it goes hand in hand with buying only what you need. It's always tough to start establishing your credit but an easy way to do this is by simply getting a credit card and ONLY buying essentials. Need some more paper towels and dish liquid for the kitchen? Go to Target and use your credit card. However, only use your credit card occasionally. Don't go wild and use your card for $300 worth of groceries and justify it by saying, "Well I needed it!" You may have needed it; however, how do you expect to pay that back? Get little things here and there and once you get that statement, pay it off and in full. Don't only pay the minimum payment, that's where credit card companies get younger people especially. They show you your amount and then also show you a minimum payment. DO NOT get sucked into this. You're only hurting yourself by paying the minimum. Pay it in full as soon as you get that statement because if it's only for a few things, you know you have the money in your savings account and you have it covered.

Hope this helps!