Is it possible to save money, when you don't have a job?

Document created by elr on May 31, 2016Last modified by amara.mastronardi@socialedgeconsulting.com on Dec 5, 2016
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Advice from a college student without a job:

Saving money it certainly isn't easy, in any financial situation. No matter how much money you have saved up or how money savvy you are, when you have money saved and see something you want, you have the overwhelming feeling of buying it, go against that feeling and buy only things that are of much necessity and only indulge rarely.


When you don't have a job, the only way to save money is by not spending any of it, bargain hunt and use coupons. If you are going out to eat with friends offer to split the bill if you split the food. Regardless whether you're in college or living at home, without a fixed income saving is quite difficult, but it is possible. Limit the number of outings you go on and be conscientious of the prices of the things at the places you visit. Also buy the products you need and if possible get the cheaper/generic version.


Don't fall for the online money challenges that are advertised; about putting x amount of money aside one month, more the next and so on for the whole year and by the end you'll have saved a thousand or so. That is much harder than you think. There are expenses that pop up every now and then and you have to use the money you saved up. If you do consider putting away a certain amount of money every month, the amount shouldn't change and make sure you don't exceed that amount; can't do this without a steady income but for those that do, it is a ideal to put away some money when you can with or without a job.

 

Personally as a college student, in my dorm room I have a mason jar full of change that I find laying around. The jar is only opened when I find more change. As advice, have a jar or cup with a lid that has spare change in it and save it for a rainy day.

 

Everyone has experienced the embarrassment and shame of having to turn down a sponsor asking for money for a charity, school, church, or event due to not having change on you or just not being able to. There is guilt that you can't help as much as they are asking for or you give into the guilt and donate anyway, it is always generous to give a little bit of something, but some times you just can't. Make a budget of only giving a certain amount of money a month and if asked to donate more than that amount, apologize because it is not in your budget. Another option is only donate to certain organizations, it's up to you.

 

Once you have saved up money, try not to spend it or if you do, replace the money once when you can.

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