By CU Money Sense
Summer can be a busy time for college students between working, internships, traveling or summer classes. However, now is the perfect time to give your finances a checkup. Below, we recommend taking these five easy steps towards improving your money situation today.
1. Open a savings account and add direct deposit
If you already have a savings account鈥攇reat! If not, head over to your local bank (or use an online bank) and set one up, preferably one with a great interest rate. Next, you have two options: 1.) have a percentage of your paycheck direct deposited into the account or 2.) set up an automatic transfer from checking account to your savings account. The money will grow without much effort on your part and chances are, since it鈥檚 automatic, you probably won鈥檛 even miss the money because you hadn鈥檛 seen it yet.
2. Lower your monthly bills
Do you really need cable, Netflix, and Hulu? Can you turn the A/C down by a few degrees? Or lower your cell phone bill by switching to a different plan? Most likely, you can find a few extra bills that you can either reduce or completely eliminate. By doing so, you can save yourself hundreds of dollars over the course of a year.
3. Comparison shop
Before you make a purchase鈥攚hether it鈥檚 a car, computer, or new shoes鈥攃omparison shop to make sure you getting the best deal possible. Check online sites and Google reviews to help find the best value for your money. You鈥檇 be surprised by the amount of money you can save by taking the time to do a little investigative research before you make a purchase.
4. Find your money leaks
Spending too much money on lattes? Always have to buy the latest video game? Can鈥檛 resist going out and splurging on dinner and drinks every payday? If your spending habits and hobbies are leaving your account balance low, find a way to cut back. Bring your own coffee to work. Rent video games or borrow from friends. Try to set a budget for your nights out. By figuring out where your money is going, you鈥檒l probably realize you鈥檙e spending a lot more than you thought.
5. Get organized
Being organized is one of the best things you can do for your finances. By keeping good track of your bills and due dates, you鈥檒l never miss a payment or pay another late fee again. Take it a step further and try setting up your accounts for automatic bill pay. Ask your bank if they offer a bill pay service and they鈥檒l help get you started. Most utility and credit card companies offer an automatic payment option as well, so check out their websites for more information.
Don鈥檛 forget that CU Money Sense is open for the summer!
