From CollegeCandy: Ten Gen-Y Recessionista Tips
Here are the top 10 ways to be a savvy spender and super recessionista.
10. Keep track of your spending.
Do you know how much you spent all day yesterday, to the dime? Well, you should. Keeping on top of every little expense can save you cash in the future and keep you mindful of where your cashflow is going.
9. If you can’t indulge, don’t indulge.
I’m not saying to give up every indulgence, but if you’re about to spend $200 that you don’t have on a dress, either wait for it to go on sale or just walk away. The dress will always be there, so wait ’til the cash is.
8. PAY IT OFF.
If my dad is reading this right now, he’s falling out of his office chair laughing hysterically. It took me a year to pay off my credit card balance and you know what? The only way I could do it was to mail my credit card home and never, ever have it on hand. I’m sure there are people out there who can manage their money and understand that when you receive a credit card bill, you must pay it off every month. I was not one of those people. Fees, charges and overdrafts all affect your credit score and your finances. If you can’t handle it, don’t have it. If you can, pay it off every. single. month.
7. Write down your debt in a place you’ll see it.
Paint it on your wall. Write it on your fridge. If you owe 50k in student loans, THINK ABOUT IT every time you spend money. Sure, buying shots for all your friends might seem like a great idea at the time, but that seventy dollars could be going to your loan payments. Do you really want to worry about student loans when you’re ready to take out a mortgage on a house?
6. Cut back on the frills.
I love caramel frappucinos, fancy makeup and high-end jeans. But, if I skip the Starbucks and hit the office coffee machine, ditch Sephora for CVS and pass up Saks for the Gap, even just for 30 days, I’ll save over $400 a month. Trust me, no frapp is yummier than that.
5. Plan, plan, plan.
Okay, so you want to go on vacation in two months? Plan all your expenses ahead of time. Flight, hotel, bathing suit, meals, drinks, etc. Once you lay out a budget and know how much you need to set aside, it will keep you saving.
Want more money-saving tips? Read the rest of this post at CollegeCandy!
Posted on on May 2, 2010 / Filed Under: College Life / Tags: CollegeCandy, Money
