Smart Money Management: Common Sense Gains Extra Cents
Money is an important part of our life. However, for many college students, it always seems like you don’t quite have enough. One way to ensure you have money when you need it is to use smart money management! Something simple like using common sense, could spare you a few extra cents, and I will share with you my three favorite tips on just how to do that!
Do not connect debit cards with your savings account
I have a debit card through my credit union and when I first received this card I noticed I was spending a lot of money with it and the money came right out of my main savings account! I found out that I spent a lot less when I disconnected the accounts and had a separate account for just my debit card. This way I put a set amount in each month and only allowed myself to spend that much – no more.
Protect your accounts from overdrafts
When I first started using my account I noticed I would overdraft a lot and would have to pay a $15-20 fee every time. This amount started to add up. When I went to my credit union and brought this issue up I learned that I can protect the accounts from overdrafts. Given, this is a bit embarrassing when I’m stuck at a store and can’t pay the bill but it has saved me a lot of money. Additionally, I have learned to carry $20-50 extra in cash for emergencies.
This may seem odd at first but in states that accept refunds for cans, such as Michigan which is 10 cents per bottle or can, this money can add up. If your state does not take money for bottle returns, they probably take money for aluminum and this can still give you some extra cash. I pick cans and bottles up from the ground when I go for walks. Through these actions alone I earn about $50-100 each month! The best part is I do not often buy pop or soda. Therefore, I am making money, helping the environment and cleaning up my community – all at the same time!
There are many ways to save money, and these are three of my favorite. I have found that by unlinking my cards, preventing overdraft, and recycling bottles and cans – I find myself less strapped for cash!
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