The Smart Cookies are a group of five Canadian women who got themselves out of nearly $50,000 of debt in one year.
One of the best ways the Smart Cookies learned to avoid debt is to save where you can during the school year. Here are their 10 tips for students to help them stretch their savings during the school year.
1. Start a syllabus for spending
One of the biggest mistakes young people make is spending money without any pre-planning. You map out your classes for the year, you map out your spring break road trip, you map out your outfit for that party on Friday night. To successfully arrive at the end, you've got to have a plan to get there from the beginning. Figure out how much money you have, what's necessary, what's a luxury, and then budget (on paper!) how much you need to stay afloat over the year.
When it comes to phone services, one way to avoid sinking your budget is by choosing a provider that offers unlimited add-ons for features you may use a lot, like text and long-distance (important when your friends and family are across the country).
2. Swap your old stuff for new swag
Odds are if you don't want something, somebody else at your school will. From purses and shoes to textbooks and hockey equipment, you can easily turn that old clutter in your closet into cash or trade it for something else you need. Auction sites and classified ads are great, but don't restrict yourself to online outlets – posting signs around campus or hosting a swap soiree can achieve the same goal and you’ll have a lot more fun. An added bonus is by reducing waste, you're also helping the environment.
3. Academic life is an active life
Classes, student clubs, traveling to and from campus – the academic life is a very active life. Mobile phones aren't just a great way to stay in touch on the move; they're an important tool for ensuring your safety and security: late nights at the library cramming for the chemistry final, winter road trips home for the holidays – a mobile phone can be your lifeline! As an added bonus, a mobile phone can be your lifeline to great credit. Applying for wireless service is the first time many young people receive credit. Paying the bill punctually can be the first step towards a sound credit score, increasing the likelihood of getting mortgages and car loans later in life.
Page 1 of 3 – Find more great money-saving tips on page 2.
