Tag Archives: Saving $

5 Things To Start Doing In 2016

Filed under: College Life, Fun Ideas, Living, Money/Budget, Seasonal Celebrations, Tips, Volunteering and Giving Back - Angelina
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Bailey Buckingham BookRenter Blogger Biography

At the beginning of every year, most people spend time thinking about what they want to change in the new year. After reading several articles and reflecting on what has worked for me this year, I’ve put together a list of five things I think people (including myself) should start doing this year if they aren’t doing it already.

Why not make this year the best one yet? Start doing these things in 2016:

1. Grow Your Savings

As college students, we’re all aware of the struggle of handling our money. Some people are just better at it than others, I am not one of them. Last year I decided that instead of managing my savings account and depositing whenever I wanted, that I would setup automatic deposits. This has been life-changing for me. I never noticed the money gone, and it’s already added up greatly. For every paycheck, it automatically deposited $20. I also have saved any tip money I received at the end of the month from my job.

2. Find Your Relaxation

I feel like this world becomes more and more stressful each year, and each year I feel less equipped to handle it. I’ve been researching many different solutions and I think I’ve found a remedy for me. Over the past two months I have replaced soda with hot tea, which was mainly for weight loss reasons, but it has helped my emotional health tremendously. The most important thing to remember is that relaxation looks different for everyone. My relaxation is making myself a cup of tea, and either sitting in my yard, or rocking in the chair on my porch. Learn what calms you down and leaves you feeling happy, then remember to practice this often to reduce stress and increase your inner peace.

3. Read More

This is actually a goal of mine for 2016. I have read more this past year and picked up a book or two every now and then, but it’s my goal to read one book each month for this year. I remember how much I used to love reading, and how calming it was. I want to get back to that instead of filling my nights with Netflix. Reading is found to help in so many areas of your life including stress, happiness, creativity, and even your grammar! Visit www.bookrenter.com for some reading inspiration!

4. Volunteer

For most of us, our schedules can be almost maxed out to the limit. Adding another thing to it can seem impossible. Even still, I’ve decided for this next year that I’m going to overcome the impossible and set some time aside to volunteer at the local children’s center. I’m passionate about children, so it’ll be a great fit. Find what inspires you and you will see that it will seem less like a “chore” and more like another fun thing to do. If you really can’t give your time, get creative to think of how you can give back. A few weeks ago my friend and I had a “purse stuffing” party to stuff unwanted backpacks and purses full of everyday essentials to hand out to any homeless people we cross paths with. Imagine if everyone gave back just a little bit? It would make things just a little bit nicer, don’t you think?

5. Let Go Of The Negative

After a pretty rough year for me, it will be great to mentally refresh. If you’ve had a rough year too, or had a few bad instances, let go of any negative feelings and leave it behind in 2015. Make a decision to be positive going forward. This could even apply to negative situations you may find yourself in or people you hang out with – if you want to improve your situation, think of removing yourself from these scenarios. Use goals and daily motivational quotes to get you started, then it’ll become a routine. The past is the past for a reason, so get past it and look positively toward your future.

These five things are things that I’ve been working on for myself, and will continue to do in 2016. With how busy and stressful life can be, I think the most important thing to remember is to relax. Enjoy life and don’t worry about the small stuff!

Happy New Year! What change will you be making for 2016?

Leave a comment and let us know!

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5 Things to Know About Savings Accounts

Filed under: Living, Money/Budget, Tips - Angelina
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Megan Lehman BookRenter Blogger Biography

 

Learning personal finance and how to take care of your money is extremely important, especially as a college student. Learning how to manage money now will save you time and money in the future. Thanks to these tried and true tips, I am going to graduate with very little student debt!

Here is what you should know about savings accounts:

1. Know the Different Kinds of Accounts

There are multiple forms of savings accounts, some better than others. By that, I mean they allow you to save more by the amount of interest they acquire.  Some of these accounts, however, have very specific requirements and require certain commitments, such as amounts left in the account at all times. Do some research and figure out your best options.

2. Picking An Account

When it comes to picking which account to open, it is important to consider where you are financially at this point in your life. If you work part time hours, like 5-10 hours a week, the basic savings account is for you. If you work full time, without many expenses, and have the ability to put a larger chunk away, open a CD or a MMA. These two accounts give the most interest and are two accounts to pay attention to.

3. CDs vs. Money Markets

These two savings accounts give the account owner the most return with interest. However, they require more of a commitment. CD (certificate of deposit) accounts require a time commitment during which no money can be withdrawn from the account, but can be added. The time commitment can be anywhere from six, twelve, or even twenty four months and require at least $100 to open.  Money market accounts (MMAs) require at least $1,000 to be in the account at all times. The owner can only withdraw from the account six times a month. I know that sounds like a lot of money, but this account will earn you more interest than any other account available at this time. Currently, CDs are not earning much more interest than the basic savings account. I would advise waiting until you can put away $1,000 and start a personal money market account.

4. Be Aware of the Fees

The money market account restricts the owner of the account from withdrawing from the account more than six times in a one month period. There are multiple accounts similar to this and it is important to understand the fees resulting from withdrawing too many times. There may even be regular monthly fees just to have an account, although sometimes there are certain requirements that can be met to waive these fees. Each bank is different.

5. Take Advantage Now

As a college student, I understand the struggle to save money. Currently, as an unpaid intern in Washington D.C., I understand the struggle even more intensely. Right now, no matter where you are in your college career, it is important to start thinking about a budget and savings. Recognize the timing in your life. Imagine what you could retire with if you started a 401k now? I started my 401k when I was 19 and, if I continue at the rate I am at, will be able to retire early.

Also, look at what you’re spending and what you can cut to save some extra cash. I choose to save now so I can graduate with as little debt as possible. By following these tips and learning more about which savings account is right for you, you can too.

Good luck!

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How To Start Saving (And Stop Spending)

Filed under: Money/Budget, Tips - Angelina
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Darlene Megino BookRenter Blogger Biography

Saving money can always be a difficult task. Especially when you are surrounded by things you would like to splurge on: coffees, clothes, etc. Whether you are saving up for a trip, need money for the next semester of college, or would like to start investing towards a savings account, you need to save some money and limit your spending habits.

Here are three ways to start saving and stop spending:

1. Start A Savings Challenge

A savings challenge is the easiest and fastest way to begin saving. It’s very direct and easy to follow. The object of the challenge is to begin saving money in small increments (even as losw as $1) and eventually it will add up to a large sum by the time your challenge is complete. Each week, put more money into your savings than you did the week prior. Save for as long as you can and you will soon be rolling in dough!

2. Download Financial Apps

Mint.com is one of many apps available for download to your smartphone or tablet to help keep track of your spending. Financial applications like these are great to help you become aware of where your money goes, which can help determine where you can cut back and save. The Mint app tracks your entire account activity and will let you know when your account is low and can even alert you of any potential suspicious activity. You also can set up allowances for how much you would like to spend on specific categories and it will alert you when you’ve reached your budget.

3. Jar Method

If you are saving towards a certain item, event, or trip, then get a jar (or container) and label it for your goal. Any time you have any spare change or extra cash (I suggest using cash to reach bigger savings), then stash it inside. Before you know it, the jar will be filled and you will be on your way towards cashing it in for just the thing you had in mind.

It can be hard cutting back on spending and even harder to not spend money you are trying to save, but it is so rewarding when you see your savings grow or when you finally use your savings towards the item you were saving for.

Share your saving secrets with us in a comment below!

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4 Campus Services You Should Not Pay For

Filed under: College Life, Money/Budget, Tips - Angelina
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By Guest Blogger, Kevin Foor

College is expensive. One year of school at an in-state public institution currently averages $18,391, according to the College Board. If you go out of state, that number bumps up to $31,701. Because of the high costs of tuition and room and board, it’s essential that you cut costs wherever you can. In addition to saving money on textbooks by using a service like BookRenter, there are plenty more ways to conserve cash in college – and they come mainly from avoiding costly campus services. Here are four that you should avoid.

1. College Debit Card

You might think that getting a college debit card is a great idea, especially since many schools can load your financial aid directly onto it. However, these cards are typically chock-full of fees, including swipe fees, usage fees, and inactivity fees. Plus, having all that student loan money on a piece of plastic is only going to tempt you to spend it unnecessarily. Your best bet is to get in on the latest checking account promotions or to open an account at a local bank that offers a fee-free debit card.

2. Errand Services

These services run the gamut. You might see signs in your dorm lobby for laundry pick-up, grocery shopping, or meal preparation and delivery. Don’t take the bait. College is tough, there’s no denying it, but if you don’t think you have enough time in the day to take care of these responsibilities yourself, try instituting some time management practices to free up the necessary time. When you’re studying, go to the library or another quiet area so you’re not interrupted. If you’re doing online research for a school project, stick to the matter at hand and avoid surfing the Internet or checking your social media accounts. Free up more time in your day and you can complete these errands on your own and save a bundle.

3. University Health Coverage

Because of the Affordable Care Act you can now stay on your parents’ health insurance plan until you reach the age of 26. Take advantage of that and opt out of campus-based health insurance. This is another unneeded expense and even if your parents ask you to pay for your portion of the coverage, it’s likely to be less than what you would pay through your school plan since many institutions have significantly raised premiums.

4. Dining Meal Plan

I was recently reading a college education website and one student commented that his food plan cost $1,325 for 100 meals. That’s $13.25 per meal. Be sure to run the numbers of a university meal plan before signing on the dotted line. You could save yourself hundreds by eating in your dorm room. Take advantage of cooking facilities and clip coupons to save money on your grocery trips.

You may believe some of these services are worth the cost, but don’t lose sight of how important it is to keep your expenses down while in school. Once you graduate and hopefully find work, you’re going to be responsible for personal budgeting. Save money any way you can during school and start paying your loans back as quickly as possible.

What campus services can you eliminate that are unnecessary?

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How To Un-Spend From The Holidays

Filed under: Money/Budget, Seasonal Celebrations, Tips - Angelina
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Angelina Bossone Blogger Biography

 

 

 

 

If you are like me, you love to go all out for the holiday season and spoil everyone you love with gifts! Sometimes though, I will admit, I spent much more than I should. I can’t help it though! I want to get things for friends and family that I know they will love. However, there could be a plus side – usually, you can reap on the returns!

Cash is always one of the best gifts to give/receive, especially when you are a college student. And I can usually count on getting cash in some form from at least one person, whether it be from my parents, my grandpa, an aunt, or a brother. Of course I don’t expect it and I appreciate it anything I get from anyone.

If I do end up getting cash for the holidays, it instantly goes into my savings. I know Christmas cash usually means instant shopping spree for that thing you have really been wanting, but by saving it I see it as going towards the gifts I purchased for everyone else!

I then instantly feel better since I feel as though I spent less initially. Saving money is not easy to do, especially this time of the year. However, if you think of incoming money as paying off money you have spent, you will gladly hold on to it rather than spend it.

How do you deal with overspending on the holidays?

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