[College kids are notorious for being poor. And why shouldn’t we be? We take out student loans to pay for private universities, can barely balance a part-time job with our full-time courseload, and the only “balance” we’re familiar with refers to the number of points left on our dining hall cards. Oh, did I mention many of us tend to splurge every extra penny on PBR’s at the campus bar?

Ok, before everyone gets up in arms about every generalization I just made, let me clarify: if you disagree with everything I just said, you probably don’t need this column. But if you’re nodding along because you’re officially an adult and still don’t know how to manage your money, then you might want to pay attention every week, because I’m going to (try to) get you through this, and make you a successful saver and a wise spender. Starving college students of the world, I bring you Money Matters: a Guide to Handling Your Income (or Lack Thereof).]

This week, I’d like to introduce you to a splendid gem called Free Student Checking. Now, normally, banks will hold your money for you, but they like to find sneaky ways to make a few bucks back themselves. Some checking accounts, for example, have a minimum balance that you always have to have in your account. If your balance goes below that minimum, you get a fine.

Yeah, that’s right. You have to PAY your BANK for being too poor to have any money in the account that consists entirely of your own money that you started out with in the first place. I understand credit card late fees– with credit, you’re spending money you don’t necessarily have– but a fine on your own money? That’s bullsh*t. Read More »

We’ve all felt the effects of the current economical status; gas alone has been breaking my bank account on a weekly basis. While I work my butt off to make ends meet, everything from fruits and veggies to gas to, well, almost anything, contines to get more expensive. And my bank account whittles away.

What’s a striving- to- have- more- money- 20- something to do? I brainstormed – in my desperate need to scrounge up some extra cash – ways in which you can get creative, have some fun and throw somethin’ extra into that piggy bank.

Turn your hobby into some cash. Do you enjoy making scrapbooks, knitting, creating playlists or setting up peoples’ iPods for them with the latest tunes? If so, take your hobby and make it into something profitable. Put out flyers in your neighborhood, an ad in the local paper, send out a mass email or even create a standard template website and let people know you’re open for business!

Sell some old clothes. Those prom dresses have sat in your closet since high school and, let’s face it, you’re not going to be wearing them anytime soon. Go to a consignment shop, take out an ad in the paper or swing by a local beauty pageant (I swear they’re around and the ladies will bite for those gowns). With, say, 50 bucks a dress, you could walk out of there with a couple hundred dollars! Read More »

Believe it or not, it’s actually not too difficult to make (and stick to!) a budget. You can make the most of your cash by simply figuring out how much you have and then deciding how much you can spend. Easy, right?

Start with income. Do you get an allowance? Have a part-time job? A scholarship that pays for living expenses? Calculate how much money you take in per month. Don’t forget to include your after-tax job income (you may make $8/hour, but some of that will be eaten up by taxes before you ever see it!) You may also be taking money each week out of your savings (from a Summer job for example), so calculate how much of that you can spend each week without going broke before May.

Now figure out how much you absolutely MUST spend each month–these are the essentials, like rent (if you pay rent, or housing fees), transportation, loan payments, etc. If you have a meal plan and never eat out, you can throw that in there as an essential expense. Once you see how much you have left, you’ll be able to decide how much you want to spend on groceries and how much you can afford to eat out. Read More »