According to a survey done in 2019, “58 percent of respondents had less than $1,000 saved (Huddleston).” What has caused this to happen to most Americans? For some, it is simply lifestyle choices, for others it is a lack of discipline, or possibly unfortunate life circumstances. If you find yourself in one of the first two boats, please do not be discouraged. We understand that cutting coupons, finding the best deals, creating a budget, etc. in order to save more does add to an individuals’ “to do” list, but we also know it can all be worth it! Each little thing done makes a big difference in working to meet the big picture goal(s)! Here are a few life style tips that I have personally found helpful that I hope will aid in your journey to increase your savings as well!

Live Within Your Means

Do not spend more than you make. Simple, right? Well, it might sound simple, but it can be much harder in practice. Growing up, my parents learned this the hard way. My mom was going to school for nursing and my dad was the only one working full-time. My mom enjoyed spending money on my brother and I for Christmas and also loved going on vacations. Four months went by and she realized that they were spending a lot more than they made. This caused us to live frugally for the next few years, rarely going out for dinner or getting much for Christmas or birthdays. My parents sat down each month and started putting money into envelopes. The mortgage payment was in one envelope, car repairs, etc. Then when the money ran out, no more money was spent. This forced my parents to live within their means and helped us get out of poverty.

Cancel Subscriptions

Another area in which college students might be able to cut in order to add to their savings is Netflix, Hulu, Disney Plus. Are all of these necessary? The cost of Netflix is $8.99/month, Hulu is $6.00/month, and Disney Plus is $7.00/month. If you cancel all three of these, you will be saving $264/year. One of my friends told me that he had a subscription to a sports magazine he had no clue he was still subscribed to. He realized it was costing him $12/month and found out while looking at his bank statements. Might you have a subscription you are paying for and don’t even know it? Be diligent in checking your balances and cut out unnecessary spending. Also, if you are continuously spending more than you make, take time to consider if you might be able to cut one or all of your subscriptions.

Textbook Rentals

Another good rule of thumb is to rent or buy used textbooks from Chegg or Amazon. These websites offer much lower prices on textbooks than a university bookstore. You might also consider asking a friend to borrow their textbook. And once you are done using the textbooks, you can sell them to gain a little bit of the funds back. There is an app called Bookscouter that finds the best deals to sell your textbooks and the price is often higher than what the bookstore would pay you for the book.

If you would like help in coming up with a plan and/or strategies on saving/cutting spending, set up a meeting with the NEXUS Financial Discipleship Center with this link: https://ronblueinstitute.com/schedule-an-appointment/.