How to Spring Clean Your Finances

Most college students are now back from spring break...


That being said, how was yours? One of three things may have happened; you went somewhere warm, did absolutely nothing, or somehow was productive. Okay, go ahead and laugh. Let's be honest with ourselves, we didn't get much done at all.

Spring break was a time to relax so don't regret watching a whole season on Netflix in 48 hours. However, now that you had time to catch up on sleep and your favorite TV show it's time for some spring cleaning!

Whenever the weather actually stays consistent with spring weather you can clean the gutters, pull the weeds out of your landscape and finally clean your car out. Until then let's work on the inside of the house/dorm. Close your eyes and picture your room; if you're in your room keep them open and look around. What does it look like?

If you can't find a part of your desk that isnt covered with unfinished homework assignments then it's time to start cleaning.

"Housework is something you do that nobody notices until you don't do it." Author Unknown

Cleaning and organizing not only clears your mind to be able to relax, but allows you to be more productive. When cleaning your desk take extra time to organize your financial files, budgets, and bills.

From previous posts it was discussed to begin an envelope system. When cleaning out your desk and rumaging through paperwork you can organize certain areas into files. These things can be bills, taxes, paycheck stubs, and even things like car payments etc. Virtually anything in your life that is involved with your finances.

As college students we have so much to remember! College has taught us how to create mental files in our brain separating everything, but combining it at the same time. It's like the analogy of a house vs. a one bedroom apartment.

In a house we separate every room into different sub categories while a one bedroom apartment includes every part of a functioning house, but in one room. It is very important that all our finances are in this one bedroom apartment.

Everything we pay for or save up for affects everything else. You never want to make decisions being unaware of your current standing finances. It's the idea of keeping everything together in one spot seeing everything at once.

Often this organization can go beyond physical files by using Office's Excel program to create spreadsheets to view where your money is going and how it affects the rest.

While our spring cleaning is beginning on the inside of the house, possibly begin to sort through closets and basement boxes. During this transition between winter and spring we can prepare for things like garage sales or finding clothes to sell at local consignment shops. It's a great way to get rid of clutter and possibly make a few extra bucks for social activities once spring brings summer.

The easiest way to be in control of your finances and spending is to have organization. Take the time to organize your desk, closet, and finances. It is sure to relieve stress and virtually make life a little easier. If you have any ideas on spring cleaning your finances feel free to comment and share! We're all in this together.

For more great ideas on spring cleaning your finances visit mint life for new ways to spring clean!

Frustrating Friday's

"I have credit card debt"

Did your skin just crawl? Mine did. No one wants to say this and no one wants to hear this. It is truly a nightmare and I do not wish it on my worst enemy (hopefully none of you do...). 

Yet, credit card debt is one of the most common problems in America today. The average credit card debt is $15,270.

Let that sink in.

Guess what the target age group is for credit cards? You guessed right it's me, you, and the rest of the 17 million enrolled college students in America today. Yet, according to society we need a credit card. Unless your reason for a credit card is education, you do not need one.

This "Frustrating Friday's" post is directly related back to last weeks frustrating post. It's the idea of not spending more than you make/earn. The credit card's definition is initially a bi-polar opposite to this very phrase. Every time a credit card is swiped imagine the customer giving the cashier a sticky note that says IOU (I owe you) because this is exactly what they are doing. 

The media is pushing credit cards everywhere you turn. It has almost come to a point that if you don't have a credit card you're out of place among society. 

I know there are people that can control their credit and have good credit scores, but as college students is it necessary to have a credit card right now?

Honestly it's the last thing you want to have when you want to start budgeting. It is so crucial to see your physical money. 

There is no emotional effect behind a swipe of a card. If you can physically see your money in your wallet it's easier to become "more attached" if you will and less likely to spend it. This is where the envelope system significantly helps you view your budget and your funds. 

As I said before, the media isn't helping to teach America how to budget their money. To the right here is the infamous Barbie. Often she comes in many different outfits relating to jobs and work attire such as Barbie the vet, Barbie the nurse, or Barbie the teacher. 

However, this Barbie is the "cool shoppin' Barbie." The commercial for this Barbie came out in 2007 and explains quite clearly how many college students have the same limited swipe mindset. 

When beginning your budget ditch the credit cards. Don't become shopping Barbie. 

I hope you find the posts helpful and if you're interested in being notified by email about new posts you can submit your email to the right of the page. Thanks again for reading!

Frustrating Friday's

"Don't spend more than you earn."

Have you ever heard that? This phrase is thrown around all the time and it is ringing true more and more in our society today. It is a hard habit to break when you become a college student.

People, college students to be specific, are choosing to spend far more than they earn to put the cherry on top of their school tuition sundae of debt. An easy way to avoid this dilemma is to prepare or budget for something you want.

For example the picture above makes a joke about getting an iPad when you can't really afford it. There is nothing wrong with an iPad considering you can purchase e-books on it and it can help you stay informed with your school schedule in an efficient way. However, spending a significant amount of money on something you can't afford is a poor decision.

If you're considering purchasing something with a bigger price tag think about ways you can save up for it. Take a certain amount out of your paycheck every week make that purchase a positive one. When you save up for it, you won't feel guilty and you will probably feel even better about your purchase.

Get this...when you don't spend more than you earn you start saving money! It's quite simple, but a hard habit to begin.



Most students today would not be in the significant amount of debt they are in if they chose to spend LESS than they make.

It's a simple rule to follow that could change that sundae to a "guilt-free" one.



Online Banking

How often do you check you bank account?

Banks today are in high efforts to be more involved with technology making banking more convienent for the average person or college student.

As college students wanting to take more control of our finances and budget plans online banking is essentially important. Choosing a bank that fits your needs is extremely important when beginning your budget plan.

Personally I bank with Chase. One of the first reasons I chose Chase was beacuse of how close their locations were in my area. When you need to stop by an ATM you want it to be your own bank. Why pay a fee of $3 (on average) to get your very own money?




Another reason I chose Chase was how easily my account can be accesssed. Virtually I can do all of my banking through my smart phone. As a college student I am always on-the-go and this specific bank fulfills my needs far more than my expectations.

I am actually able to take pictures of my checks and deposit them within 24 hours using the banks mobile app. I can even transfer money from my checking to savings account right from my mobile smart phone.

When starting your budget plan choose a bank that will personally fit your needs to make it convienent for you. Make sure your bank is on board with you because starting a budget is difficult enough.

Pocket Change

Do you have any change?

Check your pockets, the bottom of your purse, or your car cup holders. It's highly likely you will find a good amount of change.

Yet, how often do we disregard change like it has no value?

It does have value!

Get a bucket or container to hold a lot of change and add to it every time you have some. Give a year or two of time and you will see shocking results.

My family and I have been saving our change for two years. We recently poured it out onto the floor and counted it all. The change amount came to $720 dollars.

Change does in fact have value!

This change could be used for personal savings or open up opportunities to give to chartities in your own community. It doesn't take much effort to save your change and you will see fulfilling results. There are so many opportunities waiting for you just by collecting loose pocket change.

There are many local charities your savings of change could benefit. Charities like Angela's House or non-profit organizations here in South Bend. There is so much need in our area or anywhere around the world.

An important aspect when beginning budgeting is never become a scrudge. Often when giving to those in need you see that money come back to sometimes in doubles. Of course it is important to budget and one of those envelopes can certainly be charity.

Start a change bucket with your family or room mates and get long term results. Besides you're never too old for a piggy bank.

Feel free to share where you collect your change and it's progress.

The Envelope System

Do you have a debit/credit card? How easy is it to swipe away without a second thought?

An easy way to start your budget plan is to begin using envelopes. Dave Ramsey, well-known financial adviser, introduced the idea of the envelope system.

These categories often include things like:

• clothing (shopping)
• entertainment (movies, etc)
• food (lunch date, etc)

When using the envelope system you are able to limit yourself and reward yourself at the same time. Budgeting can be difficult to start possibly making you feel like you're limiting yourself from having enjoyable opportunities.

However, it is merely there to help you physically see your money and how much you are spending. It's harder to be attached to your money when you can't see it be swiped out of your account with a plastic device.

The envelope system enables you to see not only how much you're spending, but where you are spending it.

This system also helps you to feel less guilty about spending because that money was specifically set aside for that certain category.
 

About this Blog

As college students, our schedules are packed and sleep has become our last priority. How can we possibly find the time to budget our finances? This blog will reveal simple ways to manage your money and inform you on simple tricks to save more of your hard earned money.

As a college student myself I have seen how financial issues can really chnage someones life and have gained a new passion for becoming debt-free. Majority of my extended family has found difficulty with staying financially stable.

For example, do you know there is the price difference between a McDonald's Mcdouble and double cheeseburger? There is actually an 80 cent difference because the double cheeseburger has an extra slice of cheese. Yet, how many of us just say, "I'll have a double cheeseburger"?

This blog isn't supposed to teach you how to be a tightwad. Rather, it is supposed to help inform you to become a more educated consumer while getting on track to becoming debt free.