Letters & Opinion
Are your funds starting to dwindle?
Pointer Contributer
Chances are at this point in the school year, you’re busy wrapping up semester-long projects and cramming for tests. For many college students this is also the time of year when funds are starting to dwindle. For those with loans, funds most likely will have to last until January when another semester begins. For those graduating in December and who are still searching for a job, your savings may have to last even longer. So just how do you stretch your money out over the next couple of months, especially when the holidays are right around the corner?
The following are a few tips to help make your funds last just a little bit longer:
Cut expenses –Take a close look at areas where you can cut expenses. Some examples of items that you may want to consider doing without for awhile include: cable TV, internet, eating out, movies or other entertainment, shopping or traveling.
Find ways to make some extra cash – If you don’t already have a job, start looking around for something part-time. November is a great time to pick up temporary, seasonal work. If you’re having trouble finding something on your own, consider finding a job through a staffing agency. If your schedule doesn’t allow for you to have a job, look for different ways to make money, such as selling old items. Do you have old textbooks lying around? What about an older computer or iPod?
Seek help from loved ones – Borrowing money from loved ones is never ideal, however, if you’re unable to find work or other ways to supplement your income, perhaps asking a family member or friend for financial help is your only option. Make sure your loved one knows that your financial situation is only temporary and tell them when you plan to repay them.
Call in the professionals – Trying to find ways to make your funds last can be difficult so don’t be afraid to meet with a local banker who can provide you with suggestions on what you can do to improve your financial situation. A banker can give you ideas on how to better manage your funds as well as offer ways to make your money work smarter for you.
The key thing to keep in mind when you’re trying to make your funds last for awhile is to always think conservatively. Start with a couple of these suggestions at first and be sure to talk with your banker. If you’re careful with the money you do have, you’ll be surprised at just how long you can make your funds last and, best of all, being broke won’t be part of your college experience!
