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You have identified your dreams and your goals, but now what? Where is the money going to come from? You don’t have a lot to spend, never mind to save.
The key is to set reasonable goals. For most students, it will be difficult to save large amounts of money while still in school. So consider making one change at a time, something small that can more easily be accomplished. Add up the savings over one week, one month, and one year. And make a plan for what to do with that extra money.
You may even want to save the $2.30 needed each day to become a millionaire at 65? Is that possible? What would it take?
The publication 66 Ways to Save Money is a great source of ideas on ways to save. Many of them relate to being an informed and proactive consumer. Shopping around for the best price, returning items when they don’t perform satisfactorily, buying a fuel efficient vehicle, planning purchases around sales, reading the fine print on those credit card offers.
Consumer Information = $ Power
Every day we conduct several types of financial transactions. But often we don’t have all the important information that would allow us to make the best decision. We might be deciding on a cell phone plan, choosing a bank to open a checking account, making a major purchase such as an appliance or a stereo, applying for a credit card, or shopping for a car loan.
An individual committed to being an educated consumer can save an astonishing amount of money, which can go towards the goals you have set for your finances. A good place to start is the Federal Citizen Information Center, a great source of information on a variety of consumer issues. Other consumer organizations and articles are listed in the Links to the World of Money.
Do you have some great ideas on how to save?
Email us: projectcash@unh.edu
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