Page 322 - Keys to College Success

to save or spend. However, if you are spending more than you take in, examine these
areas of your budget.
■ Expenses. Did you forget to budget for recurring expenses such as the cost of main-
taining your car? Or was your budget derailed by an emergency expense?
■ Spending patterns and priorities. Were you careful, or did you overspend on wants?
■ Income. Do you bring in enough money? Do you need another income source
or better job?

Adjust spending or earning
If you spend more than you are earning, you can earn more, spend less, or better yet, do
both. There are many ways to decrease spending. Perhaps the most important one is
thinking before you buy: Do I really need this? Is the expense worth it? Just answering
those questions will reduce unnecessary purchases. Other ways to manage spending
include the following.

Set up automatic payments. If you set up electronic monthly payments for bills and
schedule regular automatic transfers of small amounts into your savings, you will take
care of your needs first without thinking about it. Then, you can decide what to do
with what is left over.

Comparison shop. Again, think before you buy. If you are in the market for an
expensive item such as a cell phone, a computer, or a car, research prices at stores
and online. Use websites such as ShopLocal, NexTag, and Woot to compare prices.
Consider purchasing used items.

Show your student ID. Your student identification card is your ticket to savings for
a variety of items such as movies, shows, concerts, restaurant meals and take out, book
and clothing stores, travel services, electronics, and much more.

Finally, work to save money on a day-to-day basis. The effort of saving small amounts
regularly can eventually bring significant reward. Key 11.4 has some suggestions. Mathematical and Financial Literacy
Call on your dominant multiple intelligences when planning your budget. For
example, visual learners may want to create a budget chart, and bodily-kinesthetic

KEY 11.4 Look for ways to spend less.

■ Shop in grocery stores for food you can keep around for snacks and small meals.
■ Cut back on take-out orders and eating in restaurants.
■ If you live off campus, share living space and cook at home more often.
■ Fill a water bottle with tap water instead of buying bottles.
■ Keep your student ID on you at all times for discounts.
■ Walk, bike, carpool, rollerblade, or use public transport.
■ Watch your spending when you are out socializing.
■ Shop in secondhand or consignment stores or swap clothing with friends.
■ Use cheap or free methods of communicating (choose online and cell phone services carefully).
■ Take advantage of student discounts when purchasing computers and software.
■ Look for free fun on campus and in your local area.
■ Use on-campus exercise facilities and services.

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