This week I will be doing something a little bit different. The Topic: MONEY! I have a cousin that is off to college and I felt compelled to talk about the importance of money during your college career. Habits formed during this time also has an affect on the rest of your life, so now is a good time as any to start good habits! Besides, in college, doesn’t everyone need more of the green? I hope to show you how!

We all want to save more money. More money allows us to afford the niceties in life. But how often do we get a chance to save the money we earn? With all lifes’ expenses, sometimes it gets difficult to save even a penny! We have mortage payments, car payments, cell payments…with so many payments, how can we save? In Part One, we will explore the ways in which you can save money.

Saving money. Its one of the easiest things to do. However, ‘Americans are among the least saving people.’ Why is this so? As I said earlier. We have so many expenses, by the time we pay for everything…there is nothing left. So how do we combat this?

* After you get paid from work, “pay yourself.”

This is sound advice. If you set aside money to yourself, essentially paying yourself, that is one great way to start saving. Don’t get it? Well, imagine you laying out all your bills on the bed. You have your car payment, groceries for the month, rent, cell phone…the list goes on and on. Now, make an additional bill. This time, make this “bill,” money you pay for yourself. That way you will have money for that rainy day. Too difficult? Talk to your employer about direct depositing part of your earnings to your savings. That way its done automatically without the the headaches. Now, let that direct deposit continue for while(any pre-set amount) and you just might see a nice wad of cash at year’s end.

* Treat yourself to your favorites, occassionally.

How often do you go out to get your lattes only to find that you spend more than $350 a month? $350?!?! Seem impossible? A buddy of mine who worked at a coffee shop said that this was possible and indeed happening. Imagine: Coffee at about $5 a day. 3x’s a day will bring that up to $15 a day. 5 days in a workweek brings that to $75 a week. Times that by 4 weeks and you get a whopping $350 a month on coffee alone! I could buy a Nintendo Wiior a PS3with that money! So how do we save a little more? Either by, 1) making at home what you can get out, or 2) doing some of the things you love to do, less often (that way you will still love them!). Using the coffee example: buying a container of coffee at your grocery store for $8 will probably last you a week. Times that by 4 weeks and you get $40. $350 – $40 will save you at least $300 and you are on your way to saving! And this can also apply to other aspects of your spending habits (i.e. taking the bus or train to work instead of driving, cancelling memberships you no longer use, etc…)! Now don’t get me wrong, I am not saying for you to cut out those things you love to do. All I am saying is for you to either do it moderately, or modify how you do it. Besides, if we completely cut out the good stuff in life, wouldn’t it be boring???

Paying yourself first and simple lifestyle changes are great ways to save money and in a years’ time you will save a lot!

Tomorrow, we bring you Part 3!

Disclaimer: The subject and advice given above have been drawn from personal experience, and in no way shape or form should be considered professional. Sources are cited whenever possible and additional information can be accessed online. For more information about saving money, seek professional advice from a financial advisor.