How to Set a Personal Budget for 2018

In a season known for indulging and overspending, the holidays can be the last time you want to think about a budget.

However, the start of a new year is the perfect time to revamp the way you think about your money. It’s a way to set yourself up for 2018 to make your budget work for you, instead of working for your budget.

With that attitude in mind, take these three steps as you begin budgeting for 2018:

1. Start with the Basics

You might feel tempted to go way into detail when you first set out to budget, but that’s not necessary. Divide your budget into simple categories in a program such as Microsoft Excel so you’ll easily be able to make edits and be realistic with the amounts you set for each category. Don’t be too hard on yourself.

Think about how much you’re already spending in each area and visualize what you could cut back on. Draw your budget as such.

Be honest about the best way to keep your budget. If you like math, it could be pen and paper. If you’d like to be more hands-off, try a budgeting program such as Mint, which categorizes your purchases as you make them.

2. Save for the Worst

Build an emergency fund into your budget. This type of savings account will give you a financial buffer in the case that illness or injury, hospital bills, or other times of need make money tight. Putting money into the fund can be as easy as the change from your lunch, cutting unnecessary expenses, or saving your tax return.

Build the fund with the requirement that it be used strictly for emergencies, and not as general savings. Don’t use the fund for holidays or planned expenses. This way, when the unexpected happens, your money will be ready.

3. Don’t be Afraid to Make Changes

Your budget shouldn’t be set in stone. As you start spending in 2018, see where your estimates and actual spending don’t match up and take a look at why that is.

If money is tight, it’s tempting to underestimate costs as you set your budget. Don’t set yourself up for failure. Allow room for fun and an occasional splurge. Get too restrictive too soon, and it will be harder to follow the budget as the year goes on.

If things still don’t add up, think about adding to your income instead of cutting from your expenses. An extra part-time job, some freelance work or selling something you’re not using can free up some space in the budget.


No matter your budgeting goal for 2018, Financial One Credit Union is here to help.

September is the Best Time to Buy These 6 Things

Sometimes saving money is not about clipping coupons or shopping sales, it can be about shopping seasonally. If you can, choose September the buy end of summer items when they are drastically marked down. Do not buy when everyone else does, a little delay of gratification can go a long way toward stretching your dollars. September is the best time to buy these 6 things!

Patio Furniture

As summer comes to a close, patio furniture takes up a lot of space in store's floor plans and they heavily discount sets to get ready for the next season. Take advantage of up to 90% off patio furniture during September.

Bicycles

Not many invest in a new bicycle at the end of summer when they have to wait all through the cold season to ride it often. This means huge savings for you! Upgrade your bike in the fall and reap the savings.

Older iPhones

Each September, Apple releases the new iPhone and flocks of people upgrade their device. If you want to upgrade your iPhone, but do not necessarily care about getting the absolute newest version, previous-generation iPhones are heavily discounted during September. The prices will be lowest during the end of the month after Apple does the new iPhone release.

A New Car

Fall is usually the best time to buy a new car because the next year's models are hitting the lot and dealers are trying to make way by discounting the current year's cars. You can find discounts between $2000 and $5000 pretty easily, plus great car loan options.

Lawnmowers

Of course, another seasonal item that makes sense to buy at the end of the summer, not the beginning when everyone else does. Lawnmowers can be very expensive, so if it is time for an upgrade, wait for September sales.

Vacations

You could save hundreds of dollars by booking holiday travel or last minute vacations in September. Deals on hotels and especially on airfare are prevalent during this mid-season between summer and holiday travel.


Although September does not have a “Black Friday,” there are still rock bottom prices to be found on certain items if you are informed. Shop seasonally and save this September!

The Benefits of an HSA Checking Account

One of our signature checking options is our Health Savings Account; a smart option for anyone wanting to strategically save for health-related costs. Many families experience high healthcare costs from time to time, and these costs can arrive at unexpected times. So how do you financially prepare for these? Let’s look at 5 benefits of an HSA Checking Account.

1. Peace of Mind

An HSA account is a very convenient option for paying for qualified healthcare expenses. You won’t need to pull money out of your day-to-day finances to pay for healthcare needs, allowing you to focus on caring for yourself or your loved ones. Depending on your specific situation, HSA funds could be used for things like doctor’s visits, copays, dentist visits and dental procedures, and even vision-related expenses in some cases. We will help you with the details of your situation.

2. Convenient

Access your funds easily with your free HSA debit card or easy direct check writing (which includes a free box of 50 checks). You’ll also have access to free mobile banking, free eStatements, and free online banking and bill pay.

3. Tax Advantages

HSA contributions are deductible from your gross pay (pre-tax), and funds in an HSA account are able to augment tax-free. Plus, with our HSA Checking, any funds not used by the end of the year are still yours to keep. We don’t operate a “use it or lose it” policy. According to funcheaporfree.com:

“Young people in good health may benefit the most from an HSA, because they tend to have lower medical bills, and over many years the accumulated savings can be significant. Also, if you lose your job or are laid off and are collecting unemployment insurance, you can use your HSA funds to pay for routine health expenses and health insurance premiums, tax-free.”

4. Easy to Get Started

These accounts have no setup fee and no monthly maintenance fees. They run independently from your insurance, so it is easy to work with our staff to create your account.

5. Stays in Your Name

Your account remains in your name, no matter if you change jobs, move, or have other life changes. Since it is not linked to your employer, but to you personally, it will be more easily accessible throughout your life.


To get started with your convenient HSA Checking Account, apply now and we will be in touch with you shortly.

Money-Saving March: 5 Habits That Can Save You Money

In the Month of March, you may notice a little extra spending money in your bank account. After February, the shortest month of the year, you get a chance to take steps to reduce spending and save money. Why February? For many people, they will still receive two paychecks this month but will have fewer days to stretch them between. So how can you begin to use those savings in March? Try these tips not just for this month, but to see what “sticks” throughout the rest of the year.

1.     Eat In

For the first time in history, people seem to be spending more at restaurants than grocery stores. But the quickest way to empty your wallet without realizing it is to dine out on a regular basis (which includes those tempting coffee shop drinks). Although it takes planning and discipline, eating meals at home and bringing a bag lunch will make a big difference to your monthly spend, not to mention your calorie count for the month!

Plan on making extra food to use for leftovers, make good use of slow cookers and try the practice of preparing tomorrow night’s dinner tonight before bed. Find more fabulous tips for managing three square meals in a disciplined, frugal way.

2.     Try “No Buy” Time

A “No Buy Month” or “No Buy Week” is a challenge to oneself to not spend any money—other than buying absolute necessities—for a set amount of time. This includes major purchases, items bought on a whim, or replacing things that you feel are wearing out. Giving yourself the chance to pause before buying something is a great discipline that will only serve you well the next time you’re facing a buying temptation.

If this feels daunting, try just one category of purchases that you like to splurge on. For example, tell yourself that this month is a No-Buy Month for clothing and accessories, a hobby or collection, concert tickets, or purchasing new music.

3.     Drive Less

If possible, try to carpool or use public transportation instead of hopping in your car. Save money on gas, save the wear and tear on your car, and do something better for the environment while you’re at it. Looking for a baby step? Consolidate your errands to one geographical area, park centrally, and walk to where you need to go.

4.     Do Your Own Services.

Do you pay for any services on a regular basis that you could try doing on your own? We are a nation of convenience. Could you do any of these yourself for a month? Think about cleaning and ironing shirts instead of dry cleaning, washing your own car, cleaning your own home, baking your own treats, walking your dog yourself, or buying groceries yourself. You may find that the inconvenience is worth the money saved, and you may be surprised what you can do on your own.

5.     Sell What You Don’t Use.

Not only could you slow down your buying this month, but you could also supplement your wallet by bringing in a few extra dollars. Take a look around your home, in your closet, and in that garage for items that you don’t use, but could be worth money to someone else. Online garage sales on Facebook or on sites like Craigslist or Ebay can get your unwanted items moved quickly.

Financial One Credit Union is happy to assist with any questions on saving or reducing spending. Contact us to learn more and to get started toward being more frugal any month of the year.

How to Save for an Emergency Fund

Some call it a “rainy day fund”, some call it the mayonnaise jar on the fridge, but however you say it, saving sufficient money for an emergency financial situation is something everyone should do. It’s a situation that nobody wants to face—may it be an emergency house or car repairs, a sudden sickness or health ailment, or the loss of a job—most Americans are not prepared to face a $500 financial emergency, as recently reported by the Star Tribune. For some individuals, $500 could cover rent for a month while for some families, $500 may only cover two weeks’ worth of groceries.

Think you’ve got a pretty good nest egg saved up? Experts say an adequate emergency fund should able to cover every expense for at least six months. Take a look at how you should plan for an emergency savings fund:

Take a look at priorities. In the event of an emergency financial situation, your expenses should cover the following:

• Housing expenses: Rent, mortgage, utilities, insurance.
• Food: Groceries, school lunches.
• Healthcare: Medical and dental insurance.
• Debt: Credit card, loan payments.
• Transportation: Car payments, loans, insurance, gas, and maintenance.
• Personal Expenses: Grooming, memberships, entertainment. (These can seem secondary in nature of important expenses to prioritize, but these extra expenses do occur and add up fast, so plan adequately).

Meet with a financial advisor. A professional financial advisor can help you address your finances and help you better understand how you can improve. They can help you formulate the best plan with your earnings, lifestyle, and priorities in order to reach your savings goal. They can help you plan for a short-term and a long-term emergency fund. Emergency savings funds need to be liquid, accessible and low-risk. A financial planner can help you create the best storage plan for you to save smartly and be able to access immediately.

Make a budget. Once you have a list of essential expenses, prioritize the important and create a budget. Commit to a savings plan and devote a percentage of every single paycheck to savings. Consider making those payments to an emergency savings fund an automatic deduction from your paycheck. An automatic deduction will promote steady savings and you won’t be tempted to place that money elsewhere.

Build your savings. In addition to a percentage of your monthly income, consider how else you can contribute to an emergency account. Do you have unused goods to sell? Can you afford to take a second job or find an extra income opportunity? Take a look at what you can cut from your budget. Turn the thermostat down by a few degrees. Cancel memberships and services that you don’t use or don’t benefit from. Cook more meals and entertain more often at home. These small and minor lifestyle changes can make a significant change in your finances.

                                              

Stay on top of your payments. It may be easy enough to say, but it is important to understand the concept of living within your means. Look for ways to tighten your wallet, prevent overspending, and build regular savings. Prevent yourself from charging your expenses so that your credit score doesn’t plummet as you face an emergency financial hardship. Consider continuing these habits when you are no longer in financial hardship. Committing to regular and healthy savings habits can be a lifestyle change for some, but your finances will thank you for it!  

Win Money by Saving Money

Exciting news if you’re looking to save money in 2016: Financial One Credit Union will be taking part in WINcentive Savings, an incentive program that repays you for saving!

According to a survey done by bankrate.com in June of 2015, nearly 78% of Americans don’t have enough savings to cover them for six months if they were to lose their job. While this may be shocking, it’s even more disturbing that 29% of Americans don’t even have a saving account. Financial One is hoping to reverse this trend by partnering with WINcentive Savings and rewarding members for saving with cash prizes.

So how does WINcentive work?  

Think of this program like a lottery, only you can never lose. For every $25 you deposit into your WINcentive capable savings account, you will be entered into a drawing to win $100 monthly, $500 quarterly and $5,000 annually. Four entries per month are permitted; that means if you deposit $25 per week, not only will you have been entered to win the prize money, but you would have also saved $100 - a complete win-win. Financial One is one of 14 credit unions in Minnesota taking part in this incentive program that started on January 1st. Visit mncun.org for more information on the WINcentive program.

Not sure how you want to save?

Financial One not only has a well-informed staff that can help you figure out what’s important to you, but we also offer a variety of savings accounts to meet your individual needs. Individual Retirement Accounts (IRAs) are ideal for planning for the future, and Health Savings Accounts are perfect for members who want to set aside funds for medical expenses before they arise. These are just a few of the accounts offered; you can learn about more ways to save on our website.

For more information contact us on the web, or give us a call at (763) 404-7600.  The first WINcentive Savings drawing for January deposits begin in February, so now is the perfect time to start saving!

Getting Back on Track After Holiday Spending

With the hustle and bustle of the holidays, many things can get away from you - especially your spending. Everyone wants to be generous with their gift-giving, but this can really put a dent in your savings. If you have found yourself in this situation, we have a few simple tips to dig yourself out of the holiday hole and get your finances back on track.  

Reevaluate Your Finances

The best place to start is by reevaluating your finances.Take a look and categorize the things you bought during the holidays. This includes gifts, food, travel, decor items, and any other added expenses. Be sure to look at where the money came from, either savings, checking or credit cards. Take a look at your monthly income and compare that to your spending. Doing this will allow you to see how much money you can put towards paying off your debt. By reacquainting yourself with your accounts, you will have a better idea of how much debt you have and you will be able to give yourself an accurate timeframe on paying it all back.

Cut Costs Where You Can

This may sound obvious, but it really is the best way to save money. Since you have already evaluated your finances, you should have a pretty good understanding of where you are spending your money. Even cutting back on small things can really help. For example, make your own coffee rather than buying it, pack a lunch rather than going out, or rent a movie rather than going to the theater. All of these little things can add up to big savings which you can use to pay off your debt or to rebuild your savings account.

Create a Payment Plan

If you want to get out of debt quickly, you’ll need a plan. According to Ann Walter of the Consumer Credit Counseling Service (CCCS), it should ideally take you no more than three months, however, each person is different. There are a variety of ways to help figure out how much to pay off each month. First, try our financial calculator to help you come up with a plan. You can also contact a consultant for help. Financial One CU has a skilled staff that can help you come up with the perfect payment plan to help get you out of the holiday hole.

If you are finding it hard to stay within your budget, try to use cash instead of a card. This will give you a tangible way to stay on budget; once the cash is gone, you can't spend any more.

If you are serious about getting out of the holiday hole, we recommend asking a professional. Our representatives can answer all of your questions and help you find a payment plan that works best with your budget. Although it may seem hard to save after spending so much on the holidays, we can help guide you through the process and start your 2016 off on the right foot.

There’s No Place for Stress During the Holidays

The holiday season is here, and there’s a good chance your wallet has already taken a couple of blows. With all of the enticing deals, gifts to buy, and social gatherings during this time of the year, it becomes rather easy to overspend and run short on money. This may be especially true if you found yourself tempted into buying something you didn’t need on Black Friday or Cyber Monday. Regardless of how it happened, running low on money can be a very stressful situation, especially during the holidays.

Have no fear - Financial One is here to help! Whether you’re running low on money for gifts, or looking to afford a holiday trip, we have your solution. We are offering a special holiday solution loan, which can be applied for now. The rates on this loan are fantastic (we recommend checking them out), and it might just be your ticket to a stress-free holiday season.

A Holiday Solution Loan is not the only option - we also offer budget-friendly financing on personal loans and lines of credit, which come without annual or prepayment fees. You will receive helpful, member-first service throughout the entire process, and we will tailor your financing to fit your unique situation. After all, not everyone’s financial situation is the same. Not to mention, we handle the process in-house, which helps ensure that we get you money as soon as possible.

Regardless of your plans this holiday season, there’s no need to stress. Whatever you want to do, Financial One is here to get you there! Stop by one of our branches or give us a call at (763) 404-7600 if you have any questions regarding our holiday solution loan, personal loans, or lines of credit. We’d love nothing more than to help you make this holiday season one to remember.

Financial Literacy Month

April is Financial Literacy Month! “What does that mean to me?” you may ask. Well, it means it is a time to increase your financial knowledge and to work to understand your behaviors when it comes to your finances. Here are some tips to help you create financial literacy and independence.   

Educate Yourself Early  

Establishing and maintaining healthy and strong financial habits as early as you can (not as the result of major financial disaster) will help you go far in the long run. The foundation of financial literacy includes knowing how to save efficiently, establishing an excellent credit score, learning how to budget, and understanding your financial behavior in order to continually better it. Staying literate means consistently checking your bank balance, debt levels, and behavior.

 

Understand Behavior  

Stick to a budget. Research before you buy. Have an emergency savings fund. Use coupons. While all these tips are important to follow, it’s important for your financial literacy that you understand your financial behavior.  A good way to analyze your own finances is to track your spending. An easy way to do this is to keep spreadsheets of what you spend money on and how often you spend. Also, work to understand your relationship with money: what triggers your spending, and what helps you to control your urge to spend.   

What You Should Save  

The concept of building your savings is exceptionally important. Use the 50-20-30 rule. This means separate your monthly budget as follows: 50 percent of your monthly earnings goes toward essentials (mortgage, rent, groceries), 30 percent goes toward your lifestyle spending, and 20 percent goes towards your financial priorities (debt repayments, retirement contributions, and your savings). You may find a need to tweak the ratio of the 50-20-30 rule, depending on your personal situation, but allocating and understanding where every part of your paycheck goes is extremely important.     

Know The Meaning of Financial Independence Being independent and financially literate before you bring another person into the picture is important to protecting your financial identity. Getting married or deciding to share mutual accounts means combining two financial personalities and habits. Create transparency with your partner by asking questions such as: how much debt are you bringing into the relationship, and how do you approach your finances. Whatever your individual histories are, make sure you have the financial literacy conversation with your partner before committing.   

If you are looking to bring kids into the picture, be the role model for their future good financial habits by showing, not telling as you go. Let your kids help look for deals at the grocery store. Have a clear change jar in the living room that they can see on a regular basis. Let them earn an allowance with hard work. Help them save for a new bike or their first car. All these behaviors will help them be financially literate early in their life as well as help to hold you accountable for your own habits.

   

Being financially literate will help you make the most of your spending habits and will help you reach your financial goals. Remember, you are in control. Manage your money, don’t let it manage you!

Student Loans: What not to Do

As a freshman, it’s important to read and understand the promissory note before signing on the dotted line. As many previous graduates have learned, sometimes paying off your student loans is harder than what you bargained for. Here is what NOT to do when it comes to your student loans.

Taking Out Loans When You Do Not Need Them

About 60% of students currently take out student loans. The other 40% get around loans by choosing a cheaper school and paying in cash, finding scholarships that can pay for some of the tuition, or putting off school and working to save up some money. Do not sign accepting the loans if you do not need them.

Taking Every Dollar Offered

Unless you have chosen a very expensive school, you more than likely don’t need to take the maximum amount of money offered by the government. You should evaluate what you truly need and only take out that amount. If you are worried about books and other expenses consider working a part-time job.

Not Keeping Track of Your Paperwork

Whether you are organized or not, throwing away your debt information can hurt you in the long run. Where are you going to send payments if you don’t have your information? If you do lose your paperwork, the National Student Loan Data System is the place to go to try to recover some of your lost information.

Not Making Interest Payments While Still in School

Try setting aside a few dollars a month and putting it towards your student loan interest. While this may be tough to accomplish on a small budget, it can help you out in the long run if you get rid of some of the debt right away. Don’t let the interest capitalize and be added to your overall balance.

Using Your Loans Towards Non - School Related Activities

Using your loans towards non-school related activities. If you are taking extra money out on loans, don’t use it to buy another case of instant noodles. The best thing you can do is to take that check and immediately pay down your student loans. Spending borrowed money on vacations and off-campus housing isn’t necessary. Just because you have a check doesn’t mean you need to spend it.

Money Saving Valentines Day Tips

Between the flowers, fancy restaurants and extravagant gifts, Valentines Day can end up being one of the most expensive days of the year. Making the perfect plans for you and your loved one can be nice to think about, but when you measure the costs, sometimes you can end up biting off more than you can chew chasing the movie-based romantic dream. This Valentines Day, keep in mind some of these money saving tips.

The Flowers:

Flowers are a quintessential part of the big day. When purchasing flowers, keep in mind that the longer they are kept cool, the longer they will last. Try not to buy flowers from venues that are outside, or kept somewhere too warm. Also, when buying flowers online, pick them up from the store. Most delivery trucks are not refrigerated and you never know which stop your flowers will be on. Look for tight bulbs in bouquets, cut the ends of the stems off after a day or two and use the food!

The Dinner:

Rule #1: stay away from restaurants! Most places are nearly impossible to get into without a reservation a month in advance, and when you do get in they can be crowded, loud, and anything but romantic. Instead, pick another area of your home to have dinner. Sprinkle some flower petals on the floor, light some candles, and even a delivery pizza will seem much more intimate and romantic (not to mention lighter on your wallet!)

When it comes to the dessert, go for something light after a big meal. A small sorbet does wonders. Also, most people do not know the difference between good champagne and bad champagne. If you really want that extra boost for the evening, go for it, but we say skip the fancy bubbly.

The Gifts:

In times when DIY is all the rage, try out some new gift ideas made with your own two hands. A card hastily picked out from hundreds of options at a grocery store won’t hold a candle to one written in your own handwriting with construction paper hearts pasted to it. If you do go for the extravagant route, research before you buy. Online sites may say they are certified, but you cannot be sure of what you are getting until it arrives.

This Valentines Day, try something a little different. Saving money doesn’t have to mean skimping on the one you love. Try something new as a couple that you have never done before. You just might end up making memories far more special and any “store-bought” day will never be able to compare.

DIY Holiday Gift Ideas

Like many of us, you’re probably feeling the holiday spirit this season. While it is supposed to fill you with cheer, it can sometimes leave your wallet empty. Keep the spirit of giving going this holiday season with these inspired DIY gifts. Easy to create and fun to give, the magic of Christmas generosity lives on with a budget that even Scrooge would be comfortable with.

Paperwhites in Mason Jars

Happy little growers just add water.

You’ll need:

-Paper white bulbs

-Mason jars

-Colorful stones or glass

Your paperwhite bulb will not need chilling in order to bloom, and will grow easily without soil. You can find the bulbs at most gardening stores or nurseries. Fill mason jar ¾ full with stones, and set paperwhite bulb on top of stones. Secure lid over the bulb, allowing bulb to stick out of lid. Add a decorative flare with pine trimmings, twine or ribbon, and attach a homemade instructions card.

Stylized Porcelain Mugs

For the coffee enthusiast, a pretty way to brighten any morning.

You’ll need:

-Porcelain mug

-Sharpie paint oil based markers or Decoart glass paint markers

-Oven

Wash mug and stencil on design with pencil, or using painters tape. Draw design with paint markers (we like metallic gold for polka dots or chevron designs) and bake at 350 degrees for 20 minutes to set paint. Allow to cool in oven. Voila! Mugs are dishwasher safe, but for best long term results, hand wash only.

Coffee Bean Soap 

A little bit of homemade luxury.

You’ll need:

-1 lb package melt and pour soap base

-Ground coffee beans

-Milk and honey fragrance oil (find at any craft store)

-Soap mold

Measure out how much soap base you will need, per soap mold instructions and cut soap base into cubes for melting purposes. Place soap in microwave safe bowl for melting and heat at 15 second intervals, stirring between each, until soap base is melted. Once melted (be sure not to overheat), quickly add in coffee grounds and stir, adding in fragrance oil and stirring (fragrance will come with amount directions). Pour soap into molds, nixing bubbles on the top of molds with a spritz of rubbing alcohol if needed. Soap will take 1-3 hours to harden. Pop out of molds and soap is ready for gifting!

His Favorite Beer Glasses 

Turn used bottles into treasured glasses.

You’ll need:

-Favorite beer bottles

-Acetone

-Small dish and rag

-Scrap string

-Sandpaper

Fill sink with cold tap water and handfuls of ice. In a small dish, pour enough acetone to soak your string. Cut a piece of string long enough to wrap bottle 5-6 times around, and tightly wrap string around bottle where you want to separate the glass you’ll have from the top of the bottle. Tie a knot in the yarn and trim extra from ends; slip off of bottle and submerge in acetone. Slip soaked yarn back onto bottle where the cut will be made. Hold bottle horizontal over sink and light the string with lighter, rotating the bottle until flame burns out after about 30 seconds. Once flame burns out, submerge bottle and string in ice bath and the top should separate where the yarn was (if top does not come off, repeat process until bottle separates). Use sandpaper to smooth the edges, and you’ve got a guy-approved gift!

The holidays should be a season for spreading cheer and spending time with family and friends. Don’t let the financial strains of the season stop you from getting into the Holiday gift-giving spirit. From all of us at Financial One, we hope you have a safe Holiday season and a very happy New Year!

Making and Saving Money While Going to School

The best part about starting college? Newfound independence. One of the worst parts about

college? Feeling as if you never have any money.

With all the freedom of college comes the new responsibility of adulthood which is why it’s important to start practicing healthy financial habits of making and spending money. There are plenty of ways to do this without sacrificing study time or missing out a great college experience.

Online Habits Can Make You Money

Believe it or not, the time you spend procrastinating on Facebook, Twitter, and Instagram can earn you money and give you valuable writing experience. In fact, you could potentially earn $100 a month acting as a social media expert by hiring yourself out writing Facebook posts, Tweets, and blog posts for companies in need of social content. Or, with time and dedication, you can earn money by producing your own blog, although it may take a few years to develop your own personal brand.

Get Creative With Your Own Talents

Love knitting? Photography? Are you talented at transforming old thrift store finds into something new and wonderful? You’d be surprised at how selling your creation on sites like Etsy, Ebay, and Craigslist or at local craft shows can make you some quick cash!

Tutor

Are you a music student? Majoring in Chemistry? Or Latin perhaps? Offer lessons to other students or to the local community. This way, you get to make some dough while teaching others to do something you love and are already skilled in.

Purge

Being a student often means having limited space in a small dorm. It also means moving around a great deal. Why hold on to a bunch of things you don’t really need when you can sell them for much-needed cash? Secondhand shops typically accept gently used clothes for money or for store credit. Online sites like Amazon and Chegg often give you better deals on old textbooks than campus bookstores. Many colleges even have community Facebook groups where you can swap anything from last semester’s textbooks to old futons with other students on campus.

Part-time Jobs and Side Gigs

No job is too small. The same jobs you held in high school can still earn you money now; don’t overlook them. A part-time retail or restaurant job can bring in some cash and help you build character and discipline. Also, make sure to check out your campus’ work study options and research group opportunities for money.

Save Money, Stay Healthy

Craving a little physical activity? Take advantage of your campus athletic facility. Many Health/Fitness majors teach classes at part of an academic requirement, so consider learning from with your peers. If organized team sports are more your thing, join an intramural. Reluctant to leave your dorm? You can even stream many workouts on YouTube for free.

Affordable Entertainment

With access to thousands of shows, movie, and documentaries for free or for less than $10 a month though Netflix, Hulu, and soon HBOgo, paying for monthly cable and satellite fees make less and less sense. You can even split the cost of a subscription with your roommates to cut down even more on fees.

Track What You Spend

Free phone apps like Mint and Level Money help you keep tabs on what you spend at the grocery store, the mall, and restaurants. They make it nearly impossible for you to question where your money goes every month.

Learn How to Budget

It is never too soon to build a savings account or learn how to budget your income. Any money you receive from your parents, financial aid, and your job can be used for your savings. Figure out how much you should put towards your cell phone bill, towards going out, or towards your student loans every month. Setting these priorities now will help you build a stable financial future.

So there you have it - some solid, collegiate building blocks to set you on the right path. Have a particular strategy that helps you save your pennies? Leave us a comment and tell us about it!