Ways to Save Money for Black College Students

by Ayvaunn Penn, Your Black World
Budgeting and saving go down just as easy medicine — not. Blowing money while chilling with friends is too sinfully delicious, but student loans can choke you all at the same time.  What is a poor student to do? Managing finances is a sore spot with many college students, but let do not forget that black is also brilliant. We can achieve anything — yes, even saving money.
No need to stop spending nights out on the town with your friends — not entirely, at least. According to Sue Stock’s article in The Network Journal: Black Professionals and Small Business Magazine, You can put more money in your pocket by doing simple things like buying your favorite foods when stores have jingle-pocket deals. Here are few other tips Stock shares:
  • A used car will be just as good as a new car, as long as you do your research and make sure you don’t buy a lemon.
  • Buy renter’s insurance. That is one expense that is definitely worth it.
  • Be careful about how much you go out with your friends. Everyone wants to be social, but $50 a night times three nights a week adds up fast, especially on an entry-level salary.
  • Find out how much is taken out of your paycheck for benefits, 401(k) and other deductions. Base your budgeting on your actual take-home pay, not your gross salary.
  • Learn to balance a checkbook if you don’t know already. And yes, you should keep an actual checkbook, even in this day of online banking.
  • And most important, pay off your credit card every single month in full. If you can’t do it, you need to adjust your spending habits before things spiral out of control.

It would be extremely advantageous for you to take advantage of these tips. Honestly, you do not have to be a college student in order to still reap the benefits. If you ever wanna see your money again, do yourself this small favor. You will probably reap the green-back benefits.

This is a part of Ayvaunn Penn‘s Black and Making It series for college students. She is also a spoken word artist and an award winning writer completing her degree in English and philosophy. For more of her witty-word works click here. To have your original poetry featured by Ms. Penn on Your Black Poets, click here.

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