Debt! Many of us are in it, and the question is how do we get out of it? If we knew the answer we would probably have more money saved than we do right now. Unfortunately saving is something that is learned over time and is sometimes hard to master. For college students this can be especially hard, “There is no such thing as saving when you are in college, I live check to check,” says sophomore Brian Johnson.It seems now in the twentieth century our cell phone bills can be as much as our books and our credit card bills can cost as much as our housing payments. So what are we supposed to do? We all need cell phones and a place to live, and extra money for the weekend, so how do we pay our bills and still have money saved? “Easy. Create a budget and stick to it” says College Students an online website. That also means having a plan for your cell phones too, like how many text messages you will send out or how long you will talk on the phone before nine.
Unlike Johnson, junior LaMirica London believes that it is possible for a college student to save even though you have to pay bills. “I pay myself first before I pay bills’ paying yourself ensures that you will have extra money that can be used for saving,” London says.
Saving may not seem easy when you do not have a check coming in the mail on a regular basis, so that means you must “keep discretionary expenses to a minimum,” says sophomore Timmothy Hypolite. “I spend what I have, and do not get unnecessary things so I can fit in I put my trust in God and do not worry, because I know my God supplies my needs,” says Hypolite.
Only spend money when it is necessary, which means cutting down on dining out and movies, it is also a good idea to record of all the payments and purchases you have made so if anything happens you can always refer to your records. Students are also advised to watch out for the “credit card trap.” Many students get caught up in the credit card offers that may seem good at the time, but can have you in a lifetime of debt.
It is also common to pay for things online, but what is the safest way? “Use credit cards when paying online,” says sell.com classifieds, an online website, and if you wish to protect your credit card number many credit cards offer temporary numbers, all you need to do is call your credit card company and they will explain the rest. “If you have to send a money order, send a postal money order” says sell.com classifieds. You can purchase the money order at any post office. Because money orders are issued by the U.S. postal service any fraudulent activity will be investigated.
Many of us may not use checks, but there are actually a few people who still do. On October 28, 2004 a law called check 21 was put into effect, The law states that there is no more float time between the time when you write the check until the time it makes it to the bank and is deducted from your account.
Since there is no more float time checks are handled electronically just
like a debit card payment, that means no more writing checks for money that is not in the bank. That also means no more stop payments; this causes you to watch your account very closely.
Johnson has mixed feelings about the law “I feel it is good and bad, it is good because it will stop checks from bouncing, but it is bad for the black economy, because most blacks do not save they live from check to check,” says Johnson.