How to Save At Least $20 a Week

How to Save At Least $20 a Week

Okay, this article is intended for college students!  If you are in college and are working part time, making minimum or almost minimum wage, this article is for you. 

Chances are, if you are in this scenario, your three biggest expenses are food, gas, and perhaps something like a cell phone bill.  These were my main expenses when I was at university.  You are making something in the range of $100 to $200 a week, most likely. Just for an example to work with, let’s pick $150 as your weekly income. 

Now let’s budget it out.  Budgeting is the key to having money, and spending it wisely. We start with the monthly expenses we know will be due at the same time every month.  At this time in our lives we only have one.  For the example we’ll go with the cell phone bill.  $90 is a reasonable amount to set it at.  Now, you know that of the five weeks/month of income you receive, $90 of that is going to the bill. 

So, let’s see what you make for the whole month.  $750 is your total income for five weeks.  Subtract the phone bill and you are left with $660.  This is the capital you have for spending/saving this month.  Next you figure out what you spend on gas in a week’s time. 

If you’re living on campus, then you probably aren’t driving around much other than going to your job and back.  The cost of gas may be different with someone who commutes to school but let’s focus on the resident student.  A commuter can budget their gas the same way.

You spend $25 a week on gas.  Multiply that by five and subtract it from you’re the $660.  You now have $535.  Still a pretty good sum.  Now you know you have $107 for spending on food and other things, and saving.  If you have the meal plan and have access to your university’s own version of bonus money for food on campus, then you should be able to pull something out of the $107 to set aside. 

As in the title, we are going to save $20 a week.  Not too much money, but for a poor college student it’s a lot.  And it adds up quickly too.  You can save $100 a month.  And if you’d like to save even more, use the ATM, pay with cash, and any coinage you get in change, SAVE IT!  Every five dollar bill you receive, SAVE IT!  On Friday when you get payed, if you have any one dollar bills left from the week, SAVE ‘EM!  Then once you have it stashed away, pretend like you don’t have it.  And do your very best to never have to tap into it.  Only in absolute emergencies (like being broke…but don’t let it happen!) should this be done. 

These rules and rates can be all be adapted to your own style or desires, and income.  You can even tailor your savings strategy to save up for something specific, like concert tickets, a laptop, even a car or investments.  Not to mention you’ll need to pay off those college loans when the time comes (probably the best idea…no seriously…I should’ve read this article…but I wrote it now with the postgraduate wisdom…so hindsight is 20:20…ok enough of this parenthesis diatribe…). 

Everyone brings in different income and this is not a system that will work for everyone.  Though, this is what worked for me throughout my university years.  The big idea here is budgeting!  The best way to make ends meet, drive, eat, and save a little is with proper budgeting.  Yes, it will take some self-discipline and planning, but that is what allows all those who are successful to become successful!  The more financially responsible you are, the more financially secure you’ll be, and you can live a better and more free life!

Oh yeah…and never get a credit card. 

You can read my brief argument against debt here.