Tip$: You Don’t Know What You Don’t Know
“A nickel ain’t worth a dime anymore.”
Yogi Berra
There is a lot to know when it comes to being smart with your money. It’s easy to become overwhelmed and it can be hard to know where to begin. Here are some tips that might help you get started on the road toward managing your money more effectively.
Use Student Discounts
- Seek out free entertainment – museum passes for students, Boston walking tours, movie screenings, and free or discounted concerts and shows.
- Always ask for benefits offered to organizations you are involved in (including your employer).
- Many cell phone carriers, gyms, banks, and other services offer discounted rates to students.
Bank Strategically
- Establish a savings account for unanticipated expenses and emergencies. Get in the habit of making regular deposits, even if they’re small; think long and hard before making a withdrawal.
- Sign up for direct deposit of your paycheck; withdraw/debit money only as you need it; transfer any unused funds to savings.
- Automating your bill payments can help you avoid late fees and the potential of damaging your credit score. This will ensure you won’t forget payments. Just check to be sure your payments go through.
Shop Strategically
- Be very careful with Convenience Point spending. Think of Convenience Points like you think of room service in a hotel. Yes, it is convenient, but it can add up. If you charge them to your student account, just like a charge on your credit card, you will have to pay them off.
- Avoid impulse buying. When you want to buy something, wait one week. Ask yourself if you actually need this item. If you are still thinking about the item after one week, then perhaps you should buy it, if you can pay in cash. If you forget about it, then maybe it wasn’t that important.
- Get organized. Always shop from a list. This avoids forgetting important items and having to make a second trip and helps you to resist impulse buying.
- Eat out less often and cook for yourself. Try online recipe finders for great healthy meals. Cooking your own food can save you more than $100 a month!
- Never pay full price if you can avoid it. Shop at discount stores, second hand boutiques and bargain outlets.
Have Fun for Less
- Volunteer your extra time at different organizations; the more time you spend on activities, the less time you have to be out spending money.
“I’d rather have roses on my table than diamonds on my neck”
Emma Goldman
- Start a book club and use reading as a form of entertainment.
- Skip Saturday night out at least once a month. You can rotate with a group of friends and host dinner, movie, or game night.
- Skip the gym membership. You can walk, run, bike or work-out at the Fitness Center. If you need the gym membership, shop around. There are some gyms that are only $10 a month. Volunteering at a facility with a gym might give you access to a free membership.
Share Expenses
- Get a roommate, and share household and other expenses.
- Share a ride with friends if you need transportation somewhere that isn’t MBTA accessible.
- Avoid buying snacks, soft drinks, etc. from vending machines. It’s much less expensive to buy in bulk–consider pooling you money and buying in bulk with friends.
Income Tax Tips and Resources
- In response to the coronavirus crisis, the IRS has extended the April 15, 2020 filing deadline to July 15, 2020
- More information is on the IRS website
- Get free help filing your income taxes at the Boston Tax Help Coalition
- See if you qualify for the Earned Income Tax Credit; get a bigger refund!
- Get a free financial check-up, including:
- Individual financial assessment
- Credit advising
- FICO score evaluation