General Money Saving Tips

Money Matters

$ If you get a paycheck, have a little bit of your money taken out each month and put into a savings account. The bank or your employer's Human Resources department can help you with this – you won't spend money you don't get in the first place, and it will quietly grow in a savings account. Once it grows to a tidy sum, put it in a Money Market Account, a CD, a 401K – anything that has a better interest rate than your savings account. Washington Mutual, Bank of America, Citibank, Chase, HSBC and Commerce Bank all offer free accounts.

$ Use your bank's ATM. There are plenty of banks all over New York. Walk the extra few blocks to go to your own branch and save yourself from the ATM fees that quickly deplete your money.

$ If you have an out-of-state bank and you have to pay an ATM fee, use the cash back service at supermarkets and drug stores. When you pay using your ATM Debit Card, you can get cash back without having to pay an ATM fee. If you are in a bind for cash and don't need to buy anything, look for a McDonalds or Duane Reade – their ATM fees are only 99 cents.

$ NEVER, EVER, EVER use a credit card for a cash advance at an ATM. The interest rate is HUGE! It will cost you a FORTUNE. Don't do it!!

$ Withdraw a certain amount of money from the ATM each month and don't take out any more until the next month. You'll avoid ATM costs and be less likely to spend money once you run out of cash.

$ Use cash for your purchases. When you run out of cash, you stop buying things.

$ Don't apply for store credit cards (i.e., the Old Navy Card, the Gap Card) for that extra 10% off purchase unless you are 150% sure that you will cut up the card after that first purchase. Otherwise, you'll be more likely to spend more money at those stores and end up in deeper credit card debt. KEEP IN MIND: Most debt starts between the ages of 18 – 20.

$ Pay your entire credit card balance every month. Not only will you avoid hefty late fees, you'll develop a good credit rating. Remember, most people struggle to get out of credit card debt that they started to accumulate at age 18.

$ Order carbon checks to help you learn to balance your checkbook. Get into a habit of keeping good records now – it will help you immensely later on.

$ Use on-line payment to save on the cost of stamps and envelopes. But pay attention to when your posted payments will be processed so that you don't incur any late-payment fees.

$ Don't spend your change. Collect it in a bowl or something and then roll up the change and return them to the bank. Coin Star takes almost 9% of your money- NOT a bargain.

$ Going to save by drinking one less coffee a week? Actually take the money out of your wallet and save it by physically putting it elsewhere – otherwise you're going to spend it on something else.

$ Use Quicken, Microsoft Money, or a similar program to keep track of your money and where it is going.

$ Check your credit report! The $8 you spend to make sure it's accurate could save you a lot in the long run. You can also get a free annual credit report at www.annualcreditreport.com.

$ Institute a Po' Week. Live as cheaply as you can- see how creative you can be by limiting your spending to only $5 a day.

Shopping 101

$ Buy store brands at drugstores and supermarkets. It's all the same stuff, but you'll spend a lot more on packaging from name brands.

$ Moving? Closets too stuffed? Don't just throw your stuff away. While donating to Good Will is a wonderful thing to do, if you're a broke student, sell your old stuff for a profit. Access to suburbia? Have a yard sale. Sell back your old books (not to NYU Bookstore, but to a place that will give you more money for them like half.com or eCampus.com) or your clothes. At the end of the year, sell your dorm stuff to people who are moving in behind you.

$ In the same vein, buy used clothes and books. Peruse the books to make sure there aren't too many markings, and give the clothes one good washing. You'll save yourself lots of money.

$ Don't buy clothes that need to be dry-cleaned. Women's clothes are especially expensive to clean. While you're at it, learn how to iron so you don't have to pay someone to do what you can do yourself.

$ Borrow books from upperclassmen that already have taken the classes you have.

$ Buy generic over the counter medications. Go ahead and compare the labels. It's the same stuff, just a lot cheaper.

$ Need stuff for your room? Check out National Wholesale Liquidators (Broadway) and K-Mart (Astor Place). While Bed Bath and Beyond (18th St. & 6th Ave.) will carry things that those stores may not have, the other stores may be cheaper for universal things.

$ Holidays – think HOMEMADE gifts. No one will fault the construction-paper gifts of a poor college student. If you have access to a color printer, you can get that much fancier by making your own cards. There are inexpensive programs out there or you can explore the world of ClipArt.

$ Ask for gift certificates to places you shop like K-Mart and grocery stores. Almost every store has one. Or, ask for American Express gift cheques, which are accepted wherever the card is accepted. That way others are paying not you! Also ask for the gift certificates from the points on mom and dad's credit cards – an easy way to score free stuff!

$ Do your parents belong to a discount wholesale club? Ask them to load you up – bottled waters, juices, and sodas will run you a lot of money (and they're heavy to carry) if you have to buy them yourself.

$ Buy potted plants instead of cut flowers. They last longer and tend to be less expensive.

$ Get your news and gossip online instead of buying magazines or newspapers. Check out www.nytimes.com, www.nypost.com, and even NYU's own student newspaper at http://www.nyunews.com/ Your favorite magazines may also have websites (like www.usmagazine.com, www.cosmo.com, www.sportsillustrated.com)

$ Buy used books at The Strand (www.strandbooks.com), www.amazon.com and www.barnesandnoble.com, or in the downstairs bargain section of the NYU Bookstore.

$ Sign up for a free club discount card (NOT a credit card) at grocery stores and drugstores like Duane Reade and CVS. You can get discounts and sale prices just for having a card.

$ Take advantage of New Jersey as a less expensive place to shop. Their tax is only 3.5% for clothes and groceries. Better yet, many shopping centers in Jersey are only a PATH or a bus ride away.

Other Tips for the Thrifty

$ Use a prepaid phone card (preferably one someone gave you as a gift) instead of long-distance phone rates, which can be costly.

$ Monitor your cell phone use. Are you going over your minutes? Is there a better package for more free minutes? Even if you may end up spending more per month, could you end up saving in the long run?

$ Babysit for extra cash. Professors have kids! (They also have dogs that need to be walked.) Look into listing your services on CareerNet.

$ Quit smoking! You'll save hundreds of dollars a year. And if you go through the Health Center's smoking cessation program, you'll get help along the way and even a massage.

$ Don't bother buying garbage bags. Supermarkets in New York always double-bag. Just use those bags for your trash instead. (They're also a lot less likely to clog a garbage chute.)

$ Free condoms and dental dams -- Your RA has 'em, and the Center for Health Promotion has several different kinds and sizes. They're free. Be smart.

$ Looking for a cheap and simple haircut? Try Atlas Barber School (32 3rd Ave. between 9th & 10th St.). They're still learning but for $4, it's a great deal for a shave or a simple trim!

$ Make 411 your friend. If you need directions, addresses, or phone numbers of a location, dial '411' from any street-corner payphone. For 50 cents per call, the price is right.

$ Save on toilet paper and don't worry about renting games or movies – the front desk of your residence hall probably has these things for free!

$ Take cabs less often! Subways and buses go almost anywhere you want to go, check out hopstop.com and trips123.com for directions.