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Sensible $avings
True or false: Saving money is easier said than done.
If you answered “true,” you're not alone. For many students, the idea of having money to stash is laughable when you consider the 101 ways you can—and do—spend money each week.
But there are ways you can reduce spending today and put that extra money aside for future purchases. Like that designer outfit, used car or spanking-new PC you've been eyeing. Or, you can put it towards next year's class trip, textbooks, study abroad expenses or tuition.
Here are a few painless steps to sensible saving.
1. Draft a spending plan. As in a budget. A budget isn't the killjoy some think it is. A budget helps you track your income and expenses. It can help you better plan your spending so that you can fulfill short or long-term goals. If your expenses far outweigh your income, for example, you need to make adjustments in your spending before you can even consider saving money.
2. Pay yourself. Every paycheck or financial gift you receive provides a savings opportunity. Before you blow the entire thing on some must-have item, consider paying yourself. That's right, put money in your own pocket before you "pay" your favorite fast food restaurant, sporting arena or shopping mall. Generally, putting at least 10 percent away is a good rule of thumb. Shoot for at least a $5 minimum.
3. Click and save. While it's cool to have your own phone at home, that phone bill can reach the $100-plus zone each month when you have friends in other states.
Save money by clicking onto Yahoo, Hotmail or another freebie e-mail program instead. You can even use your program's instant-message feature to chat in real time with family and friends.
Even if you only use e-mail 50 percent of the time and opt for calling the remainder, you will still drastically reduce your expenses.
4. Swap, sometimes. Before you drop $10 or $20 for the latest CD or video, consider swapping with a friend.
If you're a CD- or video-hog, chances are your friends won't even consider lending you their stuff. So be considerate. Return your friend's CDs or videos quickly and in great condition. Other options: rent movies from your local rental store and consider movie and CD clubs. Rental or membership fees are generally less than the price of a new video or CD, especially if you don't rack up late fees.
5. Eat in. Some students love eating on the run, especially when it comes to running away from gross cafeteria food or a parent's tried-and-true casserole.
But meals at restaurants can seriously dint your budget. If you live at home, eat most of your meals there. Use your meal plan and eat most of your meals in the cafeteria. Let's face it: there will be days when home cooking or cafeteria fare will get on your last nerve. So budget a few meals out into your monthly spending plan. By doing so, you'll satisfy your stomach and keep your commitment to save.
6. Have fun for less. Opt for movie matinees, two-for-one lunch and dinner specials and on-campus activities that are free or low-cost. Also take advantage of student discounts on airfare, entertainment and other items.
7. Say no to borrowing. We all have friends who are always short on cash, long on repaying borrowed money. Think before you lend. If it's an emergency, sure, help a friend. Otherwise, think twice before giving money to a friend who will use it for the purchases that you are denying yourself.
8. Create an emergency fund. Sure as the sun shines every day, emergencies will arise. Keep a little cash on hand (or in your checking account) to handle real emergencies.
9. Stay motivated. Some days, you won't want to save a penny. Stay motivated by pulling out your wish list and daydreaming about meeting your savings goal.
Consider Michael Stahl's success. Stahl, a college student who turns 20 soon, is a renowned investor and author. His book, Early to Rise: A Young Adult's Guide to Investing and Financial Decisions That Can Shape Your Life, details his extraordinary success and provides great tips from a teen perspective.
Another great read is The Complete Idiot's Guide to Money for Teens by Susan Shelly. Both books can motivate you to reach your savings goals. Article provided by 
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