Are you excited for the new year?
Probably not, because with a new year comes a whole new semester, and that means either more student loans, or working your butt off to pay for school out of your pocket. Hopefully it’s the latter – or that your folks will help you out with the balance.
That brings me to a few awesome New Year’s resolutions for poor students everywhere:
1. Resolve to Save Tons of Money by Doing One Simple Thing
Resolve to save tons of money on student loan interest by paying for your semesters of school up front. Student loans are a huge money suck when you do finally graduate and have to pay them back, and you don’t want to be stuck shelling out well into your thirties, and ten years into your career.
Make this a goal and try to stick to it: if you don’t have a job, try to find one so you can pay for your next semester. Make a schedule if you are worried about time management with school work. There is always a solution, so don’t make up problems that you think are insolvable. They aren’t.
2. Resolve to Get Ahead By Cutting Out Going Out
Okay, you don’t have to completely cut out leaving your house or anything, but make a resolution to go out less. You don’t need to spend a ton of money on beer at the pub when you could just as easily go to a party at a friend’s house or have a few beer at the dorms or in your apartment.
Going out all the time is a huge waste of money and you don’t want to be stuck shelling out for a night that you may or may not remember when you wake up. If you go out just one night less per month you’ll save hundreds of dollars by the end of the year. Maybe even enough for a vacation to Mexico next Christmas.
3. Resolve to Invest Like a Boss
Not investing now is like committing to being a poor student forever. Investing is incredibly important and something that you need to do to ensure that your savings aren’t being eaten up by the evil inflation monster.
Just invest! If you don’t know anything about investing, find a club on campus to join that will help you learn. Find an investing mentor who can be a sounding board for the process. Or pick up a few books that will teach you about the subject.
Investing is a huge part of a sound financial future and plan, so you must start now. There is no better time than in 2015.
You can completely own 2015, but you have to make and keep some awesome New Year’s resolutions. Your money depends on it and being a student is no excuse for being a poor student. You should only be a POOR student because you are paying for college upfront and investing all of your extra money – not because you are wallowing in debt and self pity.