Last week’s video:
Hi i’m chelsea and i’m lauren and we are the financial diet so this week’s video is going to be as we mentioned last week really a second part to that video in our last video we talked about the things that all of you students graduating this year should be investing in when you graduate and we totaled those investments to be about $2,500 so this video as promised
Is how to save $2,500 about their before graduation 2017 now we know that especially for busy students saving up $2,500 in just about seven months can be really intimidating but we think that it’s manageable if you take it with a 3-pronged attack– one earning more money each month to finding new and innovative ways to save money and three making money off of
Things you already own so each of the tips provided in this video is going to touch on one of those three strategies if you create a strict plan for yourself and stick to it you’ll have enough money saved up to invest in the things that we mentioned in the previous video so that you can really focus on the job hunt so here are six strategies to save about $2,500
By graduation so number one is to take up an online side hustle you might remember that we’ve already done a video about side hustles that you can do from bed and we’ll link out to that in the description below some great examples of online side hustles for undergraduate students are things like being a customer service rep being a virtual assistant or an english
Conversation partner we think that basically anyone can commit to doing 10 extra hours of work per month from the comfort of their own bed challenge yourself to make an extra hundred dollars per month while doing this and additionally an extra two hundred and fifty dollars during the winter break when you have more time on your hands now number two is a real life
Side job and the qualifications for this are basically something you already know how to do / might have already done and something that doesn’t take a lot of brainpower now in an ideal world this job would be something that you can do while doing extra homework such as overnight babysitting house-sitting pet sitting etc but if it can’t be that at least make sure
It’s something that doesn’t add to your already overworked state of mind from school this can be something like driving an uber dog walking delivering stuff on bike whatever it is just something that you’re already good at and something that doesn’t take a lot of brainpower so if you can also commit with this job to having that 10 extra hours a month you can set
Your goals at the same amount a hundred dollars per month and then 250 over your winter break number three is to get a credit card with cash back rewards it’s essentially like getting free money for buying the things that you would buy anyway and while we’re on the subject of cards you should never ever be paying for atm fees anywhere if you’re anything like me
And are a fatal combination of lazy and tend to just be like whatever about the fees when you’re in front of an atm get the card that corresponds to all the atms that are in your immediate area especially on campus so we project with the additional cash back rewards that you’ll get from now until graduation is about a hundred and fifty dollars and that number
Can be significantly higher if you use the time-honored tfd tradition of putting your bills through your credit card and then paying your credit card off in full each month number four take month-long challenges where you cut out a new thing from your budget each month this is a great one to enlist friends to do with you so that you can support each other morally
And financially essentially each month pick one thing in your budget it could be alcohol meat you know online shopping late-night fast food chinese taxis pretty much anything that you spend on that could be cut out pick one each month and for that month none of that thing picking a different item each month will help keep you motivated and not feeling like you’re
Really depriving yourself of something if you stick to doing one of these per month we estimate that each month you can save $50 and it will be infinitely easier if you enlist your friends to commiserate number five is to try a cash-only diet for two months which you can break up when you go cash only and leave your credit cards and debit cards at home you’re bound
To spend less you can’t make mindless and impulsive purchases if you don’t have the money with you to do so as a very wise man once said cards feel infinite cash feels limited actually having to put out those bills on the counter you’d be surprised how many purchases that stops and going out with a specific and set amount of cash means that you can never go out of
Control at the bar or at the grocery store by going on a cash-only diet for at least two months means that you’re probably going to save at least a hundred and fifty dollars between now and graduation and last but not least we have rent out some of your stuff for money basically the concept is a really cool one by using different sites that can connect the people
Who have the item with the people who need it you can rent out everything from bikes to power tools to skateboards to even books websites like zilla which we’ll link in the description are great for connecting you with people who might be interested in your items if you commit to renting out items at least three times a month we can estimate that you’ll make about
A hundred and fifty dollars over the course of the rest of the school year there are obviously a lot of variations and depending on your schedule your current budget and your current spending habits this might look totally different for you but the point is that you first set your financial goal like this twenty five hundred dollars for graduation and then you
Diversify your ways to get there just because the world might tend to treat you like a kid does not mean you can’t start financially planning like an adult so as always thank you for watching and don’t forget to hit the subscribe button and go to the financial dicom for more bye
Transcribed from video
How To Save $2,500 By Graduation | The Financial Diet By The Financial Diet
