Time for a Savings Plan
Laura Jacobs
Issue date: 2/11/09 Section: News
It is common knowledge that the United States economy, as well as the world economy, has hit hard times. People are losing their jobs, homes, businesses, and more, because there is simply just not enough money to pay for it all. Many people have turned to saving as much money as possible in an effort to aid and support themselves.
Naturally, college and university students are going to be hit hard by an economic downturn such as this. But what are students' plans and ideas for saving? FSU student Josh Nickle says that he has been looking online to buy his textbooks instead of purchasing them through the bookstore. "Even with my hobbies, I've been buying online instead of local stores. But it probably doesn't help the local economy," said Nickle.
While he isn't entirely sure how his parents are saving, he did say that his family has begun going to wholesale markets, like Costco, more often. "Instead of going to the grocery store once a week, they go to Costco like one or two times a month," he added.
Other FSU students have their own plans and ideas for saving money. Lindsay Brogsdale says that she sets aside what she doesn't need. "I try not to buy a lot of things," she added. Brogsdale suggests that students who work could open a savings account and put a little money from their paycheck (about $20) into the savings account every payday.
Jessica Howie notes that she has become more conscious about how she's been spending. "I've been getting the bare necessities and really thinking about the things I buy," said Howie. She adds that her mother has been doing the same thing. Jessica suggests that shoppers keep and stick to a list to avoid any sort of impulse buying.
FSU faculty, although maybe not hit as hard as the students, are also trying to save as much as they can. Dr. Amy Branam of the English department states that she does a lot of online banking with Chase. "Chase handles my IRA," she said. Dr. Branam went on to explain that her paycheck is directly deposited into her bank account where they take out a percentage to go towards her retirement fund. "I figured all of this out by figuring out how much I want when I retire," Dr. Branam said. As for the rest of her paycheck that doesn't count towards things like insurance, she makes sure the retirement fund has been taken care of, pays her rent, and then the rest is for whatever. Dr. Branam also has money in an interest-based savings account, to which she joked, "my money is making money for me."
Dr. Branam also has some great advice for students looking to save. "Don't pull loans," she said as she noted the importance of scholarships and financial aid. She also mentioned that living with parents while in college also helps.
Here are some quick tips for saving money:
Buy books from Amazon.com or other online bookstores - more often than not, the books required for classes can be found cheaper at these locations.
Open a savings account - interest-based savings accounts are great ways to save and increase your money.
Take advantage of university positions like Residence Assistant for the dorms, Community Assistant for Edgewood, or Residential Peer Mentor - these positions offer free room and board for participants.
Apply for a scholarship or two even if it isn't needed - scholarships may be difficult but they pay off in the long run.
For more ideas and information on saving, try going online.
Naturally, college and university students are going to be hit hard by an economic downturn such as this. But what are students' plans and ideas for saving? FSU student Josh Nickle says that he has been looking online to buy his textbooks instead of purchasing them through the bookstore. "Even with my hobbies, I've been buying online instead of local stores. But it probably doesn't help the local economy," said Nickle.
While he isn't entirely sure how his parents are saving, he did say that his family has begun going to wholesale markets, like Costco, more often. "Instead of going to the grocery store once a week, they go to Costco like one or two times a month," he added.
Other FSU students have their own plans and ideas for saving money. Lindsay Brogsdale says that she sets aside what she doesn't need. "I try not to buy a lot of things," she added. Brogsdale suggests that students who work could open a savings account and put a little money from their paycheck (about $20) into the savings account every payday.
Jessica Howie notes that she has become more conscious about how she's been spending. "I've been getting the bare necessities and really thinking about the things I buy," said Howie. She adds that her mother has been doing the same thing. Jessica suggests that shoppers keep and stick to a list to avoid any sort of impulse buying.
FSU faculty, although maybe not hit as hard as the students, are also trying to save as much as they can. Dr. Amy Branam of the English department states that she does a lot of online banking with Chase. "Chase handles my IRA," she said. Dr. Branam went on to explain that her paycheck is directly deposited into her bank account where they take out a percentage to go towards her retirement fund. "I figured all of this out by figuring out how much I want when I retire," Dr. Branam said. As for the rest of her paycheck that doesn't count towards things like insurance, she makes sure the retirement fund has been taken care of, pays her rent, and then the rest is for whatever. Dr. Branam also has money in an interest-based savings account, to which she joked, "my money is making money for me."
Dr. Branam also has some great advice for students looking to save. "Don't pull loans," she said as she noted the importance of scholarships and financial aid. She also mentioned that living with parents while in college also helps.
Here are some quick tips for saving money:
Buy books from Amazon.com or other online bookstores - more often than not, the books required for classes can be found cheaper at these locations.
Open a savings account - interest-based savings accounts are great ways to save and increase your money.
Take advantage of university positions like Residence Assistant for the dorms, Community Assistant for Edgewood, or Residential Peer Mentor - these positions offer free room and board for participants.
Apply for a scholarship or two even if it isn't needed - scholarships may be difficult but they pay off in the long run.
For more ideas and information on saving, try going online.
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