howtobebroke

the guide to surviving college with little to no money

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Broke Tip No. 5: Surveys

Probably the most stereotypical easy money job for college students, surveys really are a good way to earn some cash on the side. I’m still doing research on several options to figure out which ones are the best and I highly recommend doing the same. 

One Survey app I have confirmed, however, is Google Opinion Rewards. The payout isn’t great and the surveys come rather slow, however, it does truly pay you for your surveys and it automatically cashes out after every $2 earned on surveys. In the month or so I have had it, I’ve made about $9, which isn’t much but every little bit of money counts when you’re living the college life.

I have a feeling that if you fit certain demographics you’ll get more survey opportunities (I’m a straight, white, heterosexual male from an upper-middle-class family who lives in a very rural part of New England). 

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Broke Tip No. 4: Find a Job With Benefits

When people are looking for a college job the thing they look at more than anything else is the pay, but you’re going about it all wrong. Benefits are worth so much more than a base wage. Try to find a job that offers benefits and discounts for stuff you are interested in. Are you super into travel and live near an airport? Work for an airline company! Most of them offer free flights on their planes as well as discounted tickets on other airlines. I, personally, work for Delta Air Lines and they offer a ton of cool perks like discounts on hotel rooms and rental cars as well as top destinations like Disney Land, Universal and Six Flags.

I can’t personally speak for the benefits of many other jobs but it's important that you’re aware that many offer them. The biggest benefit you should look for in a prospective employer is whether or not they have a 401k program. No matter how young you are, no time is too early to start putting money towards your retirement (life is expensive and Social Security is not something to rely on anymore). If your employer offers 401k matching, take advantage of this. It might take a little more out of your paycheck now, but 50 years down the road you’re gonna be thanking yourself as you relax at home, comfortably retired instead of cursing yourself as you continue to work paycheck to paycheck because you didn’t prepare for your future.

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Broke Tip No. 3: Invest Your Spare Change

Considering the fact that you are reading this blog about being broke, you have likely heard about Acorns in your extensive research on how to mend your unfortunate situation. However, I believe you might more fully understand how great of an app this is from the perspective of someone who understands the grind of trying to find spare cash while dealing with the crippling debt caused by simply attending college. 

For those who haven’t heard of it, Acorns is an iOS and Android app that links to your Credit and Debit Cards and automatically rounds up your purchases to the next dollar, investing the spare change in stocks for you and saving it. You can choose to leave your money in your Acorns account long term to “grow your Oak” and improve your return, or simply take the extra cash out whenever you really need it (its a really great rainy day fund). There is also an option to make recurring investments (which I highly recommend) ranging from 5-100 dollars a month if you are so inclined.

One of my favorite features in the app has to be the projection graph. Acorns analyzes your current savings as well as the trend you’ve established in its algorithms to determine how much money you will have in your Acorns account so many years from now if you were to leave it be. I like this a lot because it really motivates you to keep saving because you see the long-term benefits it will have for you, it makes you want to take the money out of the account less, in hopes of seeing these projected numbers come to fruition.

If you join Acorns, please use my invite code (we both get $5 out of it if you do) and be sure to pass the word along to your friends!: https://acorns.com/invite/3KJFY3

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Broke Tip No. 2: Open a Second Savings Account

I can’t stress enough to you how much having a second savings account has helped me overcome my struggle when it comes to putting away money. For the longest time, the simple attraction of online shopping and boatloads of shit I don’t need kept making me dip my hand back into my main savings account to feed my unhealthy habit. 

Having a second savings account can be a lifesaver. There are several routes you can go with this and each one is as viable as any other. If you’re looking for an account that makes it easy for you to resist the temptation of early withdrawals, I highly recommend a Discover Bank Account (they charge a flat fee of $30 for each withdrawal). I personally use this as one of my savings accounts as it really holds me to my promise not to dip into my savings for any unnecessary purchases.

If you’re into the convenience of a mobile app that allows you to connect all of your accounts seamlessly, Checking, Savings, and Credit, Varo is the way to go. This is the app I chose for my third savings account (because I got desperate to save even more money and it has helped a ton).

With your second or even third account, I find it helps best to ensure you set a weekly deposit amount for this account and hold yourself to it. I, personally put about $25 dollars in each of my savings account a week (it's not much but its a start and it adds up quick) and any personal checks I receive for whatever reason go straight to my Varo account. Establishing a system for yourself and maintaining that system goes a long way in fixing your savings.

Finally, there is Twine. This is an app where you can start a joint savings account with your significant other to save towards something you both really want to do (whether this is your wedding, your honeymoon or just a super fun trip you both really want to be able to go on). I use this with my girlfriend (we’re saving up for a trip to Dublin) and it is a wonderful help. It breaks down how many weeks it will take to reach your goal based on what you are both contributing and even allows for recurring deposits to be programmed in by default.

Obviously, there are many other options out there for setting up your additional savings accounts and I think you should definitely take the time to research them all and decide which one is the best fit for you. Make sure to take every possible factor into account, especially the interest rate they are offering you for banking with them. This alone will make a huge difference in the long run.

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Broke Tip No. 1: If There’s a Rewards Program, Sign Up

If you have ever complained that you’re strapped for cash, you have no business ignoring a good rewards program when it’s available. Most businesses have a rewards program for one reason and one reason only: it is a lot cheaper to keep a current customer than it is to attract a new one. Because of this, they are willing to give away free stuff to their loyal customers who choose to capitalize on the opportunities they are given. 

While physical rewards cards do take up a lot of precious wallet space, most companies have moved to digital rewards programs (McDonald’s, Wendy’s, Chipotle, Panera Bread, Domino’s, Buffalo Wild Wings and so many other companies have mobile apps). These apps add all sorts of neat features on top of the rewards program as well, like mobile order and mobile pay to save you time in line. 

It is never not worth applying for a rewards card to a store or restaurant you frequent if one is offered, it might take awhile to earn the points to actually capitalize on the perks but rest assured that the sooner you get one the sooner the rewards start coming. When you don’t have a ton of money, every little bit you can save counts.