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The number of families that are experiencing financial problems is increasing daily. This is making it harder for students to go away to college and university, as it is not financially doable for many. I am going to outline for the many families and students out there how you can budget effectively. Most other blogs and websites with budgeting tips require you to sit with a calculator and literally plan to the exact cent. I’m going to assume that most people are too lazy to do that (I would be), and I am going to be a bit more general. Hopefully once reading these tips, you can put these into effect and start saving yourself some money. Everyone who wants to go to college or university deserves to, and money should stop such a dream. That’s why I’m here to help you as much as I can!

1) Save money on your cell phone bill

Students tend to spend more money on their monthly cell phone bill than any other age group. Most students spend somewhere between $40 and $50 a month, which I find ridiculous. Cut this down to $20 to $30 a month, and you will save yourself a good $200 a year. May seem like nothing, but $200 can go a long way in this economy!

2) Do not use ATM machines for small purchases

We have all experienced those horrid ATM machines that charge you a couple dollars because they do not work with your bank. It may not seem like a lot, but if you do it continuously, it adds up!

Instead of doing this, quickly go to a nearby grocery store, and buy something from there (something inexpensive). When you do, ask for cash back, and voila! No ATM fees and you have your cash. Furthermore, you can just carry a bit of cash on you at all times to make things even simpler.

3) Use a bank that does not require a minimum balance

A lot of us tend to use banks that charge a monthly fee for having an account with them. Why pay this? There is so much competition between different banks that there are banks who will not charge you that monthly fee. Think of it like this; the bank charges you $5 a month, so by the year you just lost $60 for nothing.

Before signing up wit ha bank, be sure that they do offer free checking and savings account. Many banks claim they do, but then in fine print below a contract they say different. The small print will generally mention in vague terms that you must pay a monthly fee. Are they even allowed to do that? I guess we can’t really question the banks.

4) Be sure to get overdraft protection

Bankers, beware. Be sure to get overdraft protection! I cannot emphasize this enough. Banks make so much money from overdraft, and it’s all for nothing. Every time you overdraw, they charge you some ridiculous fee! And no, I don’t mean a couple dollars. I’m talking $30 to $40, all for nothing. Overdraft protection will ensure this does not happen to you

5) Buy books used, not new

Online stores such as Amazon (amazon.com) offer books for much cheaper than you will find new in stores. Why pay so much money for a book, when you can get the same one so much cheaper? Buying books is an area where many students and families struggle with every year, because the books the university offers are so expensive. It is not fair to have to pay so much on top of your tuition, and that is why many places offer used books. Some people seem to have something against used items, and I ask them, why? New book, used book, it’s all the same, so why not save yourself some money?

6) Keep a look out for grocery store prices

Before I explain this, I do not want you to misunderstand me. I do not mean “don’t buy groceries when the prices are high!” That is not what I mean at all. What I mean is that you should always look out for special offers and discounts. Most people go grocery shopping every week, and it is the easiest place to save money. If you go every week for the whole year, that’s a lot of weeks. Imagine you save $10 every week you go grocery shopping. It does add up to a lot. Instead of picking the expensive Bounty Paper towel, go for the no name brand. It will still do the job, and it will save you money. Win-win situation!