Arizona college student finds money
A Student of Saving
“I normally like to read about financial stuff. I thought it would be better and more interesting to go to a workshop,” he said. So he went to a meeting and signed up as a Saver.
As a student getting by on financial aid and a part-time job, he wasn’t immediately convinced that he could find extra money in his budget to save. One message that struck home, however, was the benefit of making his money less accessible.
With that in mind, he opened a savings account with a small credit union in North Carolina. He didn’t get checks or a debit card for the account. If he wanted to get money out, he had to send the request in writing. After about 10 months, he managed to save about $600.
“I didn’t know what I wanted to save that for, but I just wanted to have some extra money,” he said. That came in handy when his car broke down, although the emergency wiped out his savings. “Seeing it all gone was an upsetting experience,” he said. “Mostly, though, I was thankful it was there. It felt like the emergency never happened.”
He still keeps the account in North Carolina. As soon as a check comes in, from financial aid for example, he sends off money to that account. “I do it the same day that my check gets here, so I don’t miss it,” he said.
Since joining the campaign, he has also found new ways to save. He bought an inexpensive bike with his savings and started riding it to campus, saving on the cost of gas and parking. Although he has since moved further away from campus, he still tries to save by parking in areas where he doesn’t have to pay and riding the bus at least once a week. He’s also gone from buying a bottle of water each day on campus for about $1.25 a bottle to buying water by the case at his local discount store for $6 for 18 bottles. He’s cut down on the soda he buys too.
Although he already owned a car, he attended the workshop on saving money on car purchases. When he bought his first car, he didn’t take into account the cost of taxes or insurance and ended up spending more than he intended. The workshop has made him better prepared for his next car purchase, he said. In the meantime, he’s shopped around and managed to lower his car insurance costs.
In his last full semester of school, he’s looking forward to the day when he will begin working. He’s planning to have his check automatically deposited, with a certain amount going directly into saving. “I’ve learned a lot from Arizona Saves,” he said.