Can you make this a reality for me? Kthanksbye.

College. Sigh. It’s unlike any other time in your life. It has its own set of rules, its own unique circumstances. And it’s not always easy to navigate. Everyone needs a little guidance now and then (or always) so we’ve pulled together a variety of perspectives (the does-it-all girl, the party girl and Ms. Study Lounge) to weigh in on your life conundrums and give you the best advice we can.

Every week they’ll be tackling your questions about college. From classes to keggers to keggers before classes, they’ll do their best to respond and be your Pez dispenser of collegiate wisdom. Got questions? Unsure of a decision? Not sure about that LDR? Just wanna chat it up with some really awesome chics?

Hit them up in the comments or shoot them an email with the subject “College Q&A”!

Question:
One of my resolutions for this year was to save money, but it seems almost impossible to do in college. Do you have any ideas where to start or what I can do to save a few bucks? I need money badly because I’m interning (with no pay!) in NYC this summer, but as much as I try I just can’t save anything. Help?

GPA Girl:
This sucks! I think all internships should offer pay, or at least complimentary lodging and meals, but hopefully your internship will give you the experience to earn the big bucks later! My advice for saving and earning right now is to look at your talents and skills and see if you can transform them into opportunities. Do you know how to play guitar? Put up flyers offering lessons to kids. Know another language? Tutor for an hourly rate. Got web design or Flash skills? Put them to work online by advertising on freelance sites and landing paid gigs. Then set up a savings account with the highest interest rate you can find. Once you have the cashola from your “side” gigs, stash it in that account and DO NOT look back. Pretend that account doesn’t exist. Put at least half of what you make from your side jobs in there every time you get paid and don’t let yourself withdraw anything. You may have to go without a few lattes and new outfits from time to time, but as you see that money add up, you’ll realize it’s worth it!

Party Girl:
I was in the same exact position as you just one year ago. I might have even had it worse, since I have a terrible shopping addiction. Seriously, whenever there is money in my pocket (or debit account), it’s spent within a day. However, I did figure out some ways to motivate myself to save and you can too. First of all, cut out all clothes shopping.  You’ll find better stuff in NYC anyway! Secondly, no more coffee splurges for you. Switch to hot tea and you’ll still get caffeine for a third of the price (or you can just cut out the Starbucks runs entirely!). Thirdly, you should be buying only store brand food and drink items. They taste just the same anyway (at least, that’s what I tell myself when I’m forced to chug Popov instead of Absolut).

I want to assure you, though, that bar nights do not have to stop. You’ll have to limit yourself to four drinks per outting and those drinks have to be the ones on special OR you can use your flirting skills to score some free drinks from bar hotties. Never underestimate the power of flirting – I pretty much floated the entire summer on free drinks and meals by going on as many dates as possible. A girl’s gotta do what a girl’s gotta do! With all that, you should be in the clear to fully enjoy yourself in the Big Apple. Have fun!!!

Busy Bee:
First of all, yay you for getting an internship! Aside from your current money problems, that’s always a good way to get your foot in the door for a soon-to-be good paying career. Nevertheless, I completely understand. I’ve had several internships and a good number of those have been with no pay. When I try to save money, I simply just save. I don’t buy anything for a good amount of time, and when I do buy something, I make sure it’s out of absolute necessity and that it’s the cheapest possible option out there. For example, if I need food, I make sure that I buy ingredients to last me several different meals (leftovers get boring), and that the brands I purchase are the knock-off store brand (they taste the same). Also, try walking to places when you can instead of driving or taking the bus, but if necessary, carpool with some friends! I would also recommend getting a part-time job, but if that’s not possible because of your hectic schedule, then continue to be as money savvy as possible. Hey, if that means picking up lost pennies on the ground, then go for it. You know, if you pick up enough lost change, you might just be able to afford something off of Mickey D’s dollar menu!

Yeah, that's my life savings right there.

Because I’m making six pennies a year in my job after taxes, I follow a very strict budget that allows me to afford a moderate amount of food and a moderate amount of fun. There is no room for a savings plan in my budget so I just figured if I was extra careful nothing would ever go wrong.

Then last week everything went wrong.

I spilled sangria (or water according to the troubleshooting report I made to Apple) on my laptop, I dropped my straightener one time too many and it broke, and I found out my parent’s insurance company is onto me no longer being a student and has dropped me. For those of you non-accounting majors out there, that’s about 5 billion dollars worth of problems.

I had a minor panic attack. And by minor I mean I opened my window, stood on the ledge for a few moments, and thought about who I would haunt if I came back as a ghost. Then logic hit me and I realized that because I’m only one floor up I would just break a bunch of bones, sending me to the hospital and making my lack of insurance problem even worse.

So instead of jumping I thought of my other options. Luckily my grandparents who live in the city had a laptop I could borrow until I figured you out what to do about my laptop-turned-coaster. Unluckily it was designed for the partially blind. I’ve seen desktop computers more portable than this laptop. Hell, I’ve seen elephants smaller than this thing. The screen was about a football field long and the font was visible from space. This proved to be more than an inconvenience when I was blogging at WiFi cafes.  I was writing about STDs for one blog and let’s just say the employees at the cafe did not enjoy being able to read about gonorrhea while serving coffee. So not only did I have to blog from home all week, but I’m pretty sure I’m on a sex offender list now.

Which might have worked out better anyway considering my straightener situation. I can’t live without it  (or go into public places) because my hair’s naturally a combination of straight, curly, frizzy, and balding. Right now I have the iron permanently turned on hoping it’s just messing with me and still works. While I have no patience for a straighter with a sense of humor, I would take it if it means running those two hot plates of heaven through my unruly mane.

And as far as health insurance goes, well, it’s hard to get sick when you’re not leaving the house, right? And if I somehow do catch the Swine Flu, I’ll just steal someone’s identity who has insurance and load up on the meds.

In the meantime I’ll have to consider starting some kind of plan for saving. And by that I mean working on my pick-pocketing skills… or selling this laptop by the pound.

The truth is, money management and financial mumbo jumbo is boring and spending all that hard earned money is fun! Who wants boring when we can have this?

But it doesn’t have to be that way, which I learned after reading So Many Shoes, So Little Money: A Girl’s Guide to Finance. Lisa Serwin, a girly girl to her core, breaks all that budget business down in a way that is easy to understand and, even more importantly, easy to incorporate (realistically!) into the college girl’s life. Serwin doesn’t tell us to eat ramen and wear our leftovers from middle school; she explains how to save and how to spend in a way that won’t send us back to our childhood bedrooms when the money (inevitably) runs out.

Naturally, I needed her to set my budget to talk to her. And I did! Here is a bit about my new financial hero and a lot of useful information that all of us can benefit from!

5 Questions We Ask Everyone:

1. What’s your most hysterical/ridiculous college memory?
That’s fit for print? I accidentally locked myself in a second floor bathroom during a fraternity party.  The door handle broke off, and no one heard my pounding. (The one and only time in history there wasn’t a line for a ladies room!) I climbed out the bathroom window onto the roof – high heels and all, shimmied down a tree, and walked back in through the front door. However, apparently everyone had been watching my descent through the window.  When I walked back in I was greeted with cat calls and applause.

2. What are the five things you can’t live without?
In no particular order:
Great shoes
Chocolate
My family and friends
Books
A good night’s sleep (otherwise I’m really cranky)

3. What’s your motto/advice you live by?
I don’t actually have one. However, I’ve always liked: “People are more fun than anybody” by Dorothy Parker.

4. What’s your favorite song to belt out at the bar/in the car/for karaoke?
That’s a hard one – there are so many good choices.  Pretty much any cheesy 80s song that doesn’t require a lot of range…I am a truly AWFUL singer.

5. Ten years from now you will be…
Hopefully writing more books! I was a British history major in college prior to getting my Masters in Business so perhaps one day I’ll write a period romance novel.

5 Questions Just for Lisa:

1. What is the most important thing college women need to know/do when it comes to managing their money?
First and foremost, managing your finances is not hard…you can do it! The best thing you can do for yourself and your money is to make a budget.  The worst thing you can do is to charge more than you can afford on a credit card and not pay the bill in full when it arrives. Why? When you can’t pay your bill in full, the card companies charge you a fee. These charges are called interest and the amount of interest is called the Annual Percentage Rate (or APR). When you are unable to pay your bill in full every month, the charges for borrowing money from the credit card company add up very quickly.

2. What are the 2 things that are totally worth spending the extra money on vs. 2 things that are a complete waste?

Totally worth it: college education and experiences with friends (years from now you’ll never remember a sweater you bought but you always remember how much fun you had).
Complete waste: expensive cosmetics and beauty supplies.

3. What do you think is the hardest part of setting a budget and managing your money?
The hardest part of setting a budget is actually sitting down to make it!  But budgets are essential.  After all, how do you know how much you can spend if you don’t even know what you have? Making a budget is all about living within your means, knowing you’re on top of things, in control. Regardless of how much or—more to the point—how little money you have, if you live within your means, you’ll still have choices. Maybe not as many choices as you would like, but definitely choices.

By the way, it’s not what you budget—it’s how you utilize it. Attitude is everything. Most budgets fail because they are seen as a restraint as in, “It’s not in my budget.” Instead, think of a budget as a way to help you achieve your life’s goals and dreams. A budget doesn’t tell you what you can’t do; it tells you what you can do.

4. How much money should a college girl have in a savings account?
It depends on the girl! A good rule of thumb is to start by saving up to one month’s worth of living expenses. This may take awhile, but it is really crucial. You want to be able to take care of yourself if you hit any of life’s little bumps—and you will hit some. Then, work your way up to three months and promise yourself you won’t touch that money unless there is an emergency. The sooner you start saving, the better. I urge you to start saving now—even if you only have a little bit left over every month.

5. Why did you write this book? I mean, finance isn’t the most exciting topic to tackle for young women…
I want women to embrace the empowering notion that basic financial knowledge and a long-term plan can be the equivalent of front row tickets to Fashion Week. I want every woman to know how to manage her money.  At its best, money is about freedom and choices, options and opportunities. It’s about being able to live the life you want to live in the way you want to live it. Money allows you to be self-sufficient, with the confidence that comes with being independent and the freedom to make life choices that are right for you.  I think that’s tremendously exciting!

Ok, before everyone gets up in arms about every generalization I just made, let me clarify: if you disagree with everything I just said, you probably don't need this column. But if you're nodding along because you're officially an adult and still don't know how to manage your money, then you might want to pay attention every week, because I'm going to (try to) get you through this, and make you a successful saver and a wise spender. Starving college students of the world, I bring you Money Matters: a Guide to Handling Your Income (or Lack Thereof).]

This week, I’d like to introduce you to a splendid gem called Free Student Checking. Now, normally, banks will hold your money for you, but they like to find sneaky ways to make a few bucks back themselves. Some checking accounts, for example, have a minimum balance that you always have to have in your account. If your balance goes below that minimum, you get a fine.

Yeah, that’s right. You have to PAY your BANK for being too poor to have any money in the account that consists entirely of your own money that you started out with in the first place. I understand credit card late fees– with credit, you’re spending money you don’t necessarily have– but a fine on your own money? That’s bullsh*t.

Luckily, the banks have caught on to the fact that college kids won’t open accounts if they know they won’t be able to keep up with the minimum account balance… and the fact that once we’ve graduated and become successful career men and women, they can switch us to premium accounts and fine the ever-loving sh*t out of us.

Free student checking comes with a variety of perks. First of all, it’s free. No interest, no fines (unless you overdraw), no minimum balance, and they usually only require about $50 or so to open them. So, just put off buying one textbook for about a day and you’ll have the money to open a checking account and become a real grown up, personalized checks and all.

Before you hop over to the first bank in sight, however, it’s wise to do some research. Because college students should ALWAYS be on their toes for a bargain, whether it’s free food sponsored by the PanHellenic Society, Penny Night at the Pub, or a free toaster with every new bank account.

Seriously, though, shop around. Some banks will give you MONEY just to sign with them. I got $50 last summer for opening a new direct deposit account with M&T Bank, for example, and when I used Wachovia in the past, they were always advertising bonuses for students who got friends to open checking accounts as well. Search for banks in your area on Google Maps and see if there are any perks for opening a new account.

Then, proceed to step two:

Check out the long-term benefits of the account. Remember, you and your new bank are going to have at least a four or five-year relationship, and you want the relationship to be as much a one way street as it can be (in your favor, of course).

Currently, Bank of America has an online student checking offer, which includes a “Stuff Happens” card, good for a one-time fee refund (read: if you overdraw once, you can waive the pricey fine); a free check card (read: debit card); free online banking with unlimited bill pay (read: no fees for paying bills online); and an easy way for your parents to deposit money into your account (read: you can still beg for cash).

Wachovia’s Free Student Checking also offers one-time overdraft protection, but also includes a free savings account, for those of you motivated scholars who actually hope to put some cash away for a rainy day. AND Wachovia’s plan includes a “Way 2 Save” program, which encourages students to make debit card purchases and pay bills online, allowing you to accrue cash-value points for every check, purchase, and payment, in addition to a rebate on the money you’ve saved in your account each year. Talk about rewarding responsibility!

Other perks include Key Bank‘s ATM fee reimbursement plan, Washington Mutual‘s reward-earning debit card, and Meta Bank‘s checks with your school logo on ‘em (for you spirited savers out there)!

The bottom line is, you’re going to have to start managing your money eventually, so you may as well take advantage of the student-friendly perks of free checking accounts. Along the way, you’ll learn to balance your checkbook, make financial transactions, and become more aware of how much you’re earning and spending. Even if you take advantage of the “no minimum balance” advantage and constantly flirt with overdrawing your account, at least you’re getting started.

By the end of this series, you might even have enough to call “savings.”

What’s a striving- to- have- more- money- 20- something to do? I brainstormed – in my desperate need to scrounge up some extra cash – ways in which you can get creative, have some fun and throw somethin’ extra into that piggy bank.

Turn your hobby into some cash. Do you enjoy making scrapbooks, knitting, creating playlists or setting up peoples’ iPods for them with the latest tunes? If so, take your hobby and make it into something profitable. Put out flyers in your neighborhood, an ad in the local paper, send out a mass email or even create a standard template website and let people know you’re open for business!

Sell some old clothes. Those prom dresses have sat in your closet since high school and, let’s face it, you’re not going to be wearing them anytime soon. Go to a consignment shop, take out an ad in the paper or swing by a local beauty pageant (I swear they’re around and the ladies will bite for those gowns). With, say, 50 bucks a dress, you could walk out of there with a couple hundred dollars!

Use those skills. Did you know that you only need 2 years of college to substitute teach? Not only that, but summer schools are desperate for teachers AND you can make around $100 a day (and for summer school, that’s like $20 an hour = not bad!). Or, do some tutoring. You can make up to $60 an hour tutoring, depending on your education level and experience. And most of that money is straight cash, baby!

Change it up. What do you do with your spare change? Get an empty water cooler bottle and leave it by your front door. Every day when you come in, dump the spare change from your pockets, car, purse, etc. At the end of every month, count it up; you’d be surprised at how much you accumulate. My boyfriend and I counted his lose change this weekend and guess how much we got? $270!!!!

Purge your stuff. Have a tag sale. Get rid of some of those old clothes, books, etc., that are sitting in your room collecting dust. One woman’s trash, is another woman’s treasure!

Yard Work. Are you immune to poison ivy and your neighbors are not? Offer to do some weeding and gardening for them for a bargain price! Not only will they appreciate the help, but they’ll be so stoked about not getting the itchiesthat they may even through in some bonus cash (or at least some ice cold lemonade)!

Babysit. Parents have the hardest time finding care for their kids during the summer months. If you’re kid friendly, offer to be a nanny a few days a week – or even one or two nights, so the parentals can get some romantical time.

Move your cash. Whatever money you do have lying around needs to have a home. Is your bank account getting the best interest rate? If not, move banks and, most times, you can get some bonus money (some banks will give you up to $200 for moving to them!) when you sign up. Cha ching!

Ebay-it. If you don’t feel like garage sale-ing it, take some pics of your stuff and throw it on eBay. Who knows how much you could make on such a heavy shopped site.

Have any more tips on how to make some dough? Spill it CC-ers – we oughta know!

(Photo courtesy of CCWS Medical)

Start with income. Do you get an allowance? Have a part-time job? A scholarship that pays for living expenses? Calculate how much money you take in per month. Don’t forget to include your after-tax job income (you may make $8/hour, but some of that will be eaten up by taxes before you ever see it!) You may also be taking money each week out of your savings (from a Summer job for example), so calculate how much of that you can spend each week without going broke before May.

Now figure out how much you absolutely MUST spend each month–these are the essentials, like rent (if you pay rent, or housing fees), transportation, loan payments, etc. If you have a meal plan and never eat out, you can throw that in there as an essential expense. Once you see how much you have left, you’ll be able to decide how much you want to spend on groceries and how much you can afford to eat out.

Alright, now subtract the essentials from the income (hopefully you won’t get a negative number!). Divide by 4, and this is approximately how much you can spend each week on everything else: food, booze, magazines, books, toiletries, concerts, clothes, etc.

Spend a few weeks keeping track of how much you spend–online banking is great for seeing what you use your debit card for, but it’s those trips to the ATM that will leave you wondering where all your money went.

Save receipts from cash transactions instead of just throwing them away, and start looking at what you spend–you may be surprised! In New York City, a tall Starbucks latte can cost almost $4–get one every day on your way to class and that’s $20/week, or $80 month! Yikes. No one is asking you to give up your latte, but maybe try cutting it down to 2-3 times a week instead of 5. Or maybe switch to the local coffee cart or on-campus coffee shop.

Just can’t get enough of your magazines every month? Most publications offer HUGE discounts if you subscribe–Lucky Magazine, for example, charges $3/issue each month on the news stand, at a yearly cost of $36. A one-year subscription, however, costs just $12.

Try to buy groceries and use whatever kitchen space you have instead of eating out. Breakfast is so easy to make at home (cereal, yogurt, fruit), and you can pack a sandwich for lunch if you won’t have time to go back to the dorm during the day.

Think about putting some of your income into a savings account instead of just leaving it in a checking account (or in a box under your bed!) Savings accounts will give you a small amount of interest, so it’s like making money without doing anything at all!

Here’s what my budget looks like right now:

Income:

$12/hour part-time job at 25 hours/week = $1000/month (after tax)

Expenses:

Rent: $475/month

Transportation: $76/month

Cell phone: My parents help out with this, since we’re on a family plan. I contribute $10/month.

So that leaves me about $102/week for everything else.

I have a nice big kitchen, so I splurge on groceries (about $40/week), leaving me with $62 for other stuff. It can go pretty fast, so I like to drink tea (cheaper than coffee), order appetizers when I eat out (cheaper than entrees) and I always order beer (cheaper than mixed drinks).

The best thing I ever did was keep track of my cash–I was spending tons of money each week on bottled water (I have my own re-usable bottle now) and trashy gossip magazines (I read Perez Hilton now–trashy AND free!) Now, when I have some money left over, I put it into my savings account

Obviously everyone’s budget will look different, but hopefully your snazzy new money plan will allow for some financial wiggle room, so you can finally buy something you really WANT, instead of spending it all on just the stuff you need!