Student Credit Card and Credit Education Blog

OK, so the truth is that despite my best efforts to bring in a bit of extra cash in order to save reach the $500 savings goal by year-end, I have not been extremely successful so far.   Sorry, but … it is what it is!

Yes, I probably could find a 2nd part-time job for the holiday season to help out in the cash flow department.   However, the down side of this idea is that it would leave me with even less time than I already have to keep up with my heavy workload at school.   Then, if my grades slip, I run the risk of losing a couple of renewable academic scholarships for next year, putting me in even worse financial shape than I started this year in (which, by the way, was not terrific to begin with).   So, bottom line, this is simply not a risk that I can afford to take right now!

With the exception of the dribs and drabs of extra cash that may come my way (as a result of recycling cans, selling unused items, and finding loose change in the laundry room), I have finally resigned myself to the fact that I instead need to better manage my personal finances according to my regular part-time income.   While this definitely is not an easy task, I also understand that it probably the reality for most college students … and, I’m no different!   Basically, it boils down to this for me: I must get better at sticking to a budget, at spending what little money I do have more wisely.

So, if nothing else, I am pleased to say that this $500 Savings Challenge has helped to teach me a valuable lesson.   Personally, this “competition” gave me the extra push that I needed to take a hard look at the money coming in & out of my door on a regular basis.   And, in doing this, it also allowed me to see where I can afford (and not afford) to make reasonable spending cuts without throwing myself totally off kilter.   It also helped me to see that although I may not be rolling in lots of dough, it is still possible to occasionally tuck away a few dollars into my savings account as long as I keep savings on my list of priorities.   Hey … this is all good stuff … yes, it’s the good common sense kind of stuff that I’m sure my mother will be happy to hear that I finally am realizing, considering she seemingly has been preaching it on these deaf ears of mine for years now.

Anyway, will I reach the $500 goal by yearend?    No, I highly doubt it (unless I am lucky enough to win the $500 scholarship being awarded for this challenge, that is).    Being a competitive person by nature, this is a bit hard to admit. However, it’s cool because I still choose to look at my current situation as “my glass is half full, not half empty”.   For you see, I may not be able to save the full $500 by the target date, but I am still managing to save some money.   And, when I compare this to what I had in my savings account before this challenge began (ummm, that would be $0), I can still say that I am ahead of this game.   Actually, I can now proudly say that I have $55 dollars in my ING Direct Savings account … let’s make that $60, because I plan to make another $5 deposit as soon as I leave you today.

So, tell me … is your glass half full or half empty today?   If you have not yet joined the $500 Saving Challenge, it’s not too late to give it a try.   Remember, you have nothing to lose, just to save.   Believe me when I tell you, if I can do it, you can too.   And just in case you don’t believe me,  go ahead and ask my mother because I’m sure she’d be happy to tell you herself.   Grrrrrrr

Until next week, I wish you all a very Happy Thanksgiving!