GROWING PERSONAL SAVINGS

GROWING YOUR

PERSONAL SAVINGS

Student loan debt in the United States totals about $1.5 trillion. As of 2019, average student loan debt per person was $31,172. It’s no secret that handling finances in college is a daunting and disliked task, but nevertheless an unavoidable part of becoming an adult. Schools rarely teach financial literacy, which is all the more reason why we should take it upon ourselves to study it.

Tutoring in Taxes

Taxes are a generally avoided subject, but for part-time employees, they may result in a refund. Depending on your filing status, completing a tax return when your income is below the necessary threshold may benefit you. Ask your parents if they claim you as a dependent before proceeding. To determine the next step, take the IRS’s free online “Do I Need to File a Tax Return?” quiz. H&R Block Free Online Tax Filing and Credit Karma Tax offer the most comprehensive free online tax filing services; however, if you’d prefer to have your taxes done by a professional, UF’s Levin College of Law houses a Volunteer Income Tax Assistance site during tax season. The site offers free tax consultation for filers with income under $56,000. To schedule an appointment, search “VITA sites near me.” Remember that returns are due on Apr. 15.

Clothes for Cash

Students who live on campus know that closet space is a precious commodity. This lack of closet space leads students to prioritize the clothes they wear most often. Conveniently located on University Avenue, Plato’s Closet pays people for their used and unused clothes. The resale store also offers a $5 Closet Cash bonus for every five seasonal items bought. The amount and type of clothes the store accepts varies depending on the season and current inventory. Plato’s is not only a great way to make money but to save on new purchases as well. For clothes not purchased by Plato’s or sellers who prefer to set their own prices, the app Depop acts as a social marketplace in which over 15 million users buy and sell clothes.

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Savings in Streaming

In the age of cord cutting, streaming services are becoming all the more popular. Luckily for college students, many of these platforms offer discounted memberships. Amazon Prime, Spotify Premium, YouTube Premium, and Apple Music represent only a few of the services that participate in such deals. Additionally, Spotify allows its members to bundle their account with Hulu. Spotify for college students is only $5 per month and the Hulu portion of the membership is free, resulting in a combined savings of $11 per month. To bundle with Hulu, go to the “Your Services” page and select “activate” next to Hulu. Before committing to an entertainment provider, make sure you are satisfied with the platform set-up and the services provided. Netflix, Amazon Video, Hulu, YouTube Premium, Spotify Premium, Apple Music, and Audible all offer free trial memberships. This may seem obvious, but make sure to cancel your free trial subscription before the renewal date. Some platforms allow you to sign up for a free trial and remove your payment plan on the same day. In this case, you get to use the service for the full trial period without the possibility of forgetting to cancel your renewal payment later. To do this on an iPhone, open the Settings app and navigate to Apple ID options. Then, click on “Subscriptions” to see a list of all active and expired subscriptions. On this screen, you can cancel unwanted subscriptions or keep track of current subscriptions.

Education Essentials

Apple is not a company known for its affordability. For newly accepted college students, however, Apple works to accommodate: Apple Education Pricing offers discounted prices on its Mac and iPad models. Be prepared to give your student ID information to prove your status as a student. This deal is also extended to parents of students pursuing post-secondary education. To business students learning to follow the markets, journalism students striving to polish their craft, and all other engaged students eager to learn more about the world around them, the University of Florida offers a free New York

Times membership. This would usually be a $9.99-$15.99 monthly expenditure. To activate your subscription, go to myUFL’s “Main Menu.” Then proceed to “Quick Links,” “NY Times” and “Subscribe now.” Take advantage of on-campus amenities. Playing beach volleyball at Southwest Rec can be an affordable substitution for paying to play paintball off campus. Instead of spending money on gas and parking for a beach or springs trip, try out Lake Wauburg. The nearby lake provides students with a variety of fun ways to stay active from rock wall climbing to stand-up paddleboarding. For students seeking employment while in college, check to see if the companies you are pursuing help pay for their employees’ tuition. Many popular employers offer this service; UPS, Publix, Wells Fargo, and Starbucks are just a few examples. Alternatively, UF employs hundreds of students and offers flexible hours to help students succeed in their coursework. Jobs range from Graphic Designer to Data Science Assistant.

Financial Philosophy

Growing personal savings while paying for college-related expenses undeniably poses challenges, but these obstacles produce strong character by teaching the value of delayed gratification. It is not a lesson learned overnight, but a long-term philosophy to strive towards for future success. As members of the emerging workforce, the initiative to minimize student debt should be viewed as pertinent and attainable; we should feel empowered for tackling relevant financial problems because our generation, with the aid of online learning, has the unique opportunity to facilitate meaningful change.

Story by Amanda Smith Illustration by Grace Dooly Design by Courttney Chalmers

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