Show Me How to save money

If you’re in college, chances are you’re broke, or at least close to it.

The Daily Lobo spoke with Thomas Crow, an investment adviser at Crow Financial, to better understand how college students can save money and stay debt-free.

Step 1 Get a bus pass.
If you take the bus or walk, instead of using your car, you can save the money you would usually spend on gas and postpone maintenance, such as oil changes and tire rotation and alignment. Leaving your car at home will also make it less likely to be vandalized or broken into, and you won’t have to spend money on parking.

Step 2 Cook your own food.
Crow said that although it may seem easier and cheaper to buy food from the dollar menu at McDonalds, you can grocery shop for much less, especially if you use coupons. He advised deciding which foods are necessary and which foods are not and limiting the amount of unnecessary food purchases you make.

For students who have a meal plan for on-campus eateries, such as La Posada, use the plan to the fullest extent. Use the meals you’re allowed per semester, rather than eating somewhere else and letting meals you’ve already purchased go to waste.

Step 3 Buy it used or on sale.
Make use of thrift stores or other discount retail stores for home décor, furniture, electronics and anything else that you may need for your dorm or apartment. It’s likely the items you furnish your room with while in college won’t move with you, so it’s unnecessary to invest in things you will probably get rid of within the next few years.

Step 4 Make sure you know how your bank works.
Crow said every bank is different and some banks may have special policies. Some banks put extra money away in reserve funds each time you make a debit card purchase, and then give you the extra money back once the transaction is processed. For example, if you purchase gas with a debit card, your bank might take $100 out of your account even though you only spent $80. The bank will then credit your account $20 within a couple of days.

Banks also offer different types of accounts, such as checking and savings accounts, so you should choose an account that best suits your needs.

Crow said to pay attention to banks’ processing fees for services such as checks, cash withdrawals and money transfers. He said some banks may limit the amount of money you can withdraw or spend and the amount of transfers or withdrawals you make. Crow advised comparing credit cards to see which bank offers the lowest interest rates before opening or using a credit card. He said that although a credit card may occasionally be necessary, fees or interest charges may apply and need to be taken into consideration with every purchase.

Step 5 Be careful about credit cards and loans.
It’s important to set aside money each month to avoid using a loan or a credit card if you’re in a financial crisis and emergency money should be used for emergencies only. Although credit cards and loans can be useful, it’s an easy way to incur debt and interest that you may not be able to pay back.

Step 6 Save money the Lobo way.
Lobo Perks: Lobo Perks is available on Lobo Mobile, a mobile application that allows students, faculty and staff members to access campus information, such as shuttle times, bus routes, a campus directory and local coupons and discounts. Lobo Perks offers discounts on Albuquerque and other New Mexico community businesses, such as retail stores and restaurants.

Daily Lobo Coupons: The Daily Lobo advertising department provides a wide range of coupons in every Monday issue of the Daily Lobo.