Month: May 2016

Money Apps All College Students Should Have

Looking for some apps that will help you with your money? Here are some of our favorites:

Budgeting Apps

Not sure how to organize a budget? These apps will give you the tools you need to maintain a personal

budget.

Mint- One of the sleekest budgeting tools out there, Mint is a website as well as an app

downloadable on both iPhone and Android phones. By linking your financial accounts to your

Mint profile, you are able to track your spending habits and make adjustments as needed. The

idea is to create a personalized budget plan based on actuals instead of hypotheticals and to

track just how much of your income actually goes to things like rent, groceries, entertainment

etc.

Good Budget- Available for iPhone and Android as well as in website form, Good Budget

transforms the old-school envelope budgeting system into an electronic version. Geared

towards families trying to maintain their budgets, this app can help you give each dollar a

purpose in your life.

Money Saving Apps

Want to save more money when you shop? Use these apps to find deals, rewards and spending tips.

Smith’s- If you do your grocery shopping at Smith’s, this app is a necessity! Downloadable on

either iPhone or Android phones, you can get the weekly ads, a list of current coupons and sale

items at the store nearest you, a place to write down your grocery list and more. By connecting

your Fresh Values Rewards Card to your app account, you can load coupons directly onto your

card, check up on your fuel points, and scan your rewards card straight from your phone.

Unsplurge- If you have a goal to save up a specific amount of money, this is a great app that

keeps track of your progress. You set goals for specific things like savings, a shopping spree or

more customized vacations or big life purchases. Create your goal and share it with “the town”

so that others can see your progress and you can cheer them on with their goals too. Available

on iPhone.

Lunchbox- Find Free Food- Want to find free food on campus. This app will keep you updated on

when, where and what kinds of free food is available on campuses all over Utah (BYU-Provo,

BYU-Idaho, Utah State University, Utah Valley University, and, of course, University of Utah).

Available with iPhone or Android phones or online.

Money Making Apps

Need some extra cash? These apps can help you find alternate sources of income to supplement your

budget.

Receipt Hog- If you’re looking for a fun way to use your old receipts, this app is great. Upload

pictures of your receipts in order to earn coins that can then be cashed out or put towards

Amazon gift cards. Available with iPhone or Android.

Poshmark- This app available with either iPhone or Android will help you earn money from the

old clothes hiding in the deep dark corners of your closet. Create an account and then upload

pictures of your unwanted clothing. You can set a price and then other Poshmark users can

submit offers. Choose the best offer and sell your item and within 3 days you will get your

money, guaranteed. You can also use this app to shop for clothing or just get ideas for styles and

what to wear.

Bookscouter- If you want an easy way to find places to sell back your textbook, this app is great.

It is available on iPhone or Android phones, however, the website is a little bit more user

friendly. Just enter your book’s ISBN number and Bookscouter will find the places where you can

sell for the most money.

Control Your Spending

By: Kayleen Chen

Whether you’re considered a saver or spender, you are bound to spend at a point in your life. However, there are many times where it goes out of hand and self control is where it all comes down to for spending. Without self control, we lack a sense of awareness over our actions. If not caught, one could find themselves in difficult situations. Here are some tips on how you can start implementing a life with better self control over finances.

  1. Budgeting

As most financial counselors suggest, budgeting is always a great way to overcome your spending. This being because it puts everything in a better perspective. Doing so could slowly reinforce the individual to be more hesitant when spending because of the hassle to  to write down and recall everything they spent.

  1. Leaving Credit Cards at Home

If using credit cards are your fear, start by leaving them at home and paying with cash. However, over time it would be wise to use credit cards and keep track of what is spent. A tactic I like to suggest is first mastering your debit card. Start by preloading an amount for the month and making a goal to still have some money by the end of the month. If you manage to not go over your starting amount, then you could start slowly implementing that with your credit card.

  1. Understand the psychology of spending

Get in tune with yourself on why you buy. Are you an impulsive buyer because you are feeling stressed, unhappy or anxious to keep up with the Jones’s? Also catch on to how marketers frame their products. For example, things are marked up higher so when there are good sales, it appears to be a good deal. However, a deal isn’t a deal unless you need it!

  1. The 24 hour rule

If you’re feeling impulsive, tell yourself to do the 24 hour rule. This strategy works really well for online shopping. What the rule does is it forces you to give yourself at least 24 hours to think about the item you feel the urge to buy. If the 24 hours pass and you still want to purchase this item then go for it. Of course, you will want to factor in your budget and whether it’s a need or want.

  1. Living under your means

One thing that really helps you control your spending is by pretending you don’t have savings. In other words try to live within how much you have from your paycheck (rather than what you have in general). By doing so, it helps you live within the idea of a smaller amount of finances. Just never view credit cards as another source of income!