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As someone who has already pulled out student loans, I am very unsure if I will even be able to pay off my loan debt in 4 years. I intend on working most of my time off of school at Starbucks, where I currently make 12/hr but will be upped to 15/hr this summer. 50% of my paycheck will be put into my checking account, 30% directly into my bank account where my loan is being withdrawn from, and the rest (20%) into my savings to put towards any kind of emergency expenses. This 50/30/20 rule was taught to me by my dad, and so far it has gone very well regarding my payments towards my loans. Currently, I don't have any scholarships I intend on applying for, but my dad suggested I look for simple scholarships, such as the "left handed scholarship" he half-jokingly suggested to me prior to this fall semester, and I regret not applying for more scholarships than I did. Next term for sure I will make sure I do my research and find plenty of scholarships to apply for in the hopes I receive even the smallest amount of funding. However, I am very lucky to have a college fund set up for me from my grandparents with about $5,000 in it I have only been putting towards necessary things for school, such as books and other school supplies. This has helped keep me from cutting money directly from my pocket change and put more towards repaying my debt.

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My dad, being as he is one of the most financially stable people in my life, has given me a lot of tips and tricks as to how to keep my credit looking good even before I turned 18. When I was 16, almost 17, he opened an AMEX account under my name and gave me a credit card of my own only to use for authorized purchases from him, such as a trip to the grocery store or on an oil change. These charges are linked directly to a bank account of his own, that automatically withdraws enough money to pay back the amount due on the card so that no interest accumulates. This gives me credit history, the ongoing documentation of an individual's repayment of their debts. This credit history shows that I have been responsible with my credit, giving me a good credit score, that I can use to persuade banks into giving me future loans and etc.

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Speaking of loans, I just recently took out another loan besides my student loan to buy a car. This car is a used 2013 Chevy Malibu, and it was about $8,000. Obviously, I don't have this kind of money, so my dad cosigned on a loan with me to get this car and even that can contribute towards my credit score. This loan is similar to my AMEX situation; a separate bank account was opened dedicated solely to automatically repaying the loan. Every paycheck, I put my usual 30% into my account and let the payment go through on it's own. As a partial birthday gift, my dad is also putting money into this account to ensure I meet the full amount that's taken out each month. My first payment on this car besides the down payment actually withdraws in a week, and if I wasn't taking all the necessary steps to ensuring I had the money I would be suffering from the negative consequences, not only due to interest but my credit score would drop too. Credit scores are mainly determined through payment history. Payment history is the most important ingredient in credit scoring and even one missed payment can have a massive negative impact on my score. That's why it's very important I stay on top of my payments and ensure I don't let the loan sharks drown me. More information regarding car loans and their effect on your credit score given from Bank of America themselves can be found in the link attached if you are looking into taking out a loan of your own!

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Purchasing a car typically means taking out a car loan. If you're in the market for a new vehicle, you've probably spent a lot of time researching car options, but do you have a good understanding of how car loans work? When you take out a car loan from a financial institution, you receive your money in a lump sum, then pay it back (plus interest) over time. How much you borrow, how much time you take to pay it back and your interest rate all affect the size of your monthly payment. Here are the 3 major factors that affect both your monthly payment and the total amount you'll pay on your loan:

1. The loan amount. It can be significantly less than the value of the car, depending on whether you have a trade-in vehicle and/or making a down payment.

2. The annual percentage rate. Usually referred to as the APR, this is the effective interest rate you pay on your loan.

3. The loan term. This is the amount of time you have to pay back the loan, typically 36-72 months.

A lower monthly payment always sounds good, but it's important to look at the bigger financial picture: That lower payment could also mean you're paying more for your car over the life of the loan. Let's see how adjusting each of the 3 factors can affect your monthly payment:

A lower loan amount. Let's say you're considering a $25,000 car loan, but you make a $2,000 down payment or negotiate the price of the car down by $2,000. Your loan amount becomes $23,000, which saves you $44.27 per month (assuming a 3.00% APR and a 4-year term).

A lower APR. Consider that same $25,000 car loan and let's assume a 4-year term. One financial institution offers a 3.00% APR and another offers a 2.00% APR. Taking the lower APR will save you $10.98 per month.

A longer loan term. Extending a $25,000 loan from 4 years to 5 years (assuming a 3.00% APR) lowers your monthly payment by $104.14, but, you'll end up paying $391.85 more in interest charges over the life of the loan.

One of the most important things to understand about how auto loans work is the relationship between the loan term and the interest you pay. A longer loan term can dramatically lower your monthly payment, but it also means you pay more in interest.

Consider a $25,000 car loan at a 3.00% APR and a 48-month term. Over 4 years of payments, you'll pay $1,561 in total interest on the loan. If you extend that same loan to a 60-month term (or 5 years), you'll lower your monthly payment by $104-but you'll increase the total interest you'll pay from $1,561 to $1,953.

There isn't any one-size-fits-all way to determine the best car loan. That's why you need to take the time to understand how auto loans work and make the right decision for your specific financial situation.

Some people will benefit most by taking a longer term to reduce monthly payments and using the difference to pay down higher-interest debt. Others will prefer to make a higher monthly payment and pay off the loan sooner.

And if you have an existing car loan, you may be able to save by refinancing. Try our refinancing calculator to find out if you can lower your monthly payment by refinancing.

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Purchasing a car typically means taking out a car loan. If you're in the market for a new vehicle, you've probably spent a lot of time researching car options, but do you have a good understanding of how car loans work?

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Besides my 50/30/20 budgeting tactic, I haven't attempted any other budgeting strategies. I've never been good with my money; once it's in the spending account, I don't hesitate to spend it. However, after some research on ways to budget for beginners, I have found a few different things I plan on taking for a spin to see if it helps me with my "burning a hole in my pocket" problem.

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This simple yet effective method I discovered ties directly into budgeting: filling out a budgeting worksheet! A budgeting worksheet is one of the easiest ways to document how much money you have coming in vs how much you're spending. To fill one out, start by listing your monthly income, including what you’re earning from your job, financial aid, and scholarships. Then, begin to list your expenses based on your spending log, which you can find easily on most banking apps. Consider separating your expenses into categories like housing, food, entertainment, education, etc. to gain a better understanding of where exactly your money is going, and if one category seems unusually higher than the rest, maybe consider cutting down expenses in that field. You can find budgeting worksheets anywhere with a simple google search, but for those who prefer to look at diagrams rather than raw data you can put all your information directly into this website I attached and it will do all the sectioning and organizing for you! By laying out all your costs vs your income, you are able to analyze how much you're /actually/ spending, and for many, the amount they've been spending monthly is quite shocking. Save yourself the shock and start budgeting ASAP!

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Use this budget worksheet to get control of your monthly living expenses.

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Saving money, similar to budgeting, is very difficult for most college students, given that college provides a lot of freedoms when it comes to financial standing. However, it truly isn't as hard as many students are convinced it is to save money here and there. Feel free to take note of a few tips I discovered!

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While it may not really seem like a "strategy", carrying cash instead of card may actually be the solution to my spending problem. By carrying large bills, people are less likely to spend them because they don't want to break it, and carrying change can get annoying. Not only does it slow down spending, carrying cash and having to count it regularly can help those with a poor understanding of digital money to understand just how much they're REALLY spending when they have to cough up 2 Jackson bills at the movies. It can really open your eye on how much you're actually putting out, and maybe even convince you to conserve a little more than you usually would. A journalist from Business Insider took up the challenge and she said that it changed her life; inspired, I hit an ATM today on the way back from home today and I hope it goes well for me! Check out her article here:
I Tried the Cash-Only Diet for 2 Weeks - Business Insider

https://www.businessinsider.com › Personal Finance

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For as much as we pay for our tuition, we as students are definitely entitled to a few discounts here and there. However, many students are unaware of what their student status can get them. Upon my discovery of the app HONEY, my life was definitely changed for the better. This app instantly applies any known discounts to your online purchases, and by adding a bit of personal information regarding your student ID, HONEY can also automatically apply any known student discounts to your order to get you the best deals available, saving you money in the long run! I have only used HONEY a handful of times, but the few times I have it has proven to be very useful, including a 20% off & free shipping deal on a $100 amazon order. That just saved me enough money for a full tank of gas! With HONEY, I feel that it's very easy for any college student to take advantage of their offers and save money on nearly any online purchase. A link to the HONEY website has been added for anyone curious!

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While this may seem like a stupidly simple trick everyone knows, not everyone actually does it. Grocery stores like Meijer, Kroger, and Target are all notorious for having rather steep prices for necessary items; DON'T OVERPAY!! Consider going a few extra miles to find your nearest dollar store, where everything is, you guessed it, a dollar. Yes, the cereal may not be name brand, but the usual $4 you've been paying for Lucky Charms gets cut down to a measly, you know it, $1 when you buy "Marshmallows and Stars" instead at your local dollar tree.  With how often college students eat, saving a few bucks here and there by hitting up off brand things can really benefit you in the long run. The extra money you save can be put towards your student debt, loans, or if you prefer, additional pocket change. Who can't say no to $1 deals? Read a bit further up on how much the dollar store can REALLY save you according to a couple who are also looking to repay debt here: https://livinglowkey.com/dollar-tree-store/

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You just can't beat that!

On top of their excellent prices, at the Dollar Tree store, you can use coupons. Yes, you can score awesome deals making items even less than a dollar.

I hope you're as excited as I am about this! Oh, and did I mention they have free in-store shipping!

How to Save Even More Money at the Dollar Tree Store

Use Coupons to Get the Best Deals

They do weekly coupons! You can score my favorite items for less than a dollar, and so can you!!

So if you're not into couponing.. you should start!

Check out The Krazy Coupon Lady for weekly coupon deals. Not only can you view this week's coupons, but she also lets you know what awesome deals they're having in-store.

Make sure to check out what deals are going on before you head to the nearest Dollar Tree.

If you haven't been to a Dollar Tree recently, you're going to be surprised when you find out they carry name brand items!

The same name brand items you pay several dollars for at any other store you can find at the Dollar Tree, for a dollar... so why not shop there?

We talk a lot about budgeting here at Living Low Key. Shopping at the Dollar Tree is our go-to way to stay within our budget when we have to buy everyday essentials.

Make sure to check out this article 50 Best Things to Buy at the Dollar Tree and What to Avoid.

If you find yourself struggling to stick to your budget, click the button below to learn more about our FREE Budget Binder that's already helping over 10,000 other people manage their money!

Related articles:

Use Ibotta to Get Cash Back While Shopping

What if I told you that I could save you even more money shopping at the Dollar Tree.

This app is so easy to use and will help you save money when you go shopping.

I use it when I shop at all my favorite qualifying stores like Target, Dollar Tree, Cub Foods, Safeway, Amazon and many more.

It works like this- Before you run to the store, glance through the list of items on Ibotta, and choose the offers for the items, you are going to buy.

Some stores offer you free cashback through the Ibotta app just for shopping at there store. When you get home from shopping, scan your receipt, and they'll deposit the cash into your account.

The other day I bought Plum Organic Toddler Bars for $3.59, and when I got home, I scanned my receipt into Ibotta and got $1.20 back. I literally got 30% of my money back, off one item!

How cool is that, and it's really that simple!

Sign up using our unique link, you'll get a free $10 welcome bonus! Or check out our Ibotta review here!

>> We've saved almost $400 using the Ibotta app!

Need somewhere to save all this newfound money you're saving by shopping at The Dollar Tree??

Through your money in High-Interest Savings Account from our bank of choice, CIT BANK. With an interest rate of up to 1.75%, they have industry-leading interest rates on their savings account. We use this bank ourselves and recommend them to everyone! =)

Shop At The Dollar Tree Store Online

The Dollar Tree has stepped their game up over the years. Now you can shop from the comfort of your home! So if you are all about that online shopping, you can still shop there.

Better yet, you can use Rakuten, an online shopping site, to save even more at the Dollar Tree. When you shop your favorite stores online such as The Dollar Tree, Target, Amazon, and Walmart, Rakuten will pay you a commission just by shopping through their website.

Rakuten is so easy to use and even easier to SAVE!

Make sure you sign up for Rakuten today so you can save BIG when you are doing your shopping online at the Dollar Tree.

For more information on Rakuten, go check out our review here.

And don't forget, the Dollar Tree offers free in-store shipping. You can shop online and have your order shipped to a Dollar Tree near you for FREE.
Want even more ways to save when you shop online?? You get a FREE $5 bonus just for linking your check card to the app! . It monitors your emailed receipts from online purchases, and if it sees a price drop after you buy something, it automatically gets that money back for you!
How to Save Money on Special Occasions

Their gift bags are the same quality as Target or any other store. They also have such a big selection. They even have the cute little bags for gifting a bottle of wine or the giant bags when gifting a large gift... All for $1!!

This place is "heaven" when Christmas rolls around.

They also have a large selection of cards. I've been able to find a card for every occasion. I will never pay $5 for a card again. If you keep your eye out for their half-off coupons, you can score four cards for a $1 on the buy one get one deal days.

You can't beat that price! So stock up.

The Go-To Place For Cheap Arts And Crafts Supplies

Have you seen the arts and crafts supplies at the Dollar Tree?? It's like heaven for a kids that love crafts!

We love going there to find cheap arts and crafts supplies for our kids projects.

We made some super cute unicorn rings and you can get everything you need at the Dollar Tree!!

For more craft ideas, check out Kidz Craft Corner.

Birthday Presents for Kids

Until I started shopping at the Dollar Tree that is! The Dollar Tree has so many kid-friendly gifts it's outrageous. So stop spending $20-$40 dollars on a gift that will only be played with for a few days.

This way, you can give a child 4-5 gifts, which will only cost you $4-5, but to that kid, they'll think they hit that jackpot. After all, none of their other family members bought them 4-5 gifts. =)

Gifts you can find:

The list is really never ending!! The Dollar Tree has so much to offer.

Must-Have Cleaning Supplies

We all clean.. I clean a lot! Like borderline, crazy cleaning lady.

The Sponge- Who doesn't use sponges? Whether it's for washing dishes or to clean your bathroom. This item is a necessity! Without a coupon, you can get three sponges for $1. The same pack of sponges sold at Walmart or Target goes for $3-$4. So next time you're the Dollar Tree, don't forget to pick up some sponges.

Dish Soap- Another great buy is their Palmolive dish soap. I see coupons for half off every once in a while too. Keep your eyes peeled for a great deal.

Scrub Brush- I use scrub brushes for everything! I use them for things like cleaning food off my plates before I put them in the dishwasher or for scrubbing my shower. I even have one for cleaning the inside of our water bottles.

These are the same scrub brushes that cost an arm and a leg at any other store. So if you are a scrub brush freak like me and you want to save money, don't buy them any place but the Dollar Tree.

Do you remember how I mentioned that the Dollar Tree carries name brand items? Well, I made a list of a few name brands that always catch my eye, just for you!

Best brands I've seen:

What are your favorite cleaning gadgets? I bet the Dollar Tree has got you covered.

Useful Life-Saving Kitchen Essentials

Ziplock baggies, kitchen utensils, and tin foil pans! Need I say more?

Ziplock baggies can cost a fortune depending on where you buy them.. well, not at the Dollar Tree! I also love using their aluminum foil pans around the Holidays and during cookouts.

Best brands I've seen:

Surprisingly, the Dollar Tree store has a lot of name brand items to help you maintain your vehicle. I hosted a co-ed baby shower this past summer, and I threw together some great vehicle essentials in a Dollar Tree bucket to use as a door prize.

Let's just say it was the most loved door prize at the baby shower!

Here are my favorite items you can find:

The list is endless so check out what they have.

Seasonal Decorations That You Will Love

Need I say more?

There you have it, my top secrets for saving money on everyday items at The Dollar Tree.

Happy shopping!

What are your go-to items at the Dollar Tree Store? Let us know in the comments below.

If you enjoyed this post, save it for later and join us on Pinterest!

Related resources that will help you save money:

< How To Stop Spending Money On Unnecessary Things You Don't Need

< 20 Things I Simply Stopped Buying To Save Money

< 50 Genius Frugal Living Tips You Should Adopt To Save Money

[disclosure]

Our Favorite Resources

Ibotta: This is by far my favorite app to get cash back when I shop in stores or online. Whether I'm buying groceries or going to Target or the Dollar Tree for essentials, Ibotta has great deals that you need to take advantage of! When you signup with our link you'll get a $10 welcome bonus.

CIT Bank: Looking for a great place to keep your money safe, look no further. Money Market Accounts. They also have some really great high-interest savings accounts you'll love! Learn More About CIT Bank Here:

Acorns: This is a fantastic money-saving app! Apps like Acorns make saving and investing super simple! Once connected to your debit or check card, it rounds all your purchases up and takes the extra change and puts it into investment accounts. It's a great way to help you start building your emergency fund! Give Acorns a try!

Rakuten: If you do any shopping online you need to check out Rakuten. Much like Ibotta, will give you cash back when you shop online at your favorite stores. They partner with over 150 stores so you'll be sure to find a store you love. Cashback amounts range from 1% up to 15% or more. When you sign up using our link you'll get a $10 welcome bonus on your first purchase of $25 or more.

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Why The Dollar Tree Store Needs To Be Your One-Stop For Essentials

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Want to know how to save money when shopping? Go shopping at the Dollar Tree Store. Whether you are shopping online or in the store, Dollar Tree will save you money. With everything only $1, you're sure to find some hot deals and great bargains. Don't miss out, find a Dollar Tree near you.

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Every once in a while, I get asked to round up my purchase to donate the extra change towards whichever cause they're funding; but what if that cause could be your pocket? Although there are an array of different apps you could choose from, my personal favorite is Acorns. Essentially, Acorns links right into your bank account and rounds up all-yes, all-purchases to the nearest dollar amount. This loose change that Acorns picks up, they will drop right into your savings, boom! Instantly! Overtime, this loose pocket change will build into a hearty savings you can put towards whatever your heart desires. I have been using Acorns for as long as I can remember and I currently have almost $500 saved up from my recent years of use. I feel that many students are unaware that apps like this exist, and that so many could save so much by dedicating a few minutes towards a quick download, sign up, and account link. Want to try it for yourself? Check the link attached for more information!

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Along with your investment account, you get an easy, automated retirement account, banking that saves and invests for you, bonus investments when you shop with thousands of brands and unique ways to grow your knowledge.

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Acorns - Invest, Earn, Grow, Spend, Later | Acorns

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Along with your investment account, you get an easy, automated retirement account, banking that saves and invests for you, bonus investments when you shop with thousands of brands and unique ways to grow your knowledge.

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While having a regular savings account is great, I feel that students should consider dedicating a second account only for emergency use, such as the loss of a car or home. When I crashed my car, the savings I had built over nearly 2 years wasn't even remotely near as much as I needed to get my hands on a reliable car. If I had started building up an emergency fund beforehand, however, I probably could've saved myself a lot of hours at Starbucks to make up for the money I needed. While the size of your emergency fund will vary depending on your monthly costs, income, and lifestyle, the general rule of thumb is to try to put away around 3-6 months worth of expenses. While this may seem like a lot of money, it is definitely not difficult to accumulate. Setting aside this additional fund is simple and easy, and by connecting Acorns specifically to this fund, you don't even have to think twice about putting money into this account. Your built up "Acorns" can serve as your additional "just in case" savings to ensure you have a bit of a financial cushion under you just in case things are swept under the rug for you. Once you reach your savings goal, you can keep this money tucked away permanently until you really truly need it. I was never expecting to need a new car within the next few years, so naturally, I had no savings ready for one, but with this strategy I definitely would have been 10x better off than I was.

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As a chronically horrible spender, budgeting, saving, and managing my money has never been my forte. However, thanks to my dad, I have been able to pick up on easy ways to ensure my financial stability. From credit cards to loans to even way-back-when allowances, my dad has always made a conscious effort to educate my brother and I on the importance of staying on top of our spending and ensuring that we know how to ration our money so one day, when we become functioning adults, that we weren’t struggling to understand today’s era of finance.

Paying for college is something not even my dad was good at, since he’s still paying back his debt on his masters, but his guidance helped me understand just exactly how insanely much I would be spending on my education, and how I should go about repaying it. Although it wasn’t his plan, we ended up taking out loans this year for my tuition but between me working and my grandparent’s influence, I will be able to combat interest rates and at least begin to make payments on the loan. This way, I can ensure this debt doesn’t haunt me until I die, nor grow exponentially over the course of a few years thanks to insanely steep interest rates.

Credit was something I had been explained to several times about by both of my parents as they had made several poor financial choices regarding overuse of credit and lack of funds to repay debts on time. Because of their misfortunes, they were extra careful about making sure my brother and I both understood how credit /really/ works, and that it’s not as simple as buy now and pay back later, since that’s what many, especially uneducated college students, think having a credit card is. Being able to feel confident in my current credit score and maintaining regular payments on my card is fantastic and I definitely would have no idea what I’m doing without the help of my parents.

I was not taught much on budgeting, however. This area was where I struggled the most to come up with sections for the padlet. I really didn’t know what the differences were between savings and budgeting at first, but after a little help from the internet I think I have a solid grasp on the two and how I can include both into my college spending lifestyle. My dad told me the 50/30/20 rule, and while I didn’t abide by it for the longest time, it’s actually been one of the most useful financial decisions I’ve made that’s kept my pockets a little less empty.

All in all, looking back on this project and rereading my research really does surprise me how easy it can be to organize your finances and begin thinking ahead regarding loans, credit, and etc. These tips and tricks are definitely going to benefit me in the long run, and I hope that any student who may stumble upon my padlet can also recognize good financial decisions and encourage them to start making some changes to their spending.