By Emily Driscoll

FOXBusiness

To kids, an allowance is usually a luxury to which they are oblivious. Sure, you might have had to do some chores around the house when you were younger, but it was always nice if you got a handout once and a while from Mom and Dad. When you get older and have a job, you have more money than you used to get for taking out the garbage, but somehow it seems like you have less.

Why is that? Because when you were a kid you didn’t drive a car, have rent due on the first of the month, or have to pay for a ridiculously priced text book. Life seemed so much easier then. But you’d be surprised at how much money you can actually save in the long run by simply tweaking the little things.

First, assess your situation. Account for where all your money is going by recording everything you spend.

“To track your cash, you should write down in a notebook whatever you spend cash on in a week,” said Laurie Knowles, director of education at OnTrack Financial Education and Counseling. “If you make a budget, it’s easy to start plugging holes and find out where to begin.”

To create a budget, you can use a spreadsheet which allows you to see it all laid out. If charts aren’t really your thing, Web sites such as www.mint.com and www.wesabe.com help you track your expenses online. There you can access all transactions and balances for your credit cards, student loans, checking account, savings and more. Even your smartphone can be used to keep up with your budget.

When you know how much money is left over from your expenses, you need to make a point to take care of numero uno.

“Paying yourself is a really good habit for a student,” said David Alecock, vice president of InCharge Debt Solutions. “Interest is the 8^th wonder of the world; it works for you in savings and it works against you if you let your credit card debt rack up.”

If money is really tight, don’t overextend yourself. You don’t want to skip saving altogether if you hit a financial rough patch, but instead save rationally.

“If you’re trying to save $100 per month when you can really afford to save $25 per month, be realistic and save $25 per month,” said Reyna Gobel, author of Graduation Debt: How to Manage Student Loans and Live Your Life. “You won’t feel burdened by your savings and will accumulate $300 by the end of the year plus interest.”

If you are in debt, whether it’s because of credit cards or student loans, do not miss any payments in order to put the money toward savings. In the end the interest added to the balances will eat up the money you put away, plus some extra. If you have to save a little less one month, so be it. Just be certain to “repay” yourself in the near future when you’re in a better position to do so.

“You want to make sure you’re not slipping deeper into trouble,” said Knowles. “Holding the line, not adding to your debt and making the minimum payments on required debts are very important.”

When shelling out big bucks for things like housing and education, the idea of saving can be the farthest thing from your mind. Keep it at the forefront—you can shave off extras if you ask the right questions.

“If you’re feeling really adventurous, call your leasing office and negotiate your rent based on specials advertised for new residents,” said Gobel. “You can also dial up your student loan company to find out about alternate payment plans.”

Another way to add to the amount of cash you can put toward savings: tighten your belt, while finding cheaper ways to still have fun. Limit your discretionary spending, or the money you use for things that aren’t essential. Instead of going out to dinner with overpriced food and drinks, have a couple friends throw you a few dollars and make dinner at home for a fraction of the cost. Bring your old clothes to a thrift or consignment shop and trade them in for new ones. Have friends over for free entertainment instead of going out to a loud, trendy club.

You can shave a little off necessities as well; Gobel suggested cutting down on your electric bill by keeping most of your lights and ceiling fans off and comparing auto insurance rates to see if you can get a cheaper quote.

Get creative, there are a lot of simple ways to cut down on spending.

No matter what your major is, you can always learn something from looking at your personal spending and saving habits. Saving money on a budget is like staying in shape and exercising—it requires discipline. Remember that you are mostly in control of your situation and by applying basic techniques, you can become saving savvy.

“A lot of folks have not learned about financial literacy and they have to learn the hard way,” said Alecock. “You may be getting A’s and B’s in school—you should be getting an A in personal finance as well.”