5 Money Saving Tips for Students
It’s a wise decision to figure out how to save money in college. Many people put off studying because they are worried about accruing a lot of debt, but there are certain things you can do to improve your financial situation and lower the amount of debt you accumulate while you are a student.
It is easy to get caught in the rush of things when you are in college. In the midst of studying, part-time jobs, socializing, and extracurricular activities that you have, you are most likely to forget one of the most important things, which is straightening out your finances.
Here are some tips on how you can save money as a student:
Plan ahead
If possible, do this even before you move into your dorm room.
Check if you are eligible for scholarships and other grants before signing up for any form of student loan.
Construct a cash flow. First, where do you expect to get money from? Make a list of your “income”, be it from your parents, your student loan, or your part-time job.
Then forecast your expected monthly or weekly expenses for food, books, etc. Once you have set aside a budget, be strict with yourself and stick to it.
You will never know what unexpected expenses would come your way so it is better to have a downfall for financial emergencies.
Save on food
One of the major expenses that you have as a student which you might have ignored when you were still living with your parents is your food allowance. Avoid eating at fast food outlets, as this is most likely to ruin your budget. Pack your lunch and plan your meals as much as you can.
Take full advantage of student discounts
That ID’s in your wallet are not just for show. Student IDs and memberships in organizations are honored in several establishments that offer discounts.
Also, patronize a certain establishment regularly and you are bound to get bonus cards for being a loyal customer.
Use your cash as much as you can
Since you already have a draft of the items where you will spend your money, it is easier to monitor your cash flow. Avoid using your debit card when you have cash with you. Use your credit cards or write checks only in emergencies. Having debit cards, credit cards, and checks handy might lead you to overspend.
Keep yourself busy
Join clubs according to your field of interest.
Keeping busy will let your mind wander and help you stay away from things that you are likely to spend money on when you get bored. Examples of these are snacks, movie tickets, or game rentals.
You will be surprised at the amount of money that you will actually save by spending less on luxury items, following your budget plan, and saving for financial emergencies that you are most likely to get as a college student.
5 Money Saving Tips for Students
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5 Money Saving Tips for Students
