How Can Students Save Money in College?20 Nov, 2017 3358
As a student, the most difficult task is to survive a whole month with limited funds. Even the students who are able to find some summer jobs during vacation or a part-time work during semesters struggle to manage their budget. There are different sorts of expenditures when you’re in college like books and transportation which can’t be avoided so the importance of managing everything in a sleek budget becomes all the more necessary. And not to forget birthday parties, gifts, and casual outings with friends!
An easy way to deal with all this is by saving money because the elderly always say ‘A penny saved is a penny earned.’ In this blog, we bring you some simple tricks that will help you in rescuing your drowning monthly budget.
Identify your needs
This is quite a simple trick! All you need to do is just take a plain sheet of paper and write down all your expenditures from smallest to the most costliest ones. Now assess them and check whether all these are necessary or not. Do you actually need to spend on such items or services? Seek expenses that you find dispensable and remove them.
It is essential to note that a big chunk of your budget is spent on food and beverages. Students often prefer to eat outside and especially at some fancy eatery or a restaurant. This is mainly because they find the task of cooking quite tedious. But in order to save money, you should try to cook your meal more often. It will not only save money, but will save your time as well.
As mentioned, transportation is also one of the most significant expenses in your monthly budget. Students who own a car never account for the cost of gas but if you notice, you’ll find that it accumulates to quite a considerable figure at the end of each month. Hence, you should start switching to public transport, or you can also car pool with your friends.
Rent study material
Things like textbooks often go unnoticed while planning budget as they are a necessity which can’t be avoided. But have you ever wondered that they cost more than you think? Study material is the most important commodity for students but you can rent them from stores or go to library if you need to read about something. This will help you with the cost-cutting.
The first rule of fund management is planning, so you need to learn it. In fact it is quite simple! All you need to do is analyze your budget and plan for the expenditures accordingly. This will help you in coming up with simple tricks that can keep your resources for longer. Also, you’ll end up saving quite a substantial amount that can be utilized for good later.
Keep a distance from credit cards
Credit card is the foremost reason behind fund loss. As a student you can easily get a credit card, but you should not because it makes you ignorant of your expenses. Instead of having a look at the price tag, you’ll look to buy it right away as you have to just swipe your card. Sometimes students end with a lot of debt at the end of the college courtesy of credit card abuse. So avoid the usage of credit card if you want to save money.
Hope you learned about the money saving tips after reading this blog.
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