College students are always short on funds. We know that very well. After all, we did experience the same when we were in college; didn’t we?
Well, not exactly all of us to be honest. There was the odd one out here and there whose dad was a multimillionaire; a reason for which s/he came to the college in an Audi and could actually spend money at his/her will. But let’s hold that discussion at bay for now and get back to our topic first.
In this article, we will be talking about a few practical money saving tips for students in general. So if you are a student who’s always short on funds for exactly no reason whatsoever, it might do you good to check these out. It will take you only a few minutes.
- Find out your expenses first
Where are you spending your money? Do you even know it well?
The first thing that you should do is to trace your expenses first. Your saving plan would then take shape on basis of that information.
- Chalk out a budget
You have to chalk out a reasonable budget based on your monthly pocket money/income and develop a mindset to stay within it whatever the circumstances (unless it’s something emergency).
- You are a student; live like it
The advice is not to spend money extravagantly on anything you like.
You are a college student. So live like one. Remember that you don’t have the luxury to spend money extravagantly on any stuff you like unless you enter into the professional world and earn yourself a healthy income. So adjust accordingly.
- Abusing credit cards is a big no-no
Credit is a killer if you misuse the same for no reason whatsoever.
So always be responsible particularly when credit cards are concerned. Use it only when you are ABSOLUTELY sure that you will be able to shrug off the credit in the upcoming month. Small practices like that can go a long way indeed.
- Open a savings account
A simple practice of opening a savings account in a bank of your choice can save you a whole lot of money.
Yep, savings might look impossible at the start but don’t lose heart. Anything’s possible; remember? Start from the very basic level even if it’s only £5 a month. You will see that you will be able to improve on the same in no time.
- Keep records safe
You might need to refer to certain financial documents to get some refunds from different authorities.
So always keep your financial documents safe and these include the likes of loan documents, receipts, and various other bank statements. You never know when you might need to refer to them for any reason whatsoever.
- Stop impulse buying
Impulse buying is one of the main reasons for excessive expenditure. You have to stop this practice at all possible cost. Or you will never be able to keep your money in your grasp.
Don’t believe in theories like “Spend the money and save the rest.” Instead, believe in things like “Save the money and spend the rest.” This practice can go a long way indeed.
- Don’t be ashamed to show off your student status
Your student status can save you a lot of money if you are able to use it tactfully to your benefits.
Lots of important places like restaurants, movie theaters etc. give discounts simply for being a student. So why don’t you milk your status to take advantage of the same especially when funds are short for you? Don’t be ashamed to do that. You’ll be doing nothing wrong.
- A part-time job can come in handy for you
If you are able to manage your studies well within your deadlines, you can sign yourself up for a part-time job. The extra cash can definitely come in handy for you.
- Don’t hesitate to go for “used” items purchase
Several online marketplaces make it possible for us to find used goods in our locality in seconds rather than hours.
Don’t hesitate to go for the same especially when the concerned items include things like books, stationery goods, and a few basic electronics. It can also save you bucket loads of money if you are able to detect a gem in lot.
So that’s it then. It’s time I bring this article to a close for now. Hope you found these tips handy enough for your purpose. Adieu!