Whether you are a fresher or a seasoned university student, managing a budget of an academic year would always be tough. But, you need to become smarter about the ways you are spending money. If not, it would be hard for you to get out from the cycle of debt.
Don’t forget to keep in mind that the key to financial success lies in being aware of how you are spending the money. So, here are some valuable Money Saving Tips for Student to build a strong financial foundation while studding.
Create a Budget:
This is one of the most important things a student needs to go for. Opt for listing the monthly income sources including, savings, wages, parental allowance, etc. Then, write down all the estimated expanses of the month. Try to identify the college living expenses in advance for chalking out a budget. For tackling your expanses wisely, you can also think about using an online budget app.
Use Public Transport:
Using a public transport can be a smart idea from a student rather owing a car. To fulfill your shopping needs you can also opt for using a bicycle. Some universities do organize free weekly or monthly trips for shopping malls; always take advantages of such occasions. People moving out of city often donate their bicycles, try to get hold of one such bicycle.
Save Money on Books:
There is no strict rule that a student have to pay a lot of money for getting new text books. A lot of students are opting for buying text books from the used bookstores to harness the extra cost. Students can also post different items they wish to sell on the bulletin boards of their universities. It can actually be a great place for the pupil to buy and sell their textbooks. In addition, many college campuses are now offering the students to avail the opportunity of lending the text books. Conducting a search through online sites might also be helpful as many sites often sell textbooks at a lower price, compared to the market.
Have a Check on your Mobile Bills:
The mobile bill is responsible for giving you some nightmares. Try to find out some effective way to get out of this mess and here they are:
- Opt for picking the most effective plans to meet your needs.
- Pinpoint your average usage for calls, texts and data. Use these details to have a check on your needs.
- Don’t forget to compare the tariff rates before getting a plan.
Take Care with Credit Cards:
If going to college is like stepping in the land of fairy-tales, then credit card companies are the hidden dangers of that dream land. They specifically set their targets on inexperienced freshmen as the new college goers have a little experience about the real world.
Build a clear idea about the pros and cons of different cards and look for those cards, which have points or cash back rewards. Setting a low spending limit is also very essential to build a strong financial foundation.
Learn the Art of Cooking:
Cooking food items by yourself can actually save you a lot of money. While your college canteen will charge less money for providing you with the meals, cooking by yourself will enhance the chances for you to save some dollars. Think about making your own sandwiches to cut down the cost. When it comes to buying fruits and vegetables, shop from the cheap stores rather than from the fancy super markets.
Avoid Unnecessary Expenses:
Avoiding unnecessary expenses is one of the most useful student money saving tips, which you can follow. Try to quit the habit of smoking. In spite of damaging your health, this habit can also drain a lot of money from your monthly budget. If you are living in private accommodation, there is no need for you to pay the council tax. Share the load of laundry with your flatmate instead of spending some extra dollars behind it.
If the distance allows, try to live at home. According to a survey, the students living in their own homes can possibly save around $40,000 over four years. In case, you are going to get an apartment, don’t forget to read the papers before signing. Make sure you know each and every clause of the documents for understanding the hidden costs
College can be expensive, but learning the basics of money management can actually help you to solve the problem easily. Laying the groundwork for smart budgeting and spending habits in college can help the students to handle various responsibilities in the future. With the help of these above mentioned tips, the students would be able to lead a more budget conscious life-style.