One of the key strategies in money saving is to have a record of your expenses. It is very much an essential step to maintain a weekly track of your expenditure. This will guide you on your savings plan.
Opting between Wine and Beer solely depends on the cost during your student phase. Spending that extra dollar on a Wine glass seems like a hill to climb on. Every penny counts in this phase of life. But money savings feels like a never-ending option. Looking at the price before you order is a regular habit.
Do you keep staring at the cost of your favourite chocolate brownie and just walk away seeing the range of dollars you might end up spending. Don’t get embarrassed! Money saving doesn’t need an algorithm or a formula, with some knacks & hacks you can save too!
Is there any motto on how to save money? Does it mean cutting off all your favourite things? No more brownie or Wine??? Student life is the most fun part of everyone’s life and is to be cherished well. But saving money in this phase would make you stronger and more responsible.
There is only one motto for saving money, “Spend where necessary!”.
It doesn’t mean that you should become stingy about spending money everywhere or opt for a cheaper lifestyle.
Tricks & Tips!
Here are some interesting personal finance tips on how to save money for students:
Re-use: The first and foremost rule that applies to money saving knacks is to re-use the every possible stuff. Look for options wherever you can get a used product or options to rent stuffs before you opt for a new one such as books, printers or even cell phones.
Things to buy list: Make a list of the things you need to buy before you walk into the market. This will save you from impulse buying. A list will keep you focussed on the required things so that you don’t waste your time and money on unwanted stuffs.
Make & bake at home: Once you make a record of how many pennies you spend on restaurants every month, you will realize how much you can save by just reducing the number of visits to a restaurant.Try to explore making simple dishes at home, this way you can eat healthy and save a good amount at the end of the month. Pick what is fresh and seasonal so that you can save some extra pennies.
Sharing is Good: Most college students prefer to live in a shared apartment or with roommates. This way you can learn to share and mingle with different people. Also, it will help you to save money by sharing the rent. You can make new friends and cut cost. You can even do shopping with your room mates and share the bills.
Hungry? Say no to shopping: A thumb rule to follow, ‘Never go for grocery shopping when your tummy is dancing to its tunes’.You might end up buying anything that comes first at your sight instead of what you really wanted to buy.
Walk More: Walking is a very good exercise. If your destination is just few kilometres away, then prefer walking over taxi. Instead of riding your car or bike, opt for public transport. Walking will keep you fit and save money as well. Public transports are far more cheap and convenient.
No smoking or drinking: There is very thin line between getting addicted to smoking or drinking if do it regularly.At this phase of life, all these habits feel like a cool trend but it’s not.Its’s better to cut out vices as it is unhealthy and expensive as well.
Pay on time: A good habit to cultivate at this age is paying off rents; bills etc. on time.This will help you from the extra charges for the late pay. It will keep you organized on the expenses and savings.
Choose the right package: It is essential to be clear on phone and cable packages before selecting one. Pay for the channels which you see rather than wasting money on unwanted channels. Look for phone packages that offer cheap rates on calls and SMS.
Eat right: Before just ordering anything at a restaurant and waste it. Order what you want to eat and which fits your budget.
Discounts & Offers: Look for options where you can get a student discount and special offer exclusively for students.This can help you save some money.If you are keen on joining a gym, then look for the places which offer special membership for students at a less expensive rate.
Student life is full of fun but is a good age to explore and become responsible. Money saving can teach you to face unexpected twists and turns. Hope the finance tips shared showed a path to start money saving.
About the writer: Jennifer Cooper is a personal finance blogger who write at pro finance tips covering everything about personal finance management and frugal living. When she is not writing, you can find her cooking and travelling.