Taste of freedom and decision-making first comes to our courtyard when we first step into school or college. Gradually when we promote to senior levels, freedom starts to expand and responsibilities gush in. Studying is a form of long-term investment, of which the return comes years later.
In this period we can hardly expect to earn money instantly, but it costs us thousands of dollars. While we are studying we can't work full time and can’t even bear the economic pressure it brings alone. So becoming smart in spending money and saving it makes us the fittest of the survivors from the very beginning of student life.
If this money in student life isn't spent wisely things could get out of hand and we could end up having a huge debt upon our shoulders. For this, a student has to take all sorts of measures which save money and also saves him from tons of expenses. Here are few proven tactics that are designed to save money for the students:
This is the very first step of taking control of your financial situation. Through this, you put a chip to your earning, pocket money, and spending.
You carefully calculate the amount of money you get or have weekly, monthly, and yearly and estimate your expenses. You can use popular apps from app stores ( Android & IOS) and easily plan your finances.
Creating a boundary or redline on what you can cross and what you can not cross is very crucial. By creating a budget we divide our expenses into groups like rent , books, food, grocery, miscellaneous and other expenses.
Through this, you can solidify your spending limit and plan better for months ahead.After budgeting, you have to be committed to not spending over the limits set.
A major expense occurs in the accommodation which could be easily overlooked without proper attention. It's not about just renting a place and moving in. There are so many costs associated with it.
Crucial factors to consider are rent, distance from campus, transportation cost, transportation alternatives, the time it takes, etc. So this is needless to say a place must be chosen very wisely if you want to cut your expenses at a significant rate.
There are many affordable housing options that could be considered before making a final decision.
Impulsive purchases are one of the key budget killers as these kinds of purchases are really hard to rationalize. And a maximum of the time after impulsive purchases, you just sit alone and regret.
To avoid this you have to be really focused not to make any mistake of this sort. Be committed to pre-set expenses and only spend money if this is absolutely required.
It is very important to limit our desires. We must purchase based on our needs not on our desire or want. Because there is no limit to our desires and wants and we could eventually end up buying what is not necessary for us at all.
So we have to learn to say no to our desires and wants. This is the same in case anyone else is inducing us to spend money unplanned. You strictly say no or logically show that person this can’t be done.
Try focusing on saving costs from wherever you can. Starting from finding the cheapest super shop around you to the cheapest restaurants and laundry.
Here we must consider the quality of the products or services but it doesn't have to be the best of best.
Whenever you are purchasing something, keep your eyes open for coupons , discounts, and other offers .
Most of the shops have regular, occasional, and different types of offers. Try utilizing those. Look for coupons if possible and go for group purchases for a good discount.
Try negotiating the price before almost every purchase. These policies work like magic wands whenever a question comes to cost-saving.
In student life, some of the major expenses are spent on books, electronic devices, gadgets, home appliances, and other things.
Here you can save a huge chunk of money by just buying second-hand things. These second-hand things would serve your interest perfectly by saving a ton of money.
Social gatherings, hangouts, etc. are cool stuff that no one considers missing out on. But to save money you have to save yourself from expensive gatherings.
Be a less frequent face in these kinds of gatherings. This will lose you nothing. If this can't be done, try taking your groups to a cheaper place instead and hang out there.
Do not carry along things that you don't need. Starting from old books , furniture to devices.
Sell whatever you have which doesn’t benefit you now and won’t do in the future.
Spending in cash and spending on credit cards might look the same to you but both have completely different characteristics. Spending by credit cards will make you spend like a fountain if you do not know the controlled usage of credit cards.
So it is better not to take the risk . Instead, go for cash or general cards.Combining all the above-mentioned ideas and tips with a bulletproof plan, make it a smart journey with your sheer willpower and determination.
With the right set of mind and proper planning, you can save yourself from additional spendings and pointless regrets. Saving money as a student does not only help you as a means of saving money, it also gives you the power to spend when it needs to be spent or in emergencies.
You will surely find the difference resulting from saving money when you will see your friends under huge debts and you are roaming freely with no burden on your shoulder.
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