Setting your budget goals, and managing money are two very essential things that a majority of college students ignore. These are the important components that make studying in college affordable. A student who follows a budget, limits expenses, and invests income into savings, has to worry less about the financial crisis. Those who follow this practice right from the start of college can create good financial backing that supports them even after graduation. We have compiled an extensive list of all those areas where a student can save and manage money.
The first step towards managing money is to make a monthly budget and stick to it throughout the month. To prepare the budget, you will need to consider all the things that you need every month. Set aside money for fixed expenses such as food, transportation cost, cellphone bill etc., and discretionary expenses such as shopping, partying, gifting etc. Make your best effort to not let your expense cross the budget.
Be prepared for contingencies. If you are away from your family, then it becomes very important to keep aside a certain amount of money to meet any crisis. Instead of relying on your friends, you should create an emergency fund on your own. Save money by making small adjustments in your daily life such as reducing the frequency of watching movies, going to restaurants etc.
Opt for shared commutation
Instead of travelling alone in public transportation, opt for ride-sharing services. You can find several options such as cabs, Lyft, Uber, etc. that help you share costs and reduce your transportation expense.
Buy Used textbooks. There is a lot of expense incurred on textbooks. It is one of the major areas of expenditure when studying in college. Used books are a cost-effective solution to new textbooks. If you look at the price of books, you will find used ones are available at half price than that of new textbooks. So, by buying used books, you can save several hundred dollars. However, when you are buying a used book, you should check the edition and date of publication to ensure you get the same information as stated by your professor.
Invest in a coffeemaker
This might look like an expense at first, but it can save you from the daily expenses of buying expensive lattes and espressos. These expenses can become huge when you consider a period of three or four years. A coffeemaker is a one-time purchase and can help you cut back on regular costs.
Participate In Events That Offer Free Food And Beverages
Colleges keep on conducting various on-campus events that provide free of cost food and beverages. Students can benefit from these services.
Avail Student discounts
Companies like Apple, Dell, and e-commerce stores like Amazon offer substantial discounts to students on various purchases and subscriptions. A student should learn about these services and their discount offers to save money.
Be Wise when shopping at the grocery store
Always make a list of grocery items before you visit a grocery store. Another tip is to never go to the store when you are hungry. Both these tips will prevent you from buying random things. Buy store-brand items as they are cheaper than other branded items.
Choose debit over credit cards
For all your purchases, you should use either cash or a debit card in place of a credit card. This way, you will prevent yourself from going beyond your budget.
Do not waste your precious money on leisurely services. Choose free services, overpaid versions. Spotify Premium, Apple Music etc. are some of the free services to choose from. If you need a paid service, consider sharing your membership with family or friends to reduce costs.
Buy the right credit card
A credit card is a need nowadays. It helps to meet the sudden financial contingencies that can arise at any point in life. Some banks and financial institutions offer credit cards with no yearly fee. Compare different cards to choose the one that offers you the lowest rate of interest. Make timely payments on the card, to avoid penalties.
Refrain from alcohol, and smoking
A lot of students waste a lot of their valuable money on indulging in unhealthy pleasures such as alcohol and smoking. It is best to avoid going to bars. Organize a party at home or any place around campus during happy hours. Both these ways will help you save loads of money.
Select The Right Savings Account:
Banks provide special accounts for students that comes with the zero-balance facility. These accounts do not come with any requirement to maintain a specific minimum balance in your account. Also, there are a few more facilities granted to a student such as free demand drafts facility to pay for exam fees.
Some banks also offer free help to students to send applications to universities abroad, and educational loans at concessional rates. Become aware of the discounted schemes and offers made specifically for students.
Go For A Prepaid Plan
Prepaid plans are the best way to keep your mobile expense within limits. Based on your usage such as data, voice calls, etc. you can design the most cost-effective prepaid plan for yourself.
Use Free ATMs:
It is free to withdraw money from an ATM five times a month. If you want to use ATM after this limit, you will need to pay specific charges per withdrawal. So, another tip to save money is to avoid withdrawals from ATMs that fall outside the surcharge-free network.
Search For Online Discount Deals:
Before you plan to buy any product or any service, take some time out to browse through the net. Nowadays, several discount websites offer a heavy discount on a large variety of services or products. These include restaurants, multiplex movie tickets, gyms, apparel, spas, and more.
Cash crunch, shortage of funds, etc. are some of the things that a college student face. This happens due to a lack of proper money management. When you develop healthy financial habits in your starting phase of college, it will help you throughout your life. The above ways will assist a student to manage money and stick to their budget.
By seeking a balance between requirements and desires, students can enjoy a happy college life with friends without blowing their budgets.Order Now