Saving money is a very essential habit. If taught from the right age, it can be a life-changing habit. Whether a student earns or not, he can still save money and be ready for an unpredictable future.
Money-saving can be tricky for students as there are so many attractions to spend them. The real challenge is to control oneself. There are grown-ups who look back and state that about 50% of the things they bought during their college years were useless. So, controlling oneself is the biggest challenge.
Nonetheless, you can start by saving a small amount of money and then increasing it later. You can opt for jobs like deliveries, babysitting, etc. or buy used books, use top budgeted services reviewed at Rank My Service to get your assignments done, etc. and start managing the finances.
Meanwhile, we will help you with the top 10 money-saving tricks that can help you manage your budget through the studying years.
#1. Plan your finances
This is very important to start the habit of saving. You need to know how much you earn and how much you spend. You can take the help of an app to get the right statistics and then begin your savings plan.
Always remember to add a savings account to your expenses. This should be the first thing that you do when you get your allowance or salary. Decide the amount according to your lifestyle and spend only after this amount has been saved.
#2. Budget your expenses
Once you know your expenses, dedicate a budget to each expense. This may be dedicated completely according to one’s choice. Set your priorities and decide accordingly. Make a budget for groceries, fixed expenses, rents, shopping, miscellaneous, etc.
The list is completely personal. Once this is done try sticking to the budget and not spending more than the assigned budget on each category.
#3. Take up jobs
If you have time to spare, try earning money through jobs. These jobs could be anything. From freelancing to taking tuitions, from babysitting to being a delivery guy, you could opt for anything that fits in your schedule.
#4. Try buying less
When you are attracted to buy something, ask yourself three questions: Is it worth it? Do I really need it? Can I do without it? The answers to these questions can decide whether you really want to buy the thing or not. So buy the things that are absolutely necessary. You will have ample money to shop if you cut the expenses right now and use them in the future.
#5. Refrain from using the credit card
The use of a credit card is like a magnet, it will attract you immensely. But do not use your card unless very necessary. And when you use it, make sure to pay the dues well before the due date. And always remember never to be in debt of a credit card. The interest rates are massive and you will have a whirlpool of problems if you fall into the vicious circle.
#6. Buy used things
This may sound peculiar, but you could save a lot by buying used textbooks, electronics, and many other things. There are various websites which sell the best conditioned used goods and their prices are really low. You may be lucky to get something that is hardly used at a really low price. So browse these sites before buying something new.
#7. Cook yourself
Another bizarre yet very useful option. You can save a lot of money and food when you cook for yourself. Consider this as a daring task and try for a week and you will notice the difference in your budget. Also, this is a good option to keep you healthy.
#8. Try investing
If you think you are having a hand-to-mouth survival, and you can’t even think of investing. We would suggest thinking again. Investment does not need to have great figures. You can invest small amounts as your budget permits.
There are long-term investments that take in small amounts but give out great numbers after a while. Take out time, learn thoroughly about those and invest cautiously.
#9. Have cheat days and saving months
If you have cheat days for finances, then you should have saving months too. Plan some months in a year wherein you will be buying only essential commodities. This way you will save more and even understand what things you need the most and which you can survive without!
#10. Sell what you cannot use
If you buy used items, sell off those that you no longer need or use. It could be like a garage sale. The money that you make from it, is all your savings and earnings.
Conclusion
Once you learn the art of saving money, you will feel at ease. There will be hardly any pressure on you as a student when the month ends. Plus, you will know all the tactics to have a well-planned, financially secured future.
Story by Anna Johnson
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