As soon as we enter college, the ability to manage money is expected from students. Most students live in hostels and P.G, away from their parents. A particular amount of money is given to students by their parents so that they can fulfill their requirements.
But a lot of them find it difficult to run in the last week of the month and asking for money before the new month start obviously shows their prodigality. It is important for students to take control of their personal expenses and hence reducing financial burden. Here are some tips for saving money.
The first step to manage your money is to create a budget. Make a plan of how much money you have to spend on your study material, books, and food, etc. Your expenses should be covered under the total pocket money you are given. Study your budget thoroughly keeping every minor expense in mind and try to stick to the plan.
Use credit wisely
Students often get the lure in the trap of credit card company offers. They know students rarely know much about their tactics hence their main aim is to trap students in their ‘not -so- useful’ schemes. Students should know all the pons and cons of a credit card company and offers provided by them to avoid ‘late fee’ and ‘high interest’ type of traps.
Most of time we forget minor expenditures and become extravagant. So students should keep their receipts for going smoothly with their budgets especially when it is the end of the month. It will help in monitoring your budget and balance left with you.
Look for discounts
There are many places where you can avail student discounts. Often such outlets are open in and around college campuses. Start exploring them. Use restaurants and study material shops where student discount is provided.
Buy used goods
Students have to buy books at the starting of every semester. You can buy old books at a low price and use them or you can rent a book that is not much use for you. It will help you to save money for other things on which you want to spend money.
Online shopping provides you more options of discount and generally sell products at low prices. Pay bills and buy products from such a website where discounts or cashback offers are provided.
Seek campus jobs
Most colleges offer jobs to college students such as a stenographer or library manager assistant. Go for them, it will give two benefits with one mean. You can earn and side by side gain experience of working as every experience gets counted.
Resist peer pressure
Fun and enjoyment is part of college life. Without them college life is incomplete. A lot of students spend money just to enjoy themselves with their friends. Sometimes saying ‘no’ to your friend circle for an expensive trip or concert etc. is not that bad. Even students get into debt to have ‘so-called fun’ which is not affordable for them. Instead, you should look for some inexpensive enjoyment.
Identify ‘needs’ and’ wants’
‘Need’ and ‘wants ‘are two different words. ‘Needs’ are what is necessary like your books and ‘wants’ is what can be avoided. Having the latest phone is your desire. You can resist your desire and cut out extra expenses.
You can ask your parents as they are experienced. They will surely have some more saving techniques and can help you in managing your balances. Even you can have such information from your colleagues only as every student faces this problem during college life, possibly they also have some other ideas to save money.