The students, nowadays, need a bagful of money for scholastic expenses. Everything from price of textbook to tuition fees has gone up with time. Studies show that the average undergraduate student debt has mounted up to $20,000 in the USA.
Prevention is always better than cure – the proverb goes like that. Here are some simple tips that will help you save money during college days.
Why go for money saving?
Keeping track of the money that comes in and goes out can be an effective way to calculate the actual amount that goes into savings. Building a comprehensive idea of getting the savings counted on your account can be done in the most effortless approach as a student as the opportunities are unlimited. Indeed, you can use the virtual tools if you are facing problems in defining the budget for yourself. The various budget app planners can be a great way to get started. Here is the list of some of the most effective options for saving tips for students. Money-saving can be an effective solution for handling your future expenses.
Start with budgeting
The common mistake done by the students is they never map up their future plans. And planning is not always related to study expenses but includes other things as well. How much will it cost to give a weekend treat to your friends? Will it be a moderate figure that you have to pay for a summer adventure? Identify the necessities and luxuries in your life and chalk out your plan accordingly. You know how much cash you have at present and how much you need to spend for easy going.
Avail the cheap mobile service
The gen Y is more tech savvy. They seem to be more indulgent into chatting and messaging over handsets. The habit of over-indulgence must be checked as you spend a lot for this purpose. But more importantly, find out a service provider who offers unlimited options for the features you use a lot like long-distant calls and SMS.
Go with some good exchange offers for your old stuffs
There are so many things in your closet that may be not in use. But you can convert them into some quick cash by trading those things for the new ones. You may give ads on online auction sites and also put up some posters around your college. Money coming is a good thing, new buy is better and the cleanliness is the best possibility from your effort.
Avail some good discount offers
Most of the book stores offer discounts at the starting of academic year. Consider which stores offer more discounts. If you frequently buy from a particular book stall, you are likely to get more discounts from there. This will help you make good saving on your expenses.
Try for scholarships
Winning a scholarship means you will get a degree at least of expenses. Some scholarship grants cover entire expenses for education whereas others bear only a part of the total cost. Study hard to be a research scholar.
Get a library card
Given the high cost of books, it is quite impossible to buy a lot of them. A library card relieves you from making extra spending for books as it houses lots of books and magazines on every subject. Some library charges nominal fees. Ebook is also a good option for the budget-students like you.
Keep away from impulsive shopping
It is very likely that you want to follow the trend in terms of dress code, expensive mobile and other luxuries. Unnecessary buying is a habit that may sink your budget line. Cut your coat according to cloth….this is the ultimate mantra of saving.
Set up a savings account
If you set up an account, it will inspire you more to save. Even a little monthly saving turns into a considerable figure at the end of the year.
Put up in an expensive hostel
It is good if your college offers hostel facility. If not, find out some good options of cheap accommodation. Share your room with three or four classmates, it will distribute the rental charge and an individual has to bear a little.
Travel by bus, train, or tube
Petrol price is rising high. Riding on car has become costlier these days. By availing cheap means of transportation, you can surely reduce your expenses by some good margins.
Cut your expenses on take-out coffee
Do you know not opting for the take-out coffee can save you a lot? Well, that can be understood with the help of the basic maths. Let’s dive in!
Suppose you spend $1 per cup of coffee in one day. So, if you have around 5 cups a day, your costs are set at now, $5, right?
Let’s take that amount to match something to get hold for four weeks that is eventually a month. It sums up to $5x4x7 = $140
So, you have effectively managed to save $140×12= $1680 a year!!!
Look, your coffee did save for your financial savings; indeed, a great amount without actually putting any efforts! #JustSayNoToCosta
Apart from saving a lot of money, you are also building a healthier lifestyle for your future. In fact, too much caffeine isn’t a good option for you. If you are not able to go off your favorite coffee at all, just buy the coffee sachets and those instant coffee products to replace the latte taste! Most of the cafeterias and the common rooms are equipped with hot dispenser, and so you can make your own brew with 0 functional costs!
Can you make a professional competition as a part-time job? If yes, you can effectively save a lot of money through the prize money that is usually being given to the winners in each competition. You can find entire online groups and threads are mainly dedicated to conducting these online competitions for students from around the globe. You can scan through all of them and enter some competitions that can actually be functional for your activities. There are different competitions per week, and you can check it through the different hashtags for a straightforward approach!
Learn to cook for yourself
Do you feel you are spending more on buying food? If yes, it is high time you understand the importance of cooking for yourself. In fact, cooking from scratch is much cheaper than buying ready meals and expensive takeaways. Also, meal planning can help you plan a good diet for a healthier lifestyle. This way, you can also limit your food waste and directly opt for the best quality raw ingredients to prepare fresh food. Interestingly, it is estimated that an average British home wastes food that amounts to around $470 of food a year. Indeed, that huge! It is just another irrational wastage of money and food. Well, it is also a shame because there are so many people who go without food with the adverse environmental impacts that carry with themselves.
Setting the saving goals
Do you want to go to a movie? There can be a rational approach for setting your budget plans for effective savings. It is not that you have to cut costs on everything and anything all the time! Using and building a savings account can be an excellent option for you to set up the savings goals for a long time. Relax! Opting for saving is not meant to be a sort of punishment. You can effectively transform the process into a game sort of thing. You just have to challenge yourself to save more every month and save a little more on each expense, that it! That is easy, right?
Learn to say no
Your student days are the best days of your life! Indeed, that will be packed with many activities. That may include those amazing mid-week parties, Friday nights, and adventurous weekend gateways. Yes, they are the most fun experiences to come across. But do you know these experiences may cost a considerable dent to your pockets? It is not that you should not spend at all but must learn to say no to the night outs and the parties when you are out of money. You have to budget for everything. In fact, you can follow a plan worked out for yourself to get things right at the places!
Inculcating a saving habit right from the start can be an effective way to plan something big for your future! Right from the activity of finding things free of cost to cut down all the bad habits, you can start saving as a student that may become a heftier amount in the future. Save now!