Who doesn’t need money in today’s world! Having one or multiple sources of income with enough savings keeps us going. But this might not be that simple if you are a student. You might find yourself short of cash most of the time if you have not got yourself into the practice of saving. Student life can be challenging when it comes to saving. You want to enjoy your life by holding parties, buying the finer things, and going for new experiences. But, at the same time, you do not want to put yourself in too much debt. So, here comes the budgeting for college students. Keep on reading to find out how to save money as a student.
One of the best ways to save money as a student is to set your budget first. You can either make it on an excel sheet or G-sheet and check it on your mobile. Write down the amount you get or earn each month. Then write down all the expenses like food, study materials, etc. Do not forget to add a section for emergency expenses. Start keeping this money aside. Then plan how much you can spend on recreation like shopping, partying, etc. Make sure not to go beyond the limit of your earnings.
At the beginning of every month, keep an amount aside as a saving. It can be 20% or 30% of your earnings or more depending on the amount. Do this religiously and never touch that money unless needed in extreme cases.
One of the best ways to save money in college is to buy second-hand stuff. You can get branded products at much cheaper rates. You can buy anything from clothes to books and from electronic items to furniture. Start exploring online or offline to find quality second-hand goods.
Students tend to spend a lot of money buying lunch or snacks in the college canteen. The best way to avoid that is to start preparing your lunch and carry those with you. Go for easy recipes that you can store for a week. Thus, it will be easier for you to manage. Also, make sure to buy your ingredients for cooking ahead and in bulk to save big.
Impulsive buying prevents us from saving money. Not only that, but it also makes us spend on unnecessary things. Avoid buying things on impulse. If you get the urge to buy something, ask yourself questions like the following
Your answers will be able to help you make the decision.
The more we use a credit card, the more we are tempted to buy unnecessary things. Besides, with credit cards, it’s difficult to track your expenses. So, stop using credit cards to pay for shopping. Instead, pay in cash. Make this a habit till you stop the urge of taking your credit card out while shopping or even dining.
One of the best ways for budgeting for college students is to look for options that can help them save money. You can search for freebies online where you can get snacks, cosmetics, and even electronic and stationery items for free. Also, look for discounts while buying anything. You can find the best bargains online while shopping for electronics or any other things. Besides, you can get discount coupons for dining at your favorite restaurants. So, keep on looking.
Owing a vehicle can add up to your monthly expenses. So, the best way to avoid this is to use public transport. Also, if you own a cycle or skateboard, or even a bike, you can use them for a shorter distance. For the longer ones, you can use public transport. Thus, you can save a lot of money at the end of the month.
If you have an option to share your room with one or more partners, go for it. This can help you save a lot of money. Also, you can share the money for food and other stuff with your roomies. Besides, there are options for share riding whereas you can split the fare.
One of the best habits to save money as a student is to open a checking account and put money there. Use an account that gives you interest. Start putting money there every month. Banks like Bank of America, HSBC USA, Santander, TD Bank, and many more do not charge any monthly service fee. Search and choose the bank that is best for you.
Last but not the least, we all want to enjoy some moments in life where money can help us make those moments special. You can enjoy those moments without going overboard. Besides, saving money regularly will not give you panic when it comes to spending on your special days. That is how you should save money as a student. We all know the famous lines- “little drops of water make a mighty ocean.” So, a little saving today may go a long way tomorrow. Happy Saving!