It's easy to get caught up in the rush of college. Between part-time jobs, studies, extracurricular activities and social life, you can very well forget about one of the most important things, your financial balance.
Here are 5 tips for saving money as a student:
1. Plan ahead.
Do this before you move into your dorm if possible. Check if you are eligible for other grants before applying for any form of student loan.
To build cash flow. First of all, where do you think you are making money from? Make a list of your "income," whether it's from your parents, your student loans, or your part-time job.
Then, plan your monthly or weekly spending on food, books, and more. Once you've established a budget, be strict with yourself and stick to it.
It's best to have a backup for financial emergencies because you never know what unexpected expenses will come your way.
2. Save on food.
One of the major expenses you have as a student that you may have overlooked while living with your parents is food. Avoid eating at fast food outlets as it can ruin your budget. Prepare for lunch and plan your meals as much as possible.
3. Take full advantage of student discounts.
Student memberships in organizations and IDs are honored in many establishments which can offer discounts.
In addition, frequent a certain establishment and you are certain to receive a bonus card for being a loyal customer.
4. Use your cash as much as you can.
Since you already have a draft of where you're going to spend your money, it's easier to keep track of your cash flow. Avoid using debit cards when you have cash. Only use your credit card or write checks for emergencies. Having credit cards, debit cards and checks on hand can lead to overspending.
5. Stay busy.
Join clubs based on your field of interest.
Staying busy will let your mind wander and keep you away from things you're likely to spend money on when you're bored. Examples of these are movie tickets, snacks, or game rentals.
You'll be surprised at how much you save by spending less on luxuries, sticking to a budget plan, and saving for the financial emergencies you're more likely to have when you're young as a college student.
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