We’re all aware of the famous saying; a penny saved is a penny earned. While handling financial resources can be a quite a task, learning some budget management tips and tricks will help you save some money and lay the foundation of a bright financial future.
Without much ado, let’s focus on some key points that every college student must adhere to.
Manage your expenses
It might not be the most thrilling job on this planet, but it needs your attention. Unless you know where your money is going, you will never be able to save. Your expenses should be the first thing you count when you create a budget or a financial goal. Track all you’re spending over a period of a month. At the end of 30 days, you will get a repertoire of all your splurges that make you stay in a financial rut. Use an excel sheet or a journal or simply make use of an expense managing app to achieve this. Then create a budget and stick to it.
Be astute with food shopping
Most students find themselves spending a crazy amount of their allowances in food. While it is a basic necessity, the humongous expenditure is on all those extra fries, supersized burgers, and snap-of-the-finger pizza deliveries. Try to stick to the basics and by foods from the supermarkets on discount days. Store staple food items when they are selling for less. Buy frozen vegetables and fruits. They are equally nutritious but come at a cheaper cost. Plus, you can store them very easily as well. In order to stay fit- both physically and financially, learn how to cook instead of heading to a nearby diner.
Don’t overpay for transport
Schools and colleges may provide their own transportations services to students. Public transportation is also a good option. You may get bus passes as well. They help you save some money. Keeping your own vehicle as a student could be a costly affair. Apart from fuel, maintenance could also be a major problem for you. While travelling back home or going on a vacation, find the cheapest flights possible. If the distance isn’t too big, find a bus route. You don’t always have to spend a fortune in getting around.
Keep the credit card away
If you don’t want to land in a debt trap by the time you graduate, keep the credit card away and use it only in the case of an emergency. Credit cards provide you easy cash, but at a very high rate of interest. Most students don’t realize there is a plastic monster in their pocket unless they are neck deep in debt. Use cash or debit cards only.
Keep bills in check
This is by far the most significant tip that you must follow, in college and beyond. Utility bills could be a huge drain on your finances. Make sure that you always pay them on time. If an all-expenses-paid housing facility is available near the college, go and live there. All utilities and rent are prepaid. You can get extra gas, electricity, or Wi-Fi on additional payment, if and when you need them.
Saving money isn’t difficult if you fully commit to this lifestyle. Start today.