On a student budget, it is not easy to make ends meet as it involves unlimited expenses. The hefty tuition fee, expensive syllabus books and stationery, and traveling and accommodation cost can leave a gaping hole in your wallet. Spending extravagantly during your study years can leave you with too much debt after graduation while spending too little would deprive you of all the fun and new experiences. That’s why it is crucial to take a minute to reflect on how you are managing your money.
To help you save money and spend it wisely, we have come up with a few planning strategies. Scroll ahead to take a look:
Keep track of your finances
To save yourself from overspending, you must keep track of your finances. Create a spreadsheet and mention your income from student's loan, scholarships, parents, and the part-time job (if you have any). Then put down your regular outgoings, such as rent, mobile bills, food, etc. The remaining balance will help you decide how much you have to spend each month. Try to stick to your limit and don’t go overboard otherwise, you will land yourself in trouble.
Limit your food shopping
As food is always one of the most significant costs, you should find smart ways to cut down the bills. Opting for supermarket value products and many other discounted items is the simplest way to maintain your budget. Try to cook with your housemates whenever you get a chance rather than eating out every other day. Not only preparing a meal for yourself will help you save money but also keep you healthy and fit.
Look for cheap entertainment
Great social life and extracurricular activities are vital to make college life enjoyable. However, having fun doesn’t mean chucking out a major part of your income on movies, parties, clubs, theme parks or other local attractions. Instead of that, you should look for cheap entertainment sources, like the websites that allow you to watch movies and TV series for free. Many theaters, clubs, and cinema offer discounts to students, so ask every time you visit there to get the benefit.
Opt for part-time work
Taking up a part-time job is a great way to earn extra cash. In your free time, you can work as a waiting staff at a restaurant or as a checkout guy/girl at a departmental store. However, you should remember that your part-time work doesn’t affect your academic performance and cause you stress and anxiety. Also, look out for free money as there are a number of surprising ways to get it. Many scholarships, awards, and bursaries don’t get a lot of applications, so it’s worth trying your luck.
Buy pre-owned goods
Buying used goods is another great trick of saving money as the cost is much lower than for the brand new items. There are many websites available online to buy second-hand products. You would surprisingly find high-quality clothes, vintage accessories and ornaments, classic books, durable furniture, and many other things that need the most. Also, look for shops around your city that offer pre-owned goods at nominal prices. You can sell back the products to recoup some of the cost.
Rent course textbooks at the library
Coursebooks can be expensive and buying each one on your reading list can leave you in debts. The simplest way to slash your expenses on syllabus books is borrowing them from the library whenever you need them. You can even find cheap second-hand copies of the set texts online or through your college.
These were a few useful tricks that can help you keep your costs down without compromising on the quality of your life. Try to make these small changes today so that you can save a lot of money over time.
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