Students are not expected to have the healthiest bank balances. Since they are dependents, saving does not appear to come naturally for them. However, it’s possible to save money as a student to start a business or improve their livelihoods.
Saving is not reserved for students with a lot of resources. Regardless of the amount of disposable income available, you can save and engage in life-changing projects. Here are excellent tips that will enable you to strengthen your financial muscle through saving.
Enjoy College Life
It is ironic to suggest that you begin saving by spending. However, this is the reality of financial management. Prudent savors appreciate the value of money and the fact that it should be enjoyed. Do not deny yourself the fun of college life to save. This venture will appear like an exercise in futility. Set aside a decent amount that allows you to enjoy quality life in college through personal and social enjoyment.
Start Small
Save as little as you can afford. You do not require hundreds of thousands to claim that you have saved. A few dollars remaining in your bank after the expenditure for the day is worth a lot. Save several dollars a day or a week. The money accumulates and will help you make significant changes in your life in the long run. Do not chase the heavy savers because their income and expenditure are different. Walk at your own pace through the journey of saving, and you will enjoy the fruits. Do not compare your saving efforts with those of other people. Each person has a unique journey to walk.
Take A Job While In College
Saving is only possible if you have met your basic needs. It is difficult to save money as a student, yet you are on an empty stomach. The best way to save while in college is to increase your disposable income. You can increase your income by taking up a job. Students have free time during the day, evenings, weekends, holidays, and during breaks. Use your free time to earn extra cash that can supplement the money provided by parents and guardians. You should only ensure that the job does not interfere with your classes.
Live Your Standard Of Life
Your peers in college come from different social backgrounds. There is no standard allowance for all students in college, meaning that some will have more money available for fun than others. This may put a lot of pressure on a student to attempt to keep up with his or her peers. Avoid this pressure by living within your means. To do this you may want to look at using a student credit card. They are easy to use, but the balances can add up quickly if you’re not careful. Before you get a credit card, do your research and look for top Canadian student credit cards (or wherever you may live) to find a card with the best rates and low fees. Then make sure you control your usage by budgeting to pay the balance each month.
You do not have to attend every party or go on all trips with friends. Choose a neighborhood that is affordable and within your means. Also, you can go shopping at a resale store. Why pay a lot for something you can get for so much less? Furthermore, some shops donate a percentage of their sales to charity, so you can also do some good while shopping. Keeping up with the lifestyle of other people will leave you with nothing to save, and sometimes in debt.
Budget For Your Money
Impulse buying will leave you with nothing to save. Budget for all the funds you get from income or as an allowance from parents and guardians. A budget gives you a realistic idea of the amount at your disposal and helps you save money. You can even decide the amount to save from the onset. A budget helps you to identify items that are a luxury and remove them from your expenditure. Beyond budgeting, you must account for all your money. Write down all the expenses you incur daily to help you identify where your money is going.
Tag Your ID Wherever You Go
Life is always cheaper for a student. Brands and outlets provide incentives, coupons, and subsidies for students. You will only enjoy these reduced rates if you show your student ID. Carry the ID wherever you go so that you do not have to explain your status. Ask at the counter or entrance whether there are special offers for students. You should also buy from stores or attend events that have special packages for students. You will be surprised by the savings you make by simply showing your student identification card.
Watch Your Food And Accommodation
Food and accommodation take a significant chunk of student finances. If you can tame your expenditure on food, you will have more to save money as a student. Eat food at the subsidized school cafeteria. You may also opt to cook at the hostel if you are allowed. Choose a hostel that provides a package for food and even transport, most of which will be lower than if you took these expenses from your pocket. You will have more money to spend on luxury and even save.
Create targets whenever you are saving. A goal helps you to double your efforts and minimize your expenditure. Be realistic with your saving goals because you can only save the money at your disposal.
