Having limited pocket money? Looking for feasible ways to save a part of it?
Students, especially those staying away from their home for education find it difficult to save money because of exorbitant prices in countries abroad and their futile expenses.
There are several ways in which you can save money school/college by setting priorities on your expenses. With this article, you will get a clear insight on expenses that can be avoided to save money school/college and will also learn how to kick start with your long term investments even during your college or school days.
- Avoid buying new textbooks:Before you hit the campus bookstore, see if you can borrow books from fellow students, seniors or from your institutions library. If not, you can also buy used books from stores both online and offline at a reasonable price.
- Limit eating out: If your college or school provides a meal facility, you should prefer to make use of it. And sure you would want to splurge once in a while, but don’t make eating out a habit. Save even more by buying a stock of snacks to have it whenever you feel like.
- Choose housing carefully:It’s usually way less expensive to live in hostels than it is to live off campus. Sometimes, it’s vice-versa and totally depends on the campus facilities. You can accordingly decide to make your housing budget and go even further by splitting the cost with a roommate.
- Stay focused on your classes:Many students do not focus on their studies and end up with arrears, having to pay extra semester fee for the re-attempt. Every repeated attempt is another big expense. To save money, take tutoring and academic advise from college/school faculty to help you stay on track.
- Monitor cell phone usage: Set up a minimal talk-time budget and signup for sites which will alert you if you exceed your monthly budget and will analyze your cell phone bills to make sure you have the best plan in place. Also, minimize your data usage by using Wi-Fi as much as possible.
- Watch it with credit cards:Try to avoid credit cards as much as possible, but if you still prefer to have, choose one with the lowest interest rate. Be sure to pay off the full balance on time each month to avoid late fee. This will help you build up credit and keep you from getting into credit card debt.
Start your long term investment by:
Saving daily & purchasing half yearly: Set a target and save a minimal amount of money every day and at the end of six months when you have a good saving, it is suggested to invest the money into jewelry like gold which has an increasing market value year on year. Read, understand savings bank account. By the end of your halls of ivy, you will realize you had made a good investment which can always be your saving.
Start paying off interest now: If you took out loans to help you pay for your academia, start paying it off with the minimum possible amount. This will save your interest rate and also help you save a lot of money later on.
Visit a local bank: Enquire about savings account designed for college students with the nearby banks, seniors or online service providers. Students saving accounts usually have no minimum balance and lower fee. You should be careful to use online banking to track your account balance and avoid overdraft fee.
Keep this in mind, to save money school/college being aware of how you spend your money and cut out the bad habits is the only key to financial success.