You just started college or university. Money has become a huge issue because expenses have increased. You decide to get a student loan or maybe a scholarship, but financial aid can be very complicated and there are many other students just like you. When you have money, you lose track of when and where you spent it. So here are some helpful tips on how to budget and save your way to a better lifestyle.
Before considering the idea of borrowing money, explore all possible options for gift assistance, such as rewards from associations or religious affiliations. These are like mini monetary aids. One association may give you $100, another maybe $50. These small amounts can add up to a big one.
Spend some time at the beginning of the course semester; by the time you get used to your daily routines, you will be able to plan your finances. Keep a record comparing your income and expenses. Plan how to maximize your income and minimize your expenses.
Keep track of what you spend in a book. You might think that small expenses, like a candy bar here and a soda there, wouldn’t hurt his pocketbook. But it’s these little things that eat into your wallet. List all expenses. After a week/month, you can check your spending and track your spending. Archive all your receipts, bank statements, grant and loan details for future reference. Also check your monthly bank statements because mistakes are common.
If you have a regular monthly income (like salary from work or a scholarship), don’t be tempted to spend it all at once. Stretch that out over a period of a month. Save the balance in your bank account.
Get vacation jobs or even work part-time after school and on weekends to earn extra income. A job can also help boost your career prospects when you graduate.
When possible, use public transportation or carpool. Many universities offer a free bus service within the campus. If the journey isn’t too long, why not take a brisk walk to your destination? Saved on transportation fees and had a great workout as a bonus.
Email instead of phone calls. Not only is it cheaper, but you can also reach more people in one go. If you prefer to call, get prepaid cell phone service, which helps you eliminate monthly subscription fees. If you frequently make long distance calls, sign up for a medium-quality international calling provider instead of a high-tech one because it’s cheaper. Try online messengers that provide video conferencing services or phone calls. It’s much cheaper.
Try applying to an in-state college or university so you can stay home. Eliminating additional expenses such as accommodation fees.
Look for second-hand books instead of new ones. There are sure to be graduates who want to get rid of their old books.
Try to make cash withdrawals once a week at the bank where you have an account or at its branches. Also keep receipts for any withdrawals you make. Avoid carrying the cards with you.
Maintain a simple lifestyle. Don’t always spend unnecessarily and get rid of expenses you don’t need. For example, a chocolate bar that cost 50 cents a day, in 10 days you would have spent 5 dollars pacifying that sweet tooth.
Give up bad habits such as drinking, smoking and gambling. First, those clothes will kill you slowly, and second, these clothes will waste money.
Be respectful of the environment. Turn off the lights when you leave the room and turn off the faucet when you’re done. Use both sides of a piece of paper and recycle the ones you no longer want. Recycling not only saves the earth, it also helps put some money in your pockets.
When you are downloading things from the Internet or just listening to music on the computer, turn off the screen. The CPU requires only 40% power to run; the rest is occupied by the screen.
Invest in a coin box but not just any coin box; buy the ones without ‘recall’ holes. Those of clay figures are quite cheap. Put your spare change in them. Every hundred counts.
Fixed deposits are a great way to collect. If you have a minimum amount of cash required by the bank, which you can do without for a short period of time, put it in a fixed deposit as the interest is higher compared to normal bank accounts. However, check and see which bank offers higher interest. Another good option would be to invest in a mutual fund. Check your nearest bank for more information because each bank has a different policy and interest rate.
Have long-term goals, like buying a car and then building a car fund by saving money each month. In the end, even if you no longer want to buy a car, there will be money for other things.
Adeline Ong © 2006
