Student’s life is the most amazing phase in one’s lifetime. Obviously, ‘I hate studies’ attitude is not uncommon but the majority are quite busy with preparing lessons, planning for future, participating in game or quiz shows and obviously socializing with friends on weekends.
So where is the time to manage finances and plan for money saving? Won’t it be an extra burden on them? Maybe, but they will soon get used to it. And by planning how to save at an early stage, they will certainly learn the fundamentals of financial management which will benefit them in the future. In this article, we have just outlined four major money saving tips for the students. These are easy to follow and do not require the students to make a difficult adjustment in their lifestyle.
Here are the money saving tips for students:
Set up a Student Bank Account:
This is the first steps to saving money for the future. Having a student bank account can help you in many ways. These accounts are the most ordinary type and require less charge. However, the interesting aspect will not be as lucrative as it is in regular policies. But as you have to incur fewer expenses on service charges and other fees, the student’s bank account is a good idea for decent money saving. You can do a little research on which bank is offering the best deal. Open an account and start saving.
Set a Budget:
Living on a budget is a great practice not just for the students but for everyone who wants to save money. Set a budget for everything right from food to shopping. Staying within your budget will help you spend less and save more. It will also teach you to live without things that you actually don’t need. Go ahead take out a notebook note down your expenses and set a budget that meets your needs.
Save on Transport:
This is a ‘GO GREEN’ means of money saving. If you own a car and drive it regularly to reach college, just have a look at your monthly fuel bills. In coming days, the amount will be a bigger size as the fuel charge is likely to shoot through the roof. Use public transport to save money on transport cost. Carpooling is also a good idea if you get some college friends with the same class schedule. Transportation is a huge part of student life whether it’s going to the school or hanging out with friends. You can save a lot of money by taking public transport. Walking is another option. If you can walk to short distance destination, it will help you two ways. One you will save money, and two you will have a healthy walk.
Avoid Junk Food:
This is very effective money saving tips for students. Students get addictive to junk food. Most of them keep up at night for studies and easily get into a habit of gorging on junk food. Not only they gain weight but spend a lot on such an unhealthy habit. Those who stay on campus have easier access to junk food. Have home-made food in front of you. It will be healthy as well as cost-saver for you. If you have a junk food addiction, you should keep a food diary and see how much it cost. This will help you calculate how much you can save and cut down your cost on junk food. It is a very effective method.
Live with Your Family:
There is no denying that campus life is full of fun and frolicking. But life-at-home is not dull either. Think about how much you can save by staying at home. Those home-made healthy and yummy dishes! Also, you can avoid hostel charge that won’t be an easy sum on a pocket. However, if your college is far away from home, it is wise to put up in a hostel to save transportation cost. Living with your family is one great option that can save you plenty of money. It is great to have a family you can live with before you can get a job and bear all the financial responsibilities on your own.
The bottom-line
Some of these money-saving tips for students to retain their importance even for servicemen or self-employed professionals. So, it means that you can continue saving a lot by following these tips. Saving is the next big thing to earning a paycheque. Till date, you depend on your family for money, why not earn it yourself? There are several part-time and online jobs that can earn you a goodly sum. And then, you will be able to bear a part of scholastic expenses on your own and the rest will make a way to your saving account.