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 budgeting and saving your way to a better lifestyle.
Before you consider borrowing money, explore all possible gift aid options, such as association rewards 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 semester of the course; 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 a record in a book of what you spend. You might think that small expenses, like a candy bar here and a soda there, wouldn’t hurt his pocketbook. But it is these little things that eat into your wallet. Write down all the expenses. After a week/month, you can check your spending and track your spending. File all your receipts, bank statements, grant and loan details for future reference. Also check your monthly bank statements because errors are common.
If you have a regular monthly income (such as a salary from a job or a scholarship), don’t be tempted to spend it all at once. Stretch that over a period of a month. Save the balance in your bank account.
Get holiday jobs or even work part-time after school and on weekends for extra income. A job can also help boost your career prospects when you graduate.
Whenever 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? He saved on transportation fees and had excellent training 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 make long distance calls frequently, sign up with a medium-quality international calling provider instead of a high-tech one because it’s cheaper. Try online messengers that provide video conferencing or phone call services. It’s much cheaper.
Try to apply to a 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. I’m sure there will 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 save receipts for any withdrawals you make. Avoid taking 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 costs 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. Firstly, such clothes will kill you slowly, and secondly, 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, but 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% of the power to run; the rest is taken up by the screen.
Invest in a coin box but not just any coin box; buy the ones without ‘withdrawal’ holes. The ones for clay figures are quite cheap. Put your spare change in them. Every hundred counts.
Fixed deposits are an excellent way to get paid. 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 regular bank accounts. However, check around and see which bank offers higher interest. Another good option would be to invest in a mutual fund. Consult your nearest bank for more information because each bank has a different policy and interest rate.
Have long-term goals, such as buying a car and then creating a fund to buy the car 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