Saving in school can be almost impossible most especially in this economy, prices of food stuffs have gone up by 100%. I have compiled a list of tricks that will help you save money while in school so you don’t have to go hungry while receiving lectures.
Over the years i have come to agree that one of the major reasons students go broke is ”Impulse Buying’‘ so how do we stop that from happening every month knowing fully well our folks might be really pissed if we ring home for pockrt monry before the month runs out.
Open a savings application
I found that once I opened a savings account and installed a mobile savings app on my phone, I was definitely more cautious with my spending. Being able to look at your money at anytime is an important first step.
A savings account also gives you amazing access to your funds. You may think this is counter-intuitive as you’ll be able to spend your money more easily, however, being able to track how much you are really spending each week can work in your favour.
Apply for a summer job
No matter how careful you are with your spending, if you have no way to earn money (earning capacity) then it will be impossible to save!
Try to find a part time job over summer. It is a fantastic experience and is a better way to earn money than doing chores for your parents! Your parents won’t pay you for those chores.
Don’t impulse buy – Write it down and wait a week!
Take a deep breath, write down that stuff you want to buy and wait, if after a week you don’t need it, then don’t buy it.
Go to the movies on a Tuesday
Going to the movies during the weekend might be more fun as a student, but it definetely costs more, but you see on tuesday’s youd have less people around but you get to watch the same amazing movie at a lower price.
Better Money Habits Published Ways To Save Money
We came across this list and figured it will help you to create a health savings habit as a student.
Sometimes the hardest thing about saving money is just getting started. This step-by-step guide for how to save money can help you develop a simple and realistic strategy, so you can save for all your short- and long-term savings goals.
The first step to start saving money is to figure out how much you spend. Keep track of all your expenses—that means every coffee, household item and cash tip.
Once you have an idea of what you spend in a month, you can begin to organize your recorded expenses into a workable budget. Your budget should outline how your expenses measure up to your income—so you can plan your spending and limit overspending. Be sure to factor in expenses that occur regularly but not every month, such as car maintenance.
If your expenses are so high that you can’t save as much as you’d like, it might be time to cut back. Identify nonessentials that you can spend less on, such as entertainment and dining out. Look for ways to save on your fixed monthly expenses like television and your cell phone, too.
