Want is greater when you have Netflix, prime and other series pulling your world with a friend. The living on a budget is often the most unsolved problem. If not, they’re likely students getting themselves into a cycle of debt.
Besides all the fun parties and the not so defined set of jobs to draw pocket money or make a living.
Knowing the difference between being cheap and having spending savvy. There’s nothing wrong with living within your means, rather than beyond. Today’s easy money comes with easy expenses. The sum that is measured can be managed.
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While neither is fun or easy, you can become smarter about the way you spend your money. Keep in mind that the key to financial success is being aware of how you’re spending your money.
Create a spending plan.
According to international standards, an average student’s expenditure is charted below. The breakdown helps you understand the priority scale and the spends that go by.
Consider these recommended guidelines and create a customized budget that works for you:
Keep track of your spending. Review and update your spending plan periodically Cut expenses wherever you can.
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The following money-saving tips could be of help on the basic level:
- Buy or rent used textbooks and sell last semester’s books back.
- Don’t make impulse purchases.
- Always pay bills on time to avoid late fees.
- Walk, use public transportation as much as you can.
- Consider more basic phone packages or plans that include unlimited texting with free incoming calls
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These tips will make your gauge to cut down the unnecessary expense:
- Never go grocery shopping when you’re hungry.
- Limit the number of times you eat out monthly.
- Cut out vices – Cut down on smoking and too much binge drinking is terrible and expensive.
- Don’t buy books you will only need for a short period – check them out from the library instead.
Below are the tips to master your mandatory expenses:
- If you have a credit card, pay it off as quickly as possible. Better yet, a debit card works better instead of credit as you study. (It’s good to establish credit, but a bad credit score follows you everywhere.)
- Live with others so you can split rent and utilities.
- Cut out expensive cable packages you don’t need.
Follow the tips to plan a budget:
- Don’t buy the most expensive college meal plans. Figure out what you consume and get the correlating package.
- Look into a campus gym versus a gym in town. Many colleges offer memberships for free or at a reduced rate for students.
- It is more obvious for you to work out at home rather pay out the heavy sum.
- When planning meals, make dinner with friends and split the cost of groceries. Often, you’ll be cooking too much for one person anyway!
- Sell what is no longer in use or need. There are plenty of stores and e-commerce web sites, where you can sell your used clothing, furniture or tech items.
- Don’t buy unnecessary school supplies. Why buy cumbersome notebooks when you can type on your laptop? It’s better for the earth anyway!
- Take advantage of what your campus has to offer in terms of activities, rather than spending money on going out.
- You can choose to volunteer for events that trade experience over skill than most often taking expensive spring break and summer trips
As funny as It sounds, but still holds good:
- Wait to get a pet until after college – a pet can become very expensive. Not only do you have another mouth to feed, but veterinary bills are costly. If you love animals, there are plenty of shelters that need volunteers.
- Make sure to make the best of the resources in your school or college such as the library, engaging in more internships, more classes and discussions with professors.
- Go to class. You’re paying for it and skipping is like throwing money out the window! That’s one way to avoid extra tuitions and save money on it.
- We often mistake thirst with hunger and spend more money on food. Instead, just Drink water. It’s free and better for you, anyway.
- Make your coffee. While coffee shops are convenient, they charge hefty prices that add up over time.
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What more helps? – This will surprise!
- Open a savings account that earns interest. Credit unions have fewer fees and are great for students.
- Never take out a loan for anything unrelated to your education.
- Don’t buy music. Use free services like Spotify or Pandora offer.
- Don’t spend much on entertainment than you can on educating yourself through other means.
- Look into class requirements and the options for testing out of classes. Why pay for a class you could easily test out of?
6. Consider becoming a resident advisor. Many get free room and board.
7. Avoid buying in terms of name or branded items. Purchase generic items whenever possible. They are the same item, at a highly reduced price. You can even check the ingredients to make sure!