Most students experience money shortage. Besides, as a student, you may not like leading an economical life. However, living a sparing life does not mean not enjoying your life. An economical life entails spending your money on things you can buy or have either for a low price or for free. Learn how to spend money to save more:
The key for you is careful budgeting, which you can use to manage your money. Do this by creating a spreadsheet or making a list in which you write down the needed purchases with their costs. Review your expenditure and income and establish a limit on your spending.
Ensure that you organize your expenditures on a weekly basis by keeping them realistic but enough to lead a normal life. Stick to your budget to ensure that it works.
2. Start saving on your loan
Paying your student loan back does not have to wait until you graduate. There are different options you can select from and start paying your loan. While studying you may think that it is not the right time to start paying off your loan. For instance, you must attend classes, find internships and stay within your limits to avoid accumulating extra debts, which means that you may not bother to budget for paying your loan. You may think that you are only supposed to start paying after you graduate. It is a reasonable opinion anyway, but a costly one. Making small payment will help you in the long term to pay off your loans quickly and avoid accumulation of interest. Thus, if have an extra income by working part time, be prudent and start making small monthly payment. In turn, this will help you cut the amount of interest incurred and reduce the entire cost of your loan. Besides, this will also help you reduce the amount of money you will be paying in future and give you more freedom in your post-student life.
3. Avoid paying for computer programs
However, this does not mean that you engage in counterfeit or illegal software. Use free software that can replace the expensive ones but still do the same job. For instance, you can replace Microsoft Office apps with LibreOffice since Microsoft is expensive for students. Besides, you can use Prezi for presentations. Instead of using the expensive Adobe Photoshop, use Gimpshop for free. Moreover, Dropbox and Google Drive offer free storage services. Furthermore, there is numerous free software online that can just do what you need. You can google them out.
You are free and overjoyed. However, consider your expenses on clubs, parties, films or other local interests that can cost you because you will be at risk of being indebted. Campuses have numerous amenities that you can use for free. Besides, you can engage in numerous activities on campus for free, for instance, fitness lessons and movie nights.
Search for free entertainment around campus and you will find one that just meets your needs.
5. Restrict yourself from eating out
The most expensive habits that many students acquire is eating out. Cook at your house since it is cheap and healthier or eat at the campus cafeteria. In turn, this will help you eat healthier foods. If you can cook, why not? It is, even more, cost saving when you can cook with your roommates.
6. Concentrate on your studies
It is vital to balance your studies and your social life. It is, however, challenging to combine learning and work. If you are lucky and you have a part time job, use it to improve your studies. However, you must place your studies first before anything else. If you have work, decrease your working hours to ensure that you do not fail your exam. Therefore, your objective should be to be successful in your studies.
7. Select your house wisely
You may decide to live on campus, even though the challenges of noise can distract you, particularly if you want to focus on completing your assignments. Consider these challenges before deciding.
You can rent a house and reduce the rental expenses by sharing the cost with roommates. You can find other like-minded students and share an apartment.
8. Write down your expenditure during the evening hours
Ensure that you track your monthly expenses by computing your living cost, additional expenses or the money you have misused, as well as the total money you require to meet your needs.
There are numerous unnecessary things you can save on, such you can purchase your food stuff from the nearby grocery, which will save you money you may have spent on convenience stores.
Ensure you consume responsibly by living within your means to avoid getting into debts.
It is hard to track your spending at first. Transform your habits and avoid impulse purchase to save you extra cash. You can then reward yourself for your efforts by going on a trip or spending your money on that gadget you have always desired.