Generally speaking, some students are completely dependent on the pocket money provided by their parents for their college expenses- at least I was in college. And in some cases,some students seek paid internships in any organization or work part time to make some money as well as earn some practical experience.Regardless, it’s highly crucial for students to learn the tactics of utilizing their resources and save maximum money at the end of the day.
Some students are usually carefree and so they tend to spend their money prodigally, since they don’t realize the importance of money management. Very few students know the tactic of saving money and very few have the sense of spending money in a balanced way.
In any case, learning about money management tips will assist you in keeping a balance between your expenses and savings.
- Make a Budget Plan
Figure out how much your pocket allows you to spend every month. It is not essential to fulfill every want when you don’t have the means to do so. Make a plan about what you have to buy this month and the next month. Mapping out the budget will not only make it easier for you to put a leash on your expenses, but it will also increase your purchasing power parity. Make a list of stationary items, school supplies, food, personal care items, etc. Keep miscellaneous budget aside as well for any random expenses. Sum up the entire budget and stick to it for the whole month.
- Keep A Difference Between Needs & Wants
Needs are the state of felt deprivation,while wants are secondary to it in that they are not necessary for survival, but only luxury. For saving money you have to know the different between the two. Fulfill your needs first and if you have some money extra money left in your account, then fulfill your wants. Avert eating at restaurants too much and avoid spending money unnecessarily on clothes. Fix a specific budget from savings that is to be spent on fulfilling wants.
- Shop ‘Supplies’ In a Smart Way
Instead of buying expensive original textbooks, try buying used books if available in the bookstore. It is comparatively a lot cheaper than original editions. Moreover, it is not necessary to buy all the books as you may go to online bookstores to print out only specific chapters that you need. You can also ask senior students to lend you old books if they no longer need them.
- Set Up Students Saving Account
Many banks offer students saving accounts in which they do not charge transaction fees. It is a great benefit for students that they can even shop using credit cards of these accounts without paying transaction fees. One thing you must know is that when a cheque arrives at the bank, it takes few days to clear. So you must keep some money in hand before withdrawing cash to balance your spending against the account.
Don’t wait till the completion of your graduation to earn money. Start it now by making investments on bonds or shares. There are many different websites that provide proper guidance on investment fundamentals. Graduate students have many other possible ways through which they can invest money.Making investment is the best way to convert your savings into profitable measures.
- Reduce Your Debt Burden
Don’t even think of saving money if you are burdened with substantial college debts. Debts don’t allow you to save money, let alone make any investments. Therefore, it should be your foremost responsibility to take off this load as soon as possible, so that your savings can reach to the maximum.
Author Bio: –Lisa is an academic consultant and works at coursework labs. She helps students who feel difficulty in choosing the right field in university to get a good career start. Find her on Google Plus to get consultancy.