Completing primary education and attaining the minimum grade required for completion of the ‘A’ levels signals the start of university life, make or break season in the life of any student out there. During this period, most students have huge financial issues. Such challenges are brought about by massive debts from student loans, and small incomes. It is, therefore, critical that they get off with the right financial mindset and mentality.
In Britain, for example, those going through their first year in campus often develop behaviours which in the long run, end up consuming most, if not all of their savings. Such financial mediocrity and ignorance is partly because of the lack of a well authorised and laid out a proposal or otherwise, financial plan.
However, to assist those unfortunate students who experience these challenges, and those who may be joining their respective universities, here are some tactics or methods that go a long way in ensuring sufficient, sustainable, time conscious, and free flowing cash flow.
1. Craft a Students Budget
Though this may appear to be somewhat annoying and even a waste of time, it is very necessary for students to familiarise themselves with those areas that seem always to consume their cash. This is however not so popular among students, the reason being that many of them do not want to know what is draining their budget.
This financial plan can be in detail or contain less content. Emphasis should be placed on finding out in which avenues significant amounts of cash are wasted on. Only by doing this can you come up with reliable solutions.
2. Get Hold of Student Discounts
In Britain, one of the fascinating things about the life of a student is the ability to get cash from basically anything, ranging from clothing to catching a late movie. Such student benefits are the best for the life of a British scholar or one who’s undertaking his studying at a British University.
Therefore, before purchasing any given product, it is important to check if there are goods on discount. If it’s not indicated, confirm with the retailer or storekeeper. However, note that even though a discount offer may be a very enticing option for many, it’s not always the cheapest option.
3. Avoid Eating in Restaurants and Hotels
The overall costs incurred while eating out, compared to a home cooked meal are great. It doesn’t matter whether it is an upper class or fast food restaurant; the costs are otherwise quite high. As much as defined measures to avoid the constant and regular over-reliance on fast food hotel chains exist, some small measures can be looked into.
British students may choose to eat out on important or special occasions such as weddings, class outings, and birthday parties among others. Also, another method that may go a long way for a student on a small budget is eating fast foods. Fast foods may be less healthy compared to home cooked meals, but you will acquire a huge load of calories for each euro spent.
4. Use Comparison Sites
There exist websites for all those students who may be daily searching for ways to save money. The sheer number of sites available is mind boggling! You can look at the prices of a product against the costs of another one, for various types of foods. It’s arguably the easiest tactic, and no student can claim to have run out of cash while using it.
5. Cut Your Bills
By reducing costs and unexpected charges, you go an extra mile in conserving the environment and saving money. A safe, adequate, and clean environment is attained by cutting down on gas and electricity usage. The standards of a reasonable man require him or her to switch off lights whenever they are not in use, mostly during the day.
Other measures include making sure that your television set is turned off and not in standby, when the cold season begins to kick in, do not turn up the heat immediately, but instead put on extra clothing to warm yourself up; lastly, it is advisable that you inspect your room before going to bed or stepping out, to ensure that no electrical appliance has been left plugged in, for example, coffee makers and blenders.
6. Avoid Being A Spendthrift
The temptation to buy last minute goods always arises while you are walking in and out of stores, boutiques, and malls. This kind of behaviour may, in the end, form an unhealthy habit. It is thus necessary to refrain from such practices so as to save on costs.
Before buying any product, take the time to analyse the amount of time in hours that may be spent in working towards earning the required amount. It is essential to always: match your income or budget with your needs before making impromptu purchases and distance yourself from situations that may fuel the urge to spend. A more drastic measure would be leaving your debit and credit cards in your room to eliminate any possibility of your spending. Concentrate on your studies then later, after clearing school, you’ll be better placed to afford some of the luxuries you desire.
7. Be Money Conscious
Being aware of how much you spend may seem very basic and straightforward, but the reality is many students overlook this! Always be conscious of your spending habits and make a habit of tracking your expenses versus your income or available pocket money. Strive to eliminate unnecessary expenditures – here, there is a need to be creative in identifying avenues that require a cut down in costs. You can also do part time student jobs to make extra pocket money, just don’t forget what you’re in school for!
Sophia Clark is a creative writer from New York who loves to share her thoughts with readers. In my free time, she enjoys writing fiction as well as reading it. Her big dream is to publish a novel one day. Connect with her on Twitter and Google +.