comments 04.02.2009 Paul Shuteyev @ General

Techniques 2009: Essential Money Saving Tips for Students



It is easy to get caught in the rush of things when you are in college. In the midst of studying, part-time jobs, socializing and extracurricular activities that you have, you are most likely to forget one of the most important things, which is straightening out your finances.

Here are some tips on how you can save money as a student:

1. Plan ahead.

If possible, do this even before you move into your dorm room.

Check if you are eligible for scholarships and other grants before signing up for any form of student loan.

Construct a cash flow. First, where do you expect to get money from? Make a list of your “income”,  be it from your parents, your student loan or your part-time job.

Then forecast your expected monthly or weekly expenses for food, books, etc. Once you have set aside a budget, be strict with yourself and stick to it.

You will never know what unexpected expenses would come your way so it is better to have a downfall for financial emergencies.

2. Save on food.

One of the major expenses that you have as a student which you might have ignored when you were still living with your parents is your food allowance. Avoid eating at fast food outlets, as this is most likely to ruin your budget. Pack your lunch and plan your meals as much as you can.

3. Take full advantage of student discounts.

Those ID’s in your wallet are not just for show.  Student ID’s and memberships in organizations are honored in several establishments which offer discounts.

Also, patronize a certain establishment regularly and you are bound to get bonus cards for being a loyal customer.

4. Use your cash as much as you can.

Since you already have a draft of the items where you will spend your money, it is easier to monitor your cash flow. Avoid using your debit card when you have cash with you. Use your credit cards or write checks only in emergencies. Having debit cards, credit cards and checks handy might lead you to overspend.

5. Keep yourself busy.

Join clubs according to your field of interest.

Keeping busy will let your mind wander and help you stay away from things that you are likely to spend money on when you get bored. Examples of these are snacks, movie tickets or game rentals.

You will be surprised at the amount of money that you will actually save by spending less on luxury items, following your budget plan and saving for financial emergencies that you are most likely to get as a college student.

Techniques 2009: Essential Money Saving Tips for Students
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Written by: Paul Shuteyev

I am an internet-marketing specialist.

 

Responses (5) on "Techniques 2009: Essential Money Saving Tips for Students"

  1. lol, nice tips, but not useful! I’m a student, and I need more detailed tricks and tips on how to save money. You know what I mean? Where to find discounts, coupons and so on. Got it?

  2. Name (required)

    heh, sweet tactics, if i can call them so, especially in crisis times…

  3. marketing class heroe

    NICE! NICE! NICE! Moo’ articles 4 students, bro! Its kinda actual! Plizz plizz plizz! Thanks, zakk!

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  4. Good ideas. I love the idea of joining clubs to stay busy so you don’t go blow all your money on restaurants and movies. Believe me – don’t use college as a time to rack up credit card debt – you will NOT want to spend many post-graduation years paying off your college Credit Card debt. Live smart now, and it’ll set your frugal habits for a lifetime!

  5. Nice post
    A budget is a spending plan that includes everything you will spend money on. A good budget is a spending plan that includes everything you will spend money on and stays within your income.
    Budgeting tips, information, advice, and resources to help you set up a successful budget and stay motivated.
    Budgeting is something that many of us don’t like to consider as we think it will tie us down. But if you really stop and think about it, budgeting is simply a means of looking at your income and expenditure and deciding on what is most important to you.