Penny saved is Penny earned, how often do our parents quote Benjamin Franklin. This quote teaches us life’s important lessons of self-control and discretion so we can save and spend the money well on the right things at the right time.
Here are a few tips on how as students, you can not only make do with the tight budget but also save money to spend it well on that dream you secretly guard.
*Plan your budget and stay focused. Know your recurring expenses and keep some amount aside for the accidental expenses that you might encounter.
*Pay bills on time or even before the due date to avoid late fees and get early bird discounts
*Buy grocery from the supermarket that offers maximum discounts, plan your visit to the supermarket so that you have a list ready to avoid impulsive buying. Negotiate and haggle on purchases that permit it
*Make sure you have no dues on your credit cards, lest you waste your money paying unwanted interests. This will even help you have a better credit score for future loans and purchases
*As far as possible use Public Transport or carpooling or a two-wheeler pooling to save on fuel. Short distances can be walked to or cycled to, thus saving your Gym membership expenses as well.
*Join a local library so you can borrow the books you like to read. Buy used textbooks or reference books, they would be cheaper and often have the important stuff highlighted 😉 and tips written on the corners of the books that turn out to be more helpful than the material in the textbook itself. Photocopying a reference book also can be done.
* Say NO to tempting and expensive brands. Brands are for the future you, not the present you.
*Party at home rather than in extravagant places. Where ever possible, encash on student discounts or bulk discounts, like a food joint or lounge. Also, there are weekdays when these places allow free entry to students, party on those free days.
*Kick the butt, stay away from vices that leave you in debt.
*Try earning scholarships for various courses
*Use WiFi where ever possible, make sure you have a pre-paid data plan so you do not overindulge
*Plan your travel well in advance to get cheaper deals
Now that we have gone through tips on saving money, here are a few on how to get the extra income*Coach other students on academics or any form of art like playing a musical instrument or a dance form or a sport which helps you make the extra bucks
*If something is not useful to you anymore, try selling it to someone who can find a use for it personally on various websites available thus making the extra pocket money
*Working at the local coffee shop is also an option that can be considered.
With power packed determination and dedication “Mission Savings”
here we come!!!