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You’ve just started university or college. Money has become a big deal as expenses have increased. You decide to get student loans or maybe a scholarship but financial aid can be very complicated and there are many other students just like you. When you have money, you lose track of when and where you spent it. So here are some helpful pointers for budgeting and slimming your way to a better lifestyle.
Before considering the idea of borrowing money, explore all possible gift aid options such as awards from associations or religious affiliations. These are like mini cash aids. One union might give you $100, another maybe $50. These small amounts can add up to a huge amount.
spend some time at the beginning of the course semester; As long as you get used to your daily routine, you can plan your finances. Keep a record comparing your income and expenses. Plan to maximize your income and minimize your expenses.
Keep a record of what you spend in a book. You might think that small expenses like a candy bar here and a soft drink there won’t hurt your pocket. But these small things eat into your pocket. Write down every expense. After a week/month you can check your expenditure and keep track of your expenditure. Enter all your receipts, bank statements, grant and loan details for future reference. Also check your monthly bank statements as mistakes are common.
If you have a regular monthly income (such as a salary from work, or a student grant), don’t be tempted to spend it all at once. Increase it over a period of one month. Save balance in your bank account.
Take a holiday job for extra income or even work part time after classes and during weekends. A job can also help enhance your career prospects upon graduation.
When possible, use public transportation or car pool. Many colleges offer free, on-campus shuttle bus service. If the journey is not very far, why not walk fast towards your destination. You save on transportation fees and get a great workout as a bonus.
E-mail instead of phone calls. Not only is it cheaper, but you can also reach more people at once. If you prefer to make calls, get prepaid cell phone service, which helps you eliminate the monthly subscription fee. If you make frequent long distance calls, sign up for a medium quality international call provider rather than a high tech one as it is cheaper. Try online messengers that provide video conferencing or phone call services. It is very cheap.
Try applying to an in-state college or university so you can live at home. Eliminate additional expenses such as accommodation fees.
Look for old books instead of new ones. Surely there will be graduates who would like to get rid of their old books.
Try to withdraw cash at least once a week at the bank or its branches where you have an account. Also keep the receipt of the withdrawal made by you. Avoid carrying cards with you.
Have a simple lifestyle. Always be frugal and get rid of expenses you don’t need. For example a chocolate bar that costs 50 cents a day, in 10 days, you will have spent $5 to satiate that sweet tooth.
Quit bad habits like alcohol, smoking and gambling. Firstly, such habits will slowly kill you and secondly these habits waste money.
Be environment friendly. Turn off the lights when you leave the room and turn off the tap when you’re done. Use both sides of a piece of paper and recycle the ones you no longer want. Recycling not only saves the earth but also helps put some money back in your pocket.
Turn off the screen when you are downloading content on the Internet or just listening to music on the computer. CPU requires only 40% of the power to run; The rest is taken up by the screen.
invest in a coin box, but not just any coin box; Buy the ones without any ‘egress’ holes in them. Clay figures are quiet cheap. Put your spare change in them. Every cent counts.
Fixed Deposit is a great way to cash in. If you have the minimum cash required by the bank, which you can save for a short period of time, put it in a fixed deposit as the interest is higher than that of a normal bank. Accounts. However, please check and see which bank offers higher interest. Another good option would be to invest in mutual funds. For more details contact your nearest bank as each bank has different policy and rate of interest.
Have a long term goal like buying a car and then set aside money every month to create a fund to buy the car. In the end, even if you no longer want to buy a car, there will still be money for other things.
Adeline Ong © 2006
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