Saving money is often a struggle for students. Being constantly dependent on your parents for financial help, you are required to manage your expenses. We get daily, weekly, or monthly allowances that we need to budget for our daily spending. Admittedly, it is hard for students to have a tight budget and save.
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With the constant temptations lying about trying to pry into your wallets, here are some ways to save our daily allowances from being totally consumed:
Leave your money at home
Most of us tend to spend a lot. And if you bring all of your money, chances are most of it will be spent on things that you really do not need. Only bring a sufficient amount for the bus fare, food, and the like.
Nowadays, the mobile phone is the primary reason why a student is likely to be out of budget. Spend less or nothing at all when you make calls using VoIP phone services. VoIP calling software such as Skype, Yahoo Messenger and Viber allows you to make free calls. This will prevent you from purchasing expensive mobile phone plans.
Although it is kind of risky to be completely penny-less, you can always bring emergency money and keep it unless you would really need to use it.
Bring packed lunches
Most of us admit that we spend way too much money on food, and it is true. Food is essential after all. The cafeteria food is pretty pricey and eats up most of our allowances.
Make use of the food you already have at home and make a packed lunch. However, it may require you to get up early in the morning to prepare, but it is worth it if you really want to save a few dollars.
Keep your eyes on the prize, and do not stray from it. All it takes is a little discipline and determination.
Your lunch money could contribute a great deal to your savings, but it is also important not to skip your lunch to maintain your health.
Do not go out too much
When your friends ask you to hang out with them in the mall or anywhere, you will be forced to spend money.
It’s not saying you should be anti-social and not interact with people, but think of other plans. Suggest something that is not costly like hanging out at home instead. Call them up or send them a text message. If they really do insist on going out, go to a park or a public place which can be just as fun.
This way, you can still be with your friends and socialize without burning your savings.
Mark your goals
There has to be a reason why you are saving, right? Write down your goals and post them up on your wall. Having these reminders will inspire you to continue minimal spending.
Whether it is a new phone or a new iPod, saving will help you a lot. Keep your eyes on the prize, and do not stray from it. All it takes is a little discipline and determination.
It may be hard at the start, but once you see your savings increase, it would encourage you to save more and continue doing it until you reach the amount that you’ve wanted.
Conclusion
Once you start saving, it gets easier although it could take a lot of time, especially if you are saving up for something really big. It is just important to not give up and do whatever it takes to have it. Saving is a good habit, and engaging in it at an early age will make you more disciplined. The best time is to start today.
Furthermore, all the sacrifices that you will have to make for your savings will be worth it in the end.
Edward Morrison
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I think the way “Leave your money at home” is totally wrong. There could be any emergency in which a student may need money. If a student doesn’t have any habit of saving, then his/her parents should open a student bank account and give him/her a plastic card; so student’s transactions can be monitored by parents easily and there would be a complete check on it.
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Hello, Maddy. Thanks for reading and commenting.
I think what the article is trying to convey is not to have too much money on you at any given time. But I would have to agree with you on the emergency part. If you only got enough for fare and food and no wiggle room for emergency expenses, that can be pretty difficult. From the standpoint of a parent, I think your suggestion is brilliant. Bringing a debit card can cover the unforeseen expenses part, as long as the student remains true to his savings objectives. 🙂
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