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As a student, one of the most important things to keep in mind is the amount of money you spend during your study years. When you approach money management and financial planning in a smart and efficient way, it can set you up for a bright and successful future.
Budgeting, investing, saving, and even spending are all part of money management. There are a few effective financial tips and money management skills to guide you through your college years and make sure that you don’t have a mountain of student debt before you have even graduated.
Top money management tips for students to minimize their expenses and live a financially happy life:
1. Create a proper budget
Calculate your expenses in advance. The process might entail noting in detail what expenses you expect in the future. For every student, the most important areas to budget for are food, phone or internet recharges and top-ups, travel, and emergencies. Having a set budget for miscellaneous overhead expenses is also a good idea to avoid going broke by the end of the month. There are a number of budgeting apps available online to help with this!
2. Keep track of the money borrowed or lent
Borrowing and lending are common practice among students, especially when you are operating on a limited budget. Therefore, it is necessary to keep track of the money you borrowed from a friend or lent to someone. You can keep a record of it in a diary or use specialized apps, which also come with a reminder function to remind you to return the money or ask the lender to return it.
3. Buy second-hand goods
As a student, when you have a limited budget for everything, buying second-hand goods is a great way to save. This could be mainly applied to books, as they are usually expensive. The prices of second-hand goods are much lower than those of brand-new items, and they serve the same purpose.
4. Try cooking yourself
When in college, we don’t have much time to cook a proper meal for ourselves and therefore, spend a major chunk of our money on ordering take-out, which is almost double the cost of buying groceries and cooking for ourselves. Making a simple meal isn’t a herculean task, and it will save you a lot of money. Cooking for yourself is not only cheaper but also healthier for your body, and it doesn’t leave a dent in your pocket.
5. Improve your money mindset
When you are a student with limited resources, what you do with every penny is important, but how you think about spending your money is also important. Sometimes we just spend money not out of need but out of want, and in college, out of peer pressure. Taking on a more positive financial mindset while managing money could include things like keeping sight of your goals. It could also mean taking a solution-oriented approach and focusing on the things you can control, like your spending habits.
6. Look for products online before buying
Most products sold online on e-commerce sites are much cheaper than those sold in physical stores. You also get a lot of other, even better options while browsing through online websites. Every penny counts and you can save a lot of them this way.
7. Take full advantage of student discounts
A lot of stores, malls, restaurants, and cafes give additional student discounts, which can be helpful in your college years. You just need to keep your college identification card on you at all times, and you can get a bunch of good discounts.
Money is very important, especially in your college years, and learning how to spend every penny properly while having fun is the real art of money management.
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