Students and their personal finances

You have just started a university or college. Money has become a huge issue as spending has increased. You decide to get a student loan or maybe a scholarship, but financial aid can be very complicated and there are many other students like you. When you have money, you lose track of when and where you spent it. Here are some tips for budgeting and saving your way to a better lifestyle.

 Before considering the idea of ​​borrowing money, consider all possible gift options, such as rewards from associations or religious affiliations. These are like mini cash aids. One association can give you $ 100, another maybe $ 50. These small amounts can be added to a large amount.

 Spend some time at the beginning of the semester of the course; as you get used to your daily routines, you can plan your finances. Keep a record that compares your income and expenses. Plan how to maximize your income and minimize your expenses.

 Write in a book what you spend. You may think that small expenses like candy here and a soft drink there will not hurt your pocket. But it is these little things that eat up your wallet. Write down all expenses. After a week / month, you can check your start-up costs and track your costs. Write down all your receipts, bank statements, grant details and loans for future reference. Also check your monthly bank statements, because mistakes are common.

 If you have a regular monthly income (such as a salary or student aid), don’t be tempted to spend it all at once. Stretch this for a period of one month. Keep the balance in your bank account.

 Take work on holidays or even work part-time after school and on weekends for extra income. Work can also help you increase your career prospects when you graduate.

 When possible, use public transport or a car pool. Many colleges provide free on-campus bus services. If the journey is not too far, why not walk quickly to your destination. You save on transportation fees and have a great workout as a bonus.

 Email instead of phone calls. Not only is it cheaper, but you can reach more people with just one move. If you prefer to call, get a prepaid mobile phone service that helps you eliminate monthly subscription fees. If you have frequent long distance calls, sign up for a medium quality international call provider instead of a high tech one because it is cheaper. Try online messengers that provide video conferencing or phone calling services. It is much cheaper.

 Try to apply to a public college or university so you can stay home. Eliminate additional costs such as accommodation fees.

 Look for second-hand books, not new ones. There will certainly be high school seniors who want to get rid of their old books.

 Try to withdraw money once a week at the bank where you have an account or its branches. Keep the receipts for the withdrawals you have made. Avoid carrying the cards with you.

 Maintain a simple lifestyle. Don’t always spend too much and get rid of expenses you don’t need. For example, a chocolate bar that costs 50 cents a day, for 10 days you would spend $ 5 to soothe this jam.

 Give up bad habits such as drinking, smoking and gambling. First, such habits will slowly kill you and second, these habits lose money.

 Be environmentally friendly. Turn off the lights when you leave the room and turn off the tap when you are ready. Use both sides of a sheet of paper and recycle the ones you no longer want. Recycling not only saves land, but also helps get some money back into your pockets.

 When you download things from the Internet or just listen to music on your computer, turn off the screen. The processor requires only 40% of the power to run; the rest is taken up by the screen.

 Invest in a coin box, but not in a coin box; buy these without any “pull” holes in them. Clay figurines are quietly cheap. Put your spare rest in them. Every penny counts.

 Fixed deposits are a great way to cash out. If you have a minimum amount of money required by the bank that you can set aside for a short period of time, put it in a fixed deposit, as the interest rate is higher than a normal bank account. However, please check and see which bank offers a higher interest rate. Another good option would be to invest in a mutual fund. Check with your nearest bank for more information, as each bank has a different policy and interest rate.

 Have long-term goals such as buying a car and then set up a fund to buy the car by spending money each month. After all, even if you no longer want to buy a car, there will be money for other things.

Adeline Ong © 2006