Ways to Save Money: Words that easily attract a college student.

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Being in college makes you realise that saving money is one of the hardest things that we have to deal with. A lot of us by the end of the month have no money or are short on it. Most of the times, just like myself we don’t tend to realise where we are spending all that money.

Expenses are high in todays’ world and it only keeps getting worse by the day. As a college student (whether you live away from home or not) you are always worried about money, because no matter how much of money you get it just isn’t enough.

It’s not about spending on cheap things or not spending but its more about prioritising your spending. Most of the times your friends may be able to spend more than you can, but it’s okay for you to step back and think about what is important for you.

There are 7 easy tips you could adopt to cut down on expenses and save yourself an extra buck.

  1. Stay

This is primarily applicable to all those students that are staying away from home. Think wisely and cautiously before you pick a place to stay. Generally on campus accommodation is cheaper than PG’s and apartments. If you do wish not to stay on campus (generally due to stricter rules) then make sure you find someone to live with so you can split your bills and expenses.

  1. Food

This is one of the main expenses that any college student incurs, whether you live at home or no. Food makes up most of the spending that we do. If you live away from home you could set yourself on an average budget per day. Many colleges provide cheap and filling meals, opt for them rather than opting for expensive restaurants. Also if you know how to cook, fix yourself a sandwich or pack some food and take it along with you. This will keep you full and will reduce your spending on food.

For all those college students that stay with their family this is one thing you should be thankful about because you can always take some food from home. Try and practise this at least three to four days in a week you can be saving so much money.

  1. Budgeting

This is the most important way of saving money. Be a smart spender, this way you will have extra money for that once in a while expensive lunch or outing with your friends. Set a daily or weekly budget. I honestly believe daily budgets work better. According to your spending set a budget a little lower: For eg: If you spend an approximate of Rs 200 per day set a budget of Rs 150 and keep only that amount of money in your wallet, at the end of the day set aside all the money you did not spend. This way you will be saving and will not exceed the amount you are supposed to spend.

  1. Get an Internship

I cannot stress how important this is, getting an internship will not only help you stay engaged and avoid you from getting into unnecessary expenditures but some of them may even help you earn an extra buck. Some internship pay you, some provide you with rewards and most often they provide you with a certificate at the end of the course. This is an excellent chance for you to get hands on experience on work culture. You can always use some extra money, save it, spend it, and treat yourself.

  1. Transportation

This is where you usually end up spending most of your money (at least I do), sit back and think on the amount you spend on transportation. Instead of spending on autos and cabs, use the bus. Most cities provide excellent public transportation. Yes, it may take you a little longer to reach your destination but it will be worth it at the end of the day. If you travel the same distance frequently try getting a bus pass. It will be a one-time spending and your transportation expenses will be taken care of. Buy accommodation nearer to campus so you don’t have to use transport as much as you would. Also try avoiding Volvo and AC buses as they cost at least 5 times more than the regular buses. WALK. Try walking shorter distances. Instead of taking an auto back or a cab try walking with a friend. Walking with someone won’t make you realise how time passes and distances are covered and it will also give you excellent time to bond with your friend.

  1. Entertainment

The area that defines your social life. Concerts, movies, shows, festivals, they are extremely important as they build up your college experiences. But you need to know where to stop and say no. Don’t end up going for every concert just because you think it’s cool. Go for the artists you really enjoy listening to and limit yourself to only a few concerts. Avoid going out for every movie (first day, first shows), instead watch them online or go on those days they provide special discounts. Tutor someone, this will help you get some extra money and also leave you with less time to worry about the things you need to do.

  1. Books

As a college student this is something imperative that we must have. Little do people know you can always save on books by either opting for E-books or photocopying. Also one of the options you can adopt is by borrowing books from seniors. Sell your old books and newspapers (if you subscribe). You can also buy from stores that sell second hand. Make your own notes, use your library extensively; you pay a fee for it.

 

Cutting down on small expenditures like walking or taking a bus will help cut down on expenditures extensively. Use alternatives and treat yourself with the extras you save at the end of the month. Buy yourself that tee you want or take yourself out to a good lunch, or just save money for the future.

 

 

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A writer, poet and enthusiast. Currently pursuing my BBA at Christ University, Bangalore, Music is my passion.