Finances

10 Ways To Be Responsible With Your Money While Still Studying

10 Ways To Be Responsible With Your Money While Still Studying. Many people are acing tough financial crisis, and it’s even worse when you are a student. The cost of studying, and the fact that one does not have a salary has left many in dire situations. The following tips can help you to have financial freedom while working on that degree.

1. Start A Business

Can you install a hard drive? Can you strip a computer of spyware?  Can you compile reports? Can you perform minor car repairs? Are you a passable guitar player? Hair-dressing? Take pictures? Charge cheap rates and exceed expectations. Word will spread in and out of campus. When you’ve built up a customer base, you can raise your rates a little outside school time and make money.

2. Go Easy With Shopping

Impulse purchases are something everyone suffers from. If you are susceptible then you need to work on some tactics to cut down on these spending blasts. Before making any big purchases on things like electronics, clothes and holidays, in order to decide if you really want it. If you leave it a couple of days and still find your life lacking, chances are it will be a good purchase.

3. Draw Up A Student Budget

It may sound a little boring and long winded and the majority of students dread analyzing where their money is really spent. But drawing up a student budget is the best start you can make to saving money. Make smart choices. You can do anything you want, but you can’t do everything you want. Decide what’s important to you, and pursue that. And remember to leave time for yourself.

4. Save

The idea seems unreal but it is. However laborious it may be to open an account different from your present one, with low interest rates. That trip to the bank should be as good as your assignment. The rewards are worth it right after the three four long years of varsity.

5. Eat In

Eating out is the ultimate luxury. Someone else cooks for you. Someone else does the dishes. You are waited on hand and foot. And all of that is expensive, Satisfy your dining urges by organizing a potluck with your friends.

6. Find Student Discounts

One of the best benefits of student life is undoubtedly the student discounts. Being a student can get you money off almost anything, from a new clothing purchase to a trip to the movies. Whenever you make a purchase you need to check if there are any student discounts on offer.

7. Take A Packed Lunch To School

University cafes and canteens may be cheaper than most, but it’s still usually cheaper to prepare your own food. Make the effort to get up early each day before university to make a tasty packed lunch. It may not seem like much but the savings over the entirety of the year will speak for themselves.

8. Get Swapping

If you’re on the hunt for textbooks, a bike, a new sofa or any other item for that matter, then why not look into swapping? It’s a new-ish craze which means parting with something you no longer want and getting something in return. Works for both parties involved! Start between friends and family.

9. Track Your Spending

Saving your receipts is as important. Staple them and put them in a shoebox under your bed if you must, but hold onto them. You’ll need to be able to compare them with statements at the end of the month. And some you’ll need to keep for several years.

10. Be Money Savvy

Money saving is about having that state of mind and thinking about all the purchases you are making. Always think about where you can cut back and try to be as creative as possible. Buy used textbooks. You’re just going to sell them back at the end of the term.

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