College is all about freedom and
with freedom comes responsibility. Once we go off to college, we are expected
to do everything on our own including taking care of money issues. Usually,
when we enter in college, we get so distracted by everything that goes on
around us that we lose track of our expenses. With so many new things to see
and be a part of, before you know it, your monthly allowance is over. This is
where the responsibility that follows freedom comes into play. How you spend
your money will ultimately affect you so it’s important to spend money wisely
and if possible, to save some money every month. Here are a couple of tips that
can help you to spend your money more wisely:
.
Make
a budget and stick to it:
Planning in advance is the key to
success. If you make a list of your expenses at the beginning of the month, you
will know exactly where you stand financially. This estimation can be very
helpful when it comes to spending on entertainment because you will know your
limit. Following a plan will also ensure that you do not have to compromise on
the essential things like books and stationary because of overspending.
Prioritize:
Prioritizing is very important when
it comes to spending money wisely. Priorities are always on the basis of
‘needs’ and ‘wants’ so the first step is to be able to distinguish clearly
between the two. Any expense related to your course is a necessity, a ‘need’
and should not be avoided or delayed.
Look
for theatres that give a student discount:
Being a student and using money
wisely is not synonymous with a boring life. It just means that you should
consider the alternatives before you spend on something. A lot of theatres in
and around the campus give student discounts. In fact some of the theatres are
really affordable and they cater especially to students. Look for such an
option if you want to watch a movie in a theatre.
Look
around the campus to find affordable entertainment options:
If movies don’t interest you that
much, every campus offers other entertainment options like concerts and
festival which are very affordable. In fact, some of them don’t even charge any
entry fee so be on the lookout for something like that.
Look for clearance sales/student discounts when you shop:
An important
part of being a college student is wearing the right clothes to portray the
right image. When shopping for clothes in college, keep your eyes open for
clearance sales. You can also ask around for a student discount because some
shops in and around the campus provide that option as well.
Use second hand textbooks and furniture:
Second hand
goods can be just as good as the new ones if chosen wisely. Things like books
and furniture can be a big expense during college so if you get good quality
second hand products at a discount, buy them instead of spending more for
meeting the same purpose.
Instead of buying DVDs and additional books, borrow them from
the library:
Your library
is an untapped resource of knowledge and entertainment. The next time you want
some extra reading material or if you want to watch a movie, go to your library
and borrow books/DVDs from there without having to pay a single penny.
Open a student checking account/student savings account:
It will give
you a place to store all your savings (if any) so that you don’t end up
spending everything. This is not an expense or a saving but it will help you to
better understand where you stand financially so that you can make wise
decisions.
Be around people who spend wisely:
The kind of
people you spend your time with really makes a difference when it comes to
spending money. Students who have a lot of money will not care about where they
spend it and having them as friends will pressurize you to spend money beyond
your comfort zone at some point. Associate with those who understand the value
of money and spend it with care.
Spending money wisely is a good habit to grow up with, its a foundation on how we will spend our money in when we have families and business .
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