Money Saving Tips for College Students

Money Saving Tips for College Students

“This is just the beginning of the month and I have only a few pennies left in my wallet, how to survive the entire month with this meager amount ! The house rent, the bills are due, I spent all my pocket money on wasteful expenditure. I wanted to buy some good books this month but…. I spent the money partying with my friends.”

Are you familiar with these woes? College goers, if money is worrying you, then this article on money saving tips for college students will give some solace to you

College life is full of fun, but in this fun-filled life we forget to manage our expenditures according to our needs. Sometimes we invest on things which are not into our priority list. This is called careless investment. While at other times we spend extravagantly on our friends just for the sake of fun and enjoyment. Away from home, we are sometimes tempted to do things that were restricted by our parents. The ultimate outcome is, we run short of money. So, money saving policy is very important not only for college students but for every person. I shall definitely help to get few good money saving ideas for college students.

Tips for Saving Money

There are many ways by which you can easily save your money and invest it in the right direction. The following money saving tips will guide you.

Managing the Account Balance: First keep a track of the money in your account, then decide your monthly investment and expenditure according to the amount available.

Your Cost of Living: It is very important to know your cost of living no matter you have an extravagant or a mediocre lifestyle. Know in which direction you are spending your money and then start saving.

Jot Down the Expenses: This is a very useful money saving tip for college students. Build a habit to write down your daily expenditures. This will help to know your exact investment everyday and you can curtail down if you are spending more than you need to.

Savings Policy: When you have learned the money management policy, you can start saving a certain amount every month in your personal account. Go through the various saving policies of different banks and start saving using the best policy with maximum gains.

Know How to Save Money

After reading these tips, you might be thinking how to curtail wasteful expenditure, how to invest in the right direction and how to change the lifestyle as a whole. Well, it is very important to know how to save money.

Credit Cards: If you have credit cards go for the ones that have the lowest interest rates. Try not to withdraw a big sum at one shot or purchase things with your credit cards always. This can be quite dangerous at times due to online theft.

Payments on Time: Make a habit to clear all the dues within the given time. Electricity bills, house rents, food allowances, etc. should be paid on due date, to avoid the burden of huge overdue at the last moment.

Tuition fee: Avail the various scholarships for college students to get a discount on your tuition fees. You can also go to banks to get a loan with low interest rates. This plan can save the money from being spent at one shot and you can repay in installments.

Commuting and Traveling: If you are an outstation college student, try to get accommodation close to your college, so that the traveling cost is minimized or saved. Don’t go for luxuries like car rather commute by bikes, buses and other regular modes of transport. Prefer walking if you stay nearby your college.

Sharing Basis: Try to go for a sharing basis accommodation. This will curtail your monthly rent, food, and other bills. This money saving tip for college students is really a helpful tip for saving money.

Cut your Daily Entertainment: If your entertainment routine with friends is sucking too much money just avoid it. Regularly going to discos, pubs, restaurants, parties, movies and many group hangouts involve huge expenditures. To save your money from being spent, avoid these unwanted activities as much as possible.

Food and Drink that Save Money: Don’t get tempted to have fast foods and junk foods every day. Go for daily meals and healthy diet. Invest less in expensive restaurants and cafeterias. Avoid intake of alcohol regularly. This habit not only involves wasteful expenditure but is also harmful to your health. You can even try cooking by your self in your personal electric oven. This way you can save some money.

Collect Books: You can sometimes avoid buying expensive books by collecting it from your seniors or libraries. You can also go for second-hand books at low prices or get the photocopies of the original books. Try to download it from websites or get the CDs of books. This is one of the easy money saving tips for college students.

Earn a Few Bucks: You can also add some extra bucks to your pocket in many ways. Try the Google Ad Sense, the RSS feeds or create blogs to make money. You can also try freelancing in various newspapers or magazines during free hours to get some extra income. Save the extra money earned and utilize it when you need it.

Other Expenditures: Keep a check on extra expenditures like phone bills, Internet usage bills, and other bills related to electronic gadgets. Go for the cheap plans available to cut down your expenses and save some money.

These money saving ideas for college students are easy to follow. So, college students, kindly try not to be too extravagant or prodigal. Spend less than you earn. I hope these simple money saving tips for college students will prove to be useful.