To Top

College 101: Money Tricks For Students

Some college students think that saving money is actually pretty easy for some others, it is such a difficult thing to do. And a lot of students actually suffer because they don’t know how to spend and save money the right way. You don’t need to starve yourself. You just have to understand how does it really go and for you to be able to do it, you must be one with your inner self, because if you are doing this for the sake of other people or for the sake of what they are going to think, then you’re doing it wrong. It must come from you, it must be something that you want, something that would benefit yourself. So here are some steps on how to successfully save.

1. Plan Your Budget on Meals

IMG_5202If in the back of your mind you’re already saying “I don’t have time to plan” then get out of this page. You clearly don’t want to do this since you’re already against the first step. There is no such thing as “I don’t have time” it is just your way of thinking, because we all have 24 hours a day and that is a lot of time. You may think you’re too busy, but no, because if you really want to do something, you will make time for it. It’s just a matter of priorities, so you have to find the time to plan your meals.

You can start off with researching about affordable meals on the internet, there is no better place. It is quick and accessible anywhere. You can find some recipes there that you never thought is actually possible. You will learn new things and once you have found some recipes you can do for the week then you can go to the groceries. And shopping for food once a week is the key to saving. But keep in mind that you should have a limited budget for it and of course list down the things that you need to buy so you don’t overspend. It will definitely save you money because you don’t need to order takeouts or dine out. And you can actually eat healthy too, if you want to since you’re in control of what you’re eating.

2. Keep Receipts and Write Down Expenses

Once you’re done with meal planning and grocery shopping, get a pen and a piece of parchment. Grab your receipt and list down all your expenses for the day, including the coins and such. This is a way of figuring how much you spend and is willing to spend. If you think you’ve spent too much then cut some dollars from it and set a certain budget for you to spend the next time you’ll get groceries. You should also organize your expenses by categories like for bills, gas, food, rent/mortgage and any other things. You also need to sit down and analyze your credit cards if you have any and your bank statements.

3. Get a Motivation

Saving is easier if there is something you are saving for or something you actually want to achieve out of it like for example you want to lose weight and save money at the same time. By not eating out and getting Starbucks every time you pass by, you can actually save money and lose weight since you’re not adding calories. Also, you can walk to school or work instead of taking a cab or your car since you will spend money on gas. Walking is the best form of exercise so you are already getting healthy and saving money at the same time.

But if there is something major you want to buy, like the newest phone or a new car. Reminding yourself that you are actually saving for something will really help you out. Like I said earlier, saving money may be diffuse for some people, probably because they are not really motivated. You have to convince yourself that this saving thing will all be worth it or else you’re just wasting your time. You also need to think about your priorities in life. You have to think of some long term goals instead of just getting that new dress from Chanel. Which brings us to the next one

4. Know the Difference between Need and Want

This is the most important step out of everything. It’s just basic economics. Needs are something you must have, like a necessity. Wants are the things you would like to have. Let’s make it pretty simple. If you are going to the mall and you need to buy an outfit for your sister’s wedding, did you notice the key word? “Need” to buy, so it is something that you really need to have. Especially if you literally don’t have anything formal to wear, and all you have are a pair of sweats and some jeans. If you go to a boutique and see something that suits you and is on reasonable price then that’s alright. But if you go to let’s say, Burberry, and you see a similar outfit but with additional zeroes on the price tag, which one should you get?

You must consider a lot of things. Like if you want to get the Burberry one just to impress your friends and relatives or just to take a photo of to look rich, then that is just boasting and you’ll end up being broke instead of actually saving. If you get the first one with a decent price, then you have made the right choice because you saved a lot of money and at the same time you got the thing that you need.

In order to help and convince yourself to save is to simply look around you and notice how this world is doing. There are people who don’t have any food to eat, there are children who can’t afford to go to school, there are families stuck in war zones in some countries and yet here you are reading this. That means you should be grateful for whatever you have, you may struggle to save, then use this as one of your motivations. There are people suffering so we should all appreciate what we have and instead of buying things that are necessary, why don’t just save it or share it.

More in Financial Advice

You must be logged in to post a comment Login

Leave a Reply