Saving money is the first step towards any financial goal or plan. Inculcating this habit from early on can have substantial compounding effects on our wealth. For long, our movies have given us the idea of living life on the edge while portraying a paycheck to paycheck life as something fresh. The truth, however, is different. Saving money is not just a good habit but necessary for anyone who wants to lead his/her life with a sense of financial stability. So let us look at some easy ways to start saving as a student early on in life.
Putting in spare, extra cash throughout the year is a great way to build the habit.
Avoid addictive habits like drinking or smoking. Bad for your health & your wallet too.
Buy second-hand books and sell books from the previous year. It is not frugal. It is the right financial as well as an environmentally friendly decision.
Avoid late fees. With too many deadlines and dates to keep up with, you miss out on timely payments. An excellent way to combat this is autopay. There are plenty of apps out there for this.
Learn the importance of budgeting. Read our blog on how to budget easily in 2020 here.
Avoid credit cards. Use a credit card if you are sure that you will pay the bill on time.
Avoid impulse purchases. While buying extra chocolate at the grocery store will not spill water on all your savings plans, it is essential to understand that the point is to be focused.
Use the 24hr rule. You might think you need that new remote control for your game station, but do you? Spend at least 24hrs thinking about a purchase before going ahead with it.
Think costs in terms of time. An excellent way to put your spending into perspective would be to think of how many more work hours you would need to put in at your part-time to recoup the money you are about to spend and worth it.
Use student discounts. Always be on the look for such schemes and offers. Worth the time, and remember, a penny saved is a penny earned.
Learn to cook. Good coffee and tasty food eat into a lot of our budgets. But what if we could make good coffee and delicious food ourselves. It's a game changer.
Consider becoming a resident advisor. Most colleges don’t charge accommodation from resident advisors, and some even offer compensation.
Use ‘Chatwithnerd.’ It is super important to keep track of your expenses and that too regularly. Now, this could feel like an unnecessary chore, but the effects of this can be magical. Using a cool app like ‘Chatwithnerd’ can help you do this easily. You need to post your expense on the app like a text message, and it will automatically add the cost to the relevant category. Cool, right? So what are you waiting for? Begin now. Check out ‘www.chatwithnerd.com.’