You have now graduated to a new level of financial responsibility.
But with great power comes great accountability. You have choices to how the money will be spent and you can decide not to spend wisely. Well, this article isn’t for you if that is your intent, unless of course you have found the error in your ways and want to turn over a new leaf. Find below a few ideas on how you can control your spending and minimize your excess.
You are making better choices now, so part of what that means is you will be more proactive by knowing all the vendors and businesses that offer discounts to students. You will also keep track of what those savings are so you never pay more than you have to.
A significant expense for students are books and there is very little wiggle room since they are pivotal to your academic performance. So you can look around for either used books to get yourself some savings or look on Amazon and other outlets to see what options are available. Keep in mind the book you are using may be an updated edition so depending on how different the editions are this may not always be an option.
Skip The Lyft
No doubt in your life as a student you need to get around and there are certainly times where it makes sense to call a ride, but most of the time you can get around by public transit. If you’re really shaking things up, walk (gasp!). These ride apps are great resources to have if used sparingly, but once their use becomes a standard the costs really begin to add up so minimizing that will save money.
As a young person who is working really hard and pushing yourself as we know you are, you need to unwind and entertain yourself. This could come at some expense, so make sure you maximize all that is available to you in your respective schools. Attend the events, utilize the facilities (gym, sports, food), just get everything that is available to you and make sure you experience as much as you can. A lot of the events in school are fun and if not free to students then at a great discount so don’t let them go to waste.
Bank On It
Make sure you have a clear idea of what type of accounts you have at the bank, what your fees are and when they are due. In a nutshell, stay on top of your finances, pay your bills on time as you never want to pay unnecessary fees if you don’t have to.
Wants VS Needs
This might be one of the more difficult points in this article because this requires significant self reflection and discipline. You have to know the difference between your wants and needs and then you have to follow through with it. This is admittedly a difficult step and is very specific to each individual but it is important to explore and include into your lifestyle.
FOLLOW THE MONEY
Its not really likely you will implement the previous point without somehow doing this too. Tracking your spending will help you pinpoint areas you need to exercise more restraint and perhaps things that are not necessary altogether. This has to become a part of your lifestyle going forward as it will only become more important as you get older and gain more financial obligations. If you would like to save money, you have to know where it is going.
The psychological process of paying for an item with cash rather than credit involves you pulling that money out, counting it, and then handing it over. Through all of these points you have several opportunities to rethink the purchase as opposed to a card transaction which simply requires you tap. So for you who wants to save money perhaps incorporating this into your routine might help you curb some of those bad impulse purchases.
I hope you found a few ideas here that could help you save money better and you can incorporate some ideas of your own. What is important is that you remain consistent with whatever methods you choose.
Wishing you all the best in your studies and beyond!