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Here is What Every Student Must Know About Money-Saving
Many people think that being a student doesn’t involve too much responsibility aside from being academically competent. What they don’t know is that one of the concerns and main struggle of students especially those who are not financially stable is how to save money efficiently. In this article, we will talk about five money-saving tips for students specifically.
Bring homemade snacks with you
Having enough energy is one of the things that every student needs throughout an academic year. This energy may come from your passion to study and motivation but scientifically speaking, our strength to act and to think comes from food. According to Mayo Clinic, food gives us proteins, fats, carbohydrates, vitamins and etc. that help us grow, think fast and cope up with our daily lives.
However, food may be a bit costly if you buy it in a restaurant, canteen, convenient stores, and other food service establishments. That’s why it is a big help for your savings if you prepare your food and snacks at home. Also, if you cook yourself, you are always aware of what you put in your food.
Budget your weekly finances. Plan ahead of time
Have you ever asked yourself where your money went not remembering spending that much? Maybe the answer to this problem is a weekly budget plan. Budgeting is easier said than done. As a student, you need to do it, especially when you are not aware of your expenses. Surely, there is always an unexpected spending situation in students’ lives. For example, a project where you need to buy materials, you and your group mates have an urgent meeting in a coffee shop and when your partner demands a date. Budgeting is never easy when you don’t know where to start but I know each one of us can do it.
Also, you can compensate for those unexpected situations with saving money on different things. For instance, you can use coupons. If you need an academic paper, one of the ways to have a good paper without spending too much money is to use myadmissionsessay coupons to redeem a discount. We just need to have discipline and know what to prioritize. If you can budget your allowance/savings by cutting down your weekly expenses throughout the month, it is great. By looking at that budget plan, you can start managing your money a bit easier and you are aware where your money goes.
Know the difference between wants and needs
There is an enormous difference between wants and needs. Generally, wants are things we like to have as individuals. A typical student wants to eat in fancy restaurants, buy clothes in a popular branded store, a car, multiple gadgets, and trips out of the country because why not! Yet, everything that was mentioned is what we desire which is in contrast with needs.
Based on the famous psychological theory called “Maslow’s Hierarchy of Needs”, the most important basic need that a person should possess is physiological needs because it represents shelter, clothing, warmth, hygiene and enough daily food for a living.
According to Maslow, if this stage is not satisfied, our body could not function effectively. Remember that wants are temporary, needs are for a long term period. However, don’t put too much stress on yourself. You also deserve a treat but make sure that you earn it by saving up a part of your weekly expenses. But if there is a need – check these shopping tips for saving money online.
Walk or ride a bike instead of using a car or a taxi
Having a good walk or riding a bike is not just an exercise to have a healthy body but also a great way of saving a lot of money. Of course, all of us want to ride a car or taxi all the time, it takes little effort and you won’t even sweat upon going to your destination.
Doing so is much more expensive than walking or biking. Using a car requires to fill it up with gas that is 6 cents to $2.50 dollars per 3.8 liters. Riding a taxi when you accept a ride already cost $2.60. Imagine that you choose to walk early or ride a bicycle to go to school. You can save more or less $15 dollars per month which evidently is great a way to save up! What if you need to travel somewhere far? Here are some great money-saving travel tips ever.
Avoid using credit cards
There are different banks that offer student credit cards which are good for emergency purposes, and you may track your expenses as well if you always use it for payments. Yet, I think it can be a good deal but it can be a burden if you don’t use it wisely because you can not see that you are going in debt. So as much as possible, it is recommendable to stop using it or not always bring it with you.
Saving is a significant adjustment for a student. As early as you can, you should practice saving up. One step at a time and believe that one day, you will have your savings and your financial status won’t be a problem.