Money Saving Tips for College Students

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 which were restricted by our parents. The ultimate outcome is, we run short of money. So, money saving policy is very important not only for the 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 an 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 everyday. Go for daily meals and healthy diet. Invest less in expensive restaurants and cafeterias. Avoid intake of alcohols 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 the 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 the books. This is one of the easy money saving tips for the 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.

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.

Tips on How to Save Money on Bills

When you go through a financial crunch, it is very important that you focus on how to save money. During such a time, every penny you spend holds more value than it once did. Keep a record of all your expenses on a weekly or monthly basis as per your convenience, and then carefully analyze these expenses and prioritize them based on the most important, to the least. You will find that some expenses are unavoidable and therefore cannot be compromised on. However, there are other expenses like electricity, grocery, and phone bills, that can be considerably reduced with wise planning and budgeting.

Electricity Bills

Because we are highly dependent on various electrical appliances in our homes, our electricity bills are constantly high. Make it a habit to turn off the lights whenever you exit a room, even if you are leaving it for just a few minutes. You can save a lot of money if you keep certain appliances that are not in use, either switched off from the main power source or unplugged. This is because some of the appliances still use small amounts of electrical currents, even when they are not in use. This constant flow of electricity adds up a little a day, thus resulting in a heavy monthly bill. Let’s take a look at how you can save money on other expenses.

Grocery Bills

Saving money on your grocery bills, does not mean that you have to compromise on the quality of the food you buy. Prepare a list of items that are essential, and stick to buying them. In the absence of such a list, we end up buying a lot of things on a whim, especially things we don’t need. Avail of grocery coupons that come with the morning newspaper or at the grocery store, and you will be able to save some money with the discounts.

Some convenience stores issue discount cards with which you can buy your groceries; take advantage of special offers too. Another money saving tip is to buy larger packs of non-perishable food, so that they last longer. Even for household cleaning products and the like, you can do the same and save a significant amount of money. The price on a larger product is a tad cheaper when bought in a bulkier size.

Phone Bills

A phone is an integral part of our everyday life; you need it to keep in touch with your friends, co-workers, and family, as well as in emergent situations. Cutting costs can be a little harder here, but it is nonetheless possible. You can cut down all those unnecessary phone services like voice mail, call waiting, etc. if you do not need them. Avoid using any costly services that charge you extra, and you will find that you end up spending way less than usual.

The cost of calling someone who isn’t in the same city/country, can be expensive. For this reason, you can make those calls during a time in the day when they’re cheaper, like in the nights, over the weekend, or during those particular hours when calls are free. There are also family-calling plans that offer a discount on call rates to a specifically-chosen numbers or regions. If you have to call a company, use their toll free number if they have one. Expenses that arise from using a cellular phone are higher compared to land line bills, therefore, make sure to choose the right plan that suits your requirements, with cheap SMS bundle packages and a reasonable internet plan.

You need not be a money management expert to understand these ways on how to save money. You can avoid other unnecessary expenses like shopping when you don’t have to, and buying products because the packaging design beckons and tempts. Avoid eating at restaurants too (limit it to once a week, like on Sundays), and learn how to prepare your own meals at home using wholesome, reasonably-priced produce. As you get into the habit of saving and investing your hard-earned money, you’ll find how easy it is to get by. Seek financial advice from a professional if you really think you need a second opinion and more help.

Money Management Tips for Teenagers

When you are a teenager, you often have a limited amount of money at your disposal. So, it is very important that you spend that money judiciously. It is likely that, you are unable to figure out as to where all your money has gone. It is an indication that, it is high time you develop the habit to monitor your expenses and spend more carefully. Some of the tips given below can help you in this task.

Start Budgeting

The money that you get every week or month is fixed. So plan your expenses in advance. Make a list of those expenses that are essential and allot a certain amount to each of them. It should include major expenses like cell phone plans, restaurant bills, gas for car, etc. Additionally, a small amount has to be kept aside for some minor unplanned expenses, which are bound to happen.

Monitor your Purchases

Planning your budget is not very tough. But sticking to the budget is a difficult task. Keep a close watch on your expenditure. It can happen that you make several small unnecessary purchases in a day, and that may sum up to a really big figure. In order to avoid this, pen down the things you bought and their price everyday. On weekends, find out if your expenses matched up with the estimation in your budget of the week. If not, then make sure you cut back on a few spending in the following weeks to fit your expenses. When you succeed to restrain your expenditure, compliment yourself.

Save for Expensive Purchases

When you come across an expensive item like a cell phone, that you wish to buy but do not have the money, you feel disappointed. You feel that luxury items like these are not meant for you. Do not lose heart. That does not mean you go out and buy it impulsively. Start saving some amount every week. Suspend all kinds of unwarranted spending for a few weeks. Eventually, you will be surprised to find out that, you can actually afford to buy the things which once you felt were out of reach.

Avoid Using Credit Cards

You may feel it is very convenient to buy things using credit cards, just because you do not have to use cash on the spot. Later, you will realize that you have ended up paying more than you had wanted to. It happens, because the interest rates charged by credit card companies are very high. So it is better, if you shop using cash payments in order to save a good amount of money.

Handle Cash Machines with Care

There is no doubt that cash machines are very convenient to withdraw cash. But, it often happens that after withdrawing money from a cash machine, we tend to forget how much cash has been taken out. This can lead to the risk of overdrawing on your account. So, make sure that you keep a track of it.

A little bit of attention and practice will help you develop the skills of money management. It is one such quality, that will help you all your life.