College days are stressful in terms of studies over which the financial woes add insult to injury. Affording educational expenses can become a daunting task for your family, but as a student you can help them without disturbing the flow of your studies. Along with excelling academically by giving adequate time to your syllabus, you can save some money on the side.
Here are some tips for the same.
Plan Your Budget
Every item on the retail shelves of your favorite apparel store will do its best to convince you into buying it. But before spending over it, you must keep in mind the needs of your present and future. If you spend all your money before the end of the month, there would not be a penny left for any emergency. To avoid such situations, you must open your text editor and note down your required expenses without forgetting to consider your monthly allowance. Using an application to keep the record of your daily expenditure can certainly help. In this way, you would be able to monitor your expenses and cut out the unnecessary ones.
Cut Down Travelling Expenses
Hiring a cab for reaching your college everyday can be expensive. Purchasing a monthly pass for railways can be a better choice if your area has good railway connectivity. Students are also offered a discount if they provide the required proof of their identity. In this way, a huge amount can be saved over travelling. However, if railway isn’t the choice that you could select, public buses could be of help. In every state, monthly passes can be made for a fixed distance which is way affordable than paying every day.
Recurring Deposit: A Way To Save
It is good to inculcate the habit of saving at an early stage. After maintaining your budget for the month, the amount which you had spared for savings must be invested in a recurring deposit. However, you must note that this amount must be constant throughout the period of investment. This is a better choice as along with saving some money every month, you could earn some interest by the end of your term. This interest depends upon the bank in which you are investing as the interest rate is different for different banks.
Nurture a Channel For Part Time Income
If you ever feel that you are falling short of money even after maintaining a strict budget throughout your month, there are some ways to earn money. You must rest assured about other factors as they are completely legal and would not take much of your time.
Online surveys are such sources. Without breaking a sweat and spending your energy over the side work, you could earn some money by participating in them. Depending upon the site you choose, you get paid off each survey that you participate in. It is very important to register with credible websites to avoid unsavory issues.
Save On Books
Purchasing new books is another addition to the list of expenditures. However, you must get in touch with your seniors and your teachers and ask them about the required books. Make a list of them and mark down the ones which will be available in the library and the ones which would not be. Check with the locals an ask for shops that provide books on rent. They could be a huge money saver. If one of your classmates has already bought some of the books, you can borrow it from them and print the pages. The cost of printing would definitely be less then purchasing the book, particularly if you only need a few chapters.
Save Wisely On Entertainment
There is no rule that all the celebrations and fun are done only at expensive clubs and restaurants. You can rent some movies and watch them with your friends at your room without breaking your wallet. Many theme parks offer student discounts; be on the lookout for such deals. Check if you and your group of friends are eligible for the same. If you are, this can be a great outing and a fun way to take some break from studies. You must always keep in mind that friends are not made by throwing money unnecessarily. If they truly understand you, they will stick to you for life.
Look For Alternatives
There are always some inexpensive substitutes for the things that come under daily utilities. For your toiletries and other basic necessities, look for big supermarkets that offer a good discount over such things. Usually, if you find a shower gel for $4, you could get it at a price lower than that in supermarkets. They also provide 100% discount in some cases by giving a product free over the first product that you buy. Purchasing all your necessities at the beginning of the month is a better choice to save some money.
Make sure that you make the most of your time and reduce the financial pressure from the shoulders of your family by taking these required steps.