Each student faced the problem of lack of money even if there was a scholarship or part-time job. What to do if there are no funds? The best thing is to follow some tips and secrets on saving your money if you are a student. We offer certain hints that can help to save your money. Just take a pen and paper to note those guidelines you like most.
50 + 20 + 30 System For Student Budget
At first glance, the sentence that contains numbers looks scary. In fact, everything is easier than you can imagine. The “50+20+30” system, according to Forbes.com. is good because it is easy to remember, and you can effectively manage your finances. Under this system, you will divide your income into three categories:
- 50% goes to the necessary expenses: travel, food, communication services, all kinds of printouts and photocopies;
- 30% is money that you can spend on desired things that are unnecessary. For example, it can be trips to the movies, cafés, travel;
- 20% is savings.
Four Envelopes System For Your Economy
Also, a very popular method of allocating funds. How to master it? You need to calculate your monthly budget according to incharge.org. Subtract 10% from your income – this is your monthly savings. Additionally, calculate and subtract the necessary costs, which we have already mentioned (travel, food, etc.).
The rest of the amount is divided into four envelopes, symbolizing the four weeks of the month. In fact, the funds should be divided by 4.3, because in a month a little more than 4 weeks.
And then you can spend these funds as you wish. Just make sure there are enough for the whole month. If you manage to leave something after seven days, you can save it as savings or add it to the envelope next week.
Top Saving Tips For Students
Do have a plan. It is worth making lists of what to buy in advance. Think about everything clearly and write it down on your gadget. Having such a list, try to go shopping, but do not deviate from your list, at least too much.
According to moneytoday.co.za, it is worth buying products when you are full. After all, when you are hungry, you’ll likely purchase twice as much, and you will not eat it all at once later anyway. As a result, the money can be thrown into the wind.
It is a very good idea to make money in college. It is also quite easy! You can tutor, even freelance, in any field you are keen on. So make some plans and find a nice job to earn money for your budget.
You should record all the costs and use special applications in the smartphone. Records should be made in detail and accurately. It is also worth developing a useful habit: get all the pennies into the treasury. Very soon, there will be a significant amount of money.
Purchase a public transport ticket and pay upfront to save later. If you ride a bus or use the underground to get to college on a daily basis, you’ll definitely need this kind of ticket. In addition, as a student, you’ll likely get a discount for it, so there’s no point in not saving.
Learn to use the amount you have on hand. If you want to buy something big, save all the money you own and use it when it is necessary. Try avoiding lending any money as it might get heavy on your pocket pretty fast, and the borrowers might not always be fair.
Try avoiding bad habits. And we’re not just talking about smoking and drinking, but also about excessive consumption of sweets. An apple is often much cheaper than a chocolate bar, and it is much healthier for sure.
View your tariff plan and internet fee. How much money do communication services eat per month? Do you control what money goes from your phone? If not, take control of your cellphone costs as soon as possible. Take into account that some mobile operators frequently update their tariff plans without warning.
Google Books Instead of Buying. You can find the books you need in the library, or you can borrow them from a friend. Before you spend money on books, look at Google and Google Scholar. You can check out the TopEssayWriting site for great articles on the topic you are studying. They are very helpful in writing educational papers for very cheap prices.
You do not need to pay for the gym. You can keep fit without any gym equipment and expensive membership fees. Furthermore, you can go for a walk or jog and do sports. Gym membership is truly a luxury when you are trying to save money.
Free shipping. Buying options are now available, and you can simply pick up your order. You receive the goods sent to the nearest store, free of charge. Maybe you’re just a block from the store, and you can go on order instead of paying for home delivery. You should also compare all delivery options. Many sites do not charge for shipping, so it’s great.
It’s better to compare several stores before you buy something. We all have our favorite store. Many stores are competing for buyers, and you need to make sure you get the best deal. Some stores offer monthly sales. You can buy the same products at a much lower price if you compare prices.
Planning Budgets Easily
Of course, there are unforeseen expenses in all carefully thought-out financial plans and budgets. You should not turn into a miser, just do not go beyond your budget. Now that you know a few ways to save some money and keep it tight in your pocket, you should go out and have a great time. Studying abroad is all about experience, and you shouldn’t deny yourself anything. Just make sure it’s cheap, or better yet, free.