Elder people usually saving money as they know the importance of money. But it’s a bit hard to do the same thing by college students. Younger age means full of enjoying and they never care about other things. But once you care about future then your life will be awesome and it starts to move smoothly. Saving money during college days is not much hard, but you have to be in self-control. In this article, I’m going to suggest 5 best tips on saving money for college students. Once you follow these tips, it will make a big difference on your savings.
You must read: Motivational quotes for student success by famous people
5 Tips On Saving Money For College Students
1 – Do accounts every day
This is a really important tip in order to save money as a college student. Without following this point, you don’t need to waste your time on next 4 tips. Almost all the successful people follow this step and ask us to follow. Elder people mostly do this by their own in every day as they know the power of money and as a college student, it’s really hard to follow this rule in every day. But you are here for, get to know some tips on saving money. So you have to follow this step first. Once you do this for 1 month continuously, then it’s become your daily routine like eating every day.
Do account every day is easy, not hard like you think. Is it really hard to find 5 minutes every night? Normally people use Microsoft excel for this purpose or even you can use some other free software which is available in Google search. Or even you can use your smartphones where hundreds of apps available for daily accounts. How to do account every day? Just put the note on your phone as soon as you spent your money for anything. Then before you go to bed at the nights, just go through your notes on the phone and transfer that on excel sheet or some other accounting software. Not only your spending money but also you have to write the money you receive from any source. So the end of the month you can easily find out how much you received and how much you spend which will make you change your spending habits on next month. That’s all. Do you think it’s really hard for you? I don’t think so. You will see the differences on your savings within 2 or 3 months for sure.
2 – Little deposit every month
Without one cent, there is no $1,000,000. Keep that in your mind throughout your lifelong. Little deposit in every month will make a big difference in your future. Warren Buffet, the American business magnate who consistently come in top 5 wealthiest people in the world is the real encourager of saving money. Warren Buffet quotes on life are awesome. I remember one of his quote which is really helpful for you guys, “Do not save what is left after spending, but spend what is left after saving”.
You may think this is easy to follow, but with my experience, this is much harder than other tips. Still, you can make it easy, but how? deposit in the bank is easy, but don’t wait till the last date of every month which will not work out. I’m sure that you will spend all the money you have by the end of each month. So you won’t deposit in your tight situation. First, you have to open a bank account for only this purpose. Then make a big decision that how much you can deposit every month. Then, you have to deposit that particular amount as soon as get your salary or get income from other sources. Then you can spend the rest of your money where ever you need. But these are easy. The hardest part is, don’t get even a single penny from that particular saving account in any situation. Once you follow this step, your future will be awesome.
3 – Try to sell the things you used
Since you are a college student, you might buy lots of books or software or any other materials for your studying purposes. What are you going to do with those things after finish your college studies? Are you going to through it away? or are you going to keep it with you without any usage? Don’t do that, instead just sell those things to other people. Mostly your next junior batch students need those things, so you can sell such things to them in a half price which will good for them and even better for you as well. Selling things not only includes books and software but also you can sell whatever you don’t need anymore, through few websites like eBay, Amazon and many other websites waiting for your used things. So if you really want to save money then this is another useful tips on saving money as a college student.
You may also like: How to make yourself worthy – Money management
4 – Reduce outing by half at least
College life is beautiful and you will never get that again in your lifetime. So you have to enjoy during the time you spent in college as much as you can BUT with some limits. As a college student, you have to go to evening parties, or some night outs, or some pubs for drinking and enjoying your nights. But not every day. I saw some students who went to outings, parties, and pubs every day which will spoil your life completely. How you can save your money after spent in outings and parties every day. Do you know what guys? you may think that you going to spend only $100 bucks for your night outing but, actually, you spent $200 or $300 bucks there. Once you start to enjoy with your friends, you never care about money and it will completely ruin your savings little by little. So be careful on your outing and parties. I’m not saying don’t go for any parties but I just saying try to reduce your outing and parties by half at least. That will make a big difference on your savings.
5 – Drinking and Smoking
Drinking and smoking are the two killers which not only kill your savings but also kill your internal body. Again this is not for casual drinkers but this is for the college student who drinks and smoke every day. Let’s say a student who smokes 10 cigarettes per day. Which means he spent about $5 per day for a cigarette. So once you calculate, that particular student spent around $1800 bucks in a year for cigarettes only. As you are a college student, $1800 means a big amount. Spirits and beers are in another category. Again I’m not going to say give up everything completely but try to reduce these habits by half at least which will add another $200 to your savings every month. Will you go to lose your money and kill yourself or will you go to save your money and save yourself? Still, the choice is yours.
You Must Read: Essay On Time Management For Students Success In English
These are the best 5 tips on saving money for college students and hopefully, you may think to follow at least one or two tips of them. Don’t think, just go for it. As I said earlier, if you don’t want to follow the first tip then it’s pointless to follow any other tips. Alright, again the choice is yours. choose the perfect ones and make your life awesome. If you know any other tips on saving money for college students, just drop that on the comment box below which will help other too.