Everyone knows college is synonymous with learning, fun, and growing up and out of your zones. With this growth, comes growing expenses. From lunches, partying, exploring your city, attending fests and concerts, to applying for new courses; college has a whole new range of expenditures.
But who says all of this has to come at the price of a drained wallet, literally?
It’s 2017- prices are skyrocketing. Now, being thrifty isn’t labelled as being a “cheapskate” or being stuck up. It is seen as being financially smart.
Managing money is one skill everyone should possess, even at a personal level. (Que- Companies are paying financially smart people millions to manage their money.) It ranges from smart spending to smart saving and everything in between. A high financial IQ can save you a lot of pressure in the future. (Bonus- It isn’t rocket science!)
Many of us still shy away from being financially smart and make rash decisions with our money.
We’re here to help you out. From budgets to tonnes of money on coffee- we’re here to help you through it all.
Here are 10 really smart ways of spending and saving to help you through college (And they don’t involve starving yourself)
Put a small amount aside every month- This is a no-brainer. Putting aside a small chunk of your pocket money every month would not affect your spending, but it will positively affect your savings drastically.
A small amount every month can add up to a good sum of money over time.
If you think you want to go a step forward, invest this money in stable return deposits and let your money make you money.
Snack Smart- I know, McDonald's is delicious and those subs are a healthy breakfast; but those bills add up. Stock up on healthier and more economic snack and food alternatives like fruits, dry fruits and fresh juices. You’re sure to save tonnes of money and feel so much healthier. Also, have you heard of home cooked food? Yes, we outstation kids crave that. Home-packed lunches don’t have to be elaborate 5 boxes of “mum I can’t even carry so much.”. A classic PBJ or two and you have your breakfast sorted.
Make a budget and stick to it- Divide your pocket money sensibly. Ensure you keep enough in savings, in the emergency fund and make sure you stick to your budget. Most of us overspend when out with friends. This is due to the fear of being labelled. Our financial sensibility tells us, but we tend to ignore it to maintain a status and a social image amongst our peer group. Apps like Mint, Budgt and Learnvest and help you keep a track of expenses.
Do not buy college books and sell the old ones- College books are exorbitant and can burn a hole in your pocket, and they’re only useful for 4 months. Visit your college library and find if they have the course books available. Ask your teachers about alternative books and publishers, maybe you have those available in your library. Your books are worth more than you think. Sell the old ones to your juniors. They get books cheaper and you make extra money. Win-win!
Cut down impulsive shopping and retail therapy- This one is for the bad habit we all have- impulsive shopping. We tend to buy things without putting much thought into its utility, worth or suitability. Changing this habit is essential for being financially smart. Hoarding on items that we are never going to use is a bad idea. Instead, invest in things that provide value to you.
Get a library card- If you are a reader or a movie watcher, a public library membership can be your best friend. Libraries have a huge collection of books, movies & TV shows (even classics!) and magazine subscriptions. A library card can be a great investment and you can save loads of money from your Netflix subscription! The American Library and British Council are good places to start.
Earn part time/Intern- Side hustles always win. Not only you earn some extra money, you are gaining real-time work experience. It is one of the first steps a student can take towards financial independence. Apart from earning one of your first paychecks- you will realise the value of money and how earning is infinitely times more difficult than spending. You will value your parents’ hard work and hustle more. It’s a win-win (again)!
Do a life cleanse- Clean your cupboard. Pre-loved fashion is IN. Find websites and apps that facilitate selling clothes, shoes, and accessories. Find things that you wore once (or, never) and sell it online. Also, ditch that gym subscription you haven’t used since last year, will you? Paying for dormant services you no longer require is a major drain on your money. Check time to time that you do not have any unnecessary items billed to your card.
Pro tip: Use the Age+two zero strategy- Every birthday, put the amount of your age, with two zeros into a different account as saving. For example- if you’re turning 21, put 2,100 in a separate saving account. Finding surprise money at 40 would be a blessing!
