Money Saving Tips for Fresher’s in College’s
The most successful investors in the world have confessed that saving is inevitable for those who want to have a financially stable future. Saving and investing is probably one of the greatest ways of achieving financial stability. Life is full of many unexpected occurrences that require a lot of money from us. To secure the future, students should embark on various disciplined saving strategies. One of the richest men in the world admitted that the only mistake he made in his life was starting to save late. Farah Gray, the self made millionaire at the age of fourteen started saving at a very tender age and achieved unimaginable success in terms of finances.
The trick is cutting down the costs:
The very first step in saving while in college is by minimizing your costs. Students are known for living extravagant lives and spending even where it is not necessary. Most of the teenagers are swept by peer waves making them live beyond their means.
Stick to your order of priority:
Saving begins with a plan probably well written down. The plan will include the target you want to save for a particular period of time. It is important to bring your educational cost to a relatively lower level to meet your saving objectives. Spending only when you must is a principle that should be applied. Purchasing the things on the top of your order of priority goes a long way in maximizing your savings.
Driving your own car seems convenient and confirms your class. However students should think twice while deciding to use private transport. The cost of gas is always on the rising and for a savings conscious student, sometimes using public means could help you save a great deal. Your car can be reserved for those “once in a blue moon” events to save the huge amount of money used on gas. Using a bike could even be the best option as the maintenance is far much lower compared to the car.
A college student can also save on clothing. The second hand clothing shops are the best friend to a saving student. Impulse buying is the worst thing you can ever do as it will ruin your saving strategies. Many college students know that they do not need to buy a new designer pair of jeans to look good or have “swag”. Students should also consider trading cloths with their friends whenever their wardrobe turns dull.
Food and drink:
We Know Savings advice is very important to students, you need to know your environment well. You need to know where to get cheap but quality food. The bottom-line is that you will eat healthy and save more than your friends. You need to keep your receipts from the grocery that offers coupons to take advantage of them when announced. It is also important to buy things in bulk to take advantage of quantity discounts.
The Magic of the side hassle:
As a student you most likely will spend a half of your day in school. You don’t have to hang out with your friends when you can make some extra cash working part-time. If possible, sell your talent to make extra cash and you will realize that you might not just need that loan.
Be consistent and nothing should change your savings skills. The difference between people is not in what they EARN but in what they SAVE.