Manage Your Money

Managing your money

Managing money can be a close-to-impossible task. It takes a lot of effort to make money and unless you’ve won the lottery, it is important to stay on top of your account. As a famous rapper suggests, it’s important to ‘Save that Money’ and spend it wisely. It’s never fun to go shopping and have your cards declined! Here are our top seven tips to money management that may help you avoid that awkward situation:

Differentiate between your wants and needs.

Buy the essential stuff. Buy what you most certainly need. For instance, don’t buy Starbucks coffee when your dining hall or office provides you free or affordable coffee. It’s okay to splurge every once in a while but going for the cheaper option more regularly can make a difference.

Don’t be afraid to use coupons and ask for discounts.

Everyone loves students and that’s why most companies offer some sort of discount to students. All you need to do is carry your school ID and ask. Don’t be afraid to ask for discounts and use coupons. Websites like coupons.com and Groupon give massive discounts to students. StudentUniverse gives a discount on booking tickets. Some companies even distribute their products for free if students agree to promote it on campus. Look into student brand ambassador programs for your preferred companies.

Manage your book budget effectively.

College books can be expensive. Most students have spend roughly up to $1500 each semester just on the books they need for class. You can limit that burden that by considering these options. Try renting your books at a local library. Most libraries allow you to recheck the item 5 times and check out up to 20 books.If your local library doesn’t have the book you need try finding it online. You can find used books at great discounted rates. Websites like Chegg have massive student discounts. Using a digital copy may also be an option. Check to see if your professor has an eBook version of the textbook that they can give you access to.

Cook at home and buy in bulk.

This is for all fitness lovers. Buying organic food in bulk not only helps you save money, it also guarantees a well balanced diet. Most fitness enthusiasts prepare their meals on weekends in bulk. This works best if your meal plan has low quality food or you are commuting. Buying snacks in bulk helps you save ‘the additional $5’ daily that we often spend on snacks just to counter our cravings.

Allocate an alternative source of income for recurring expenses

Monthly payments can add up quickly. $5 may not seem like a lot to pay for Hulu, but when you add that to phone bills, renters or car insurance, etc. your bank account can take a hit. Finding a weekly gig can help you raise money. It could be anything from cleaning a neighbor’s car to creating a logo online for a client. It is not too difficult to find gigs online and there are many websites like craigslist, fiverr, freelancer etc. that constantly have gigs posted on them. Local companies often have a monthly event that you can sign up for to earn a few extra buck on your freetime. Even campus events often need extra staff where volunteers are paid.

Plan in advance.

Planning saves a lot of time, hassle and money. For instance, travel tickets booked in advance are sold at 40% of the price from what they are at the end of the trip. Same goes for hotels, cars, tickets of events, the cost of study abroad etc. This is the best way to make yourself consciously aware of your financial situations.

Save for a reliable backup in case of any emergency.

Having an emergency fund is very important. Imagine getting into a car wreck and not having resources to pay for your hospital bills. You don’t want to be in that situation. The best time to save up for a backup fund is when you get your tax returns. That’s a lump sum amount that can be handy in emergency situations. Another way to store a fund is saving $10 bucks each week. Eventually, you can pile up a savings account.

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