While money is not everything, it is definitely the driving factor of the society we live in. Especially when you are a college student, you will need money to eat, find a place to sleep and even to have fun with your friends. Nevertheless, tech provides us with new alternatives that help make money saving far more easier. With that in mind, we’ve gathered a few budgeting tips for college students that will help you realize how to save up and properly manage your finances.
#1 – Get a Financial Tips and Motivational Quotes App
This might not seem as the first thing you should do to start saving money, but it is. Financial advice and secrets are constantly being shared within books and online. However, to save up time, make sure to download an app with motivational quotes and financial tips that will give you these secrets in a more easily accessible form. What’s more, there are apps like Audible, Kindle or even Blinkist, which can help you more easily access and read financial books.
If you don’t believe that financial tips from books can help you out with saving money, consider the simple 10% rule. Whether you receive your money as an allowance from your parents or you earn it yourself via part-time or full-time job, you should be familiar with the 10% rule. This rule will help you save a ton of money in the future, not only in your college years and it is a habit you should focus on building, as it can truly make a difference in the financial situation in your life. The simplicity in the 10% rule is that you need to save 10% of every income you have. While you may be barely making ends meet, 10% is just little enough that it will not truly harm your lifestyle. For example, if you have $100 for the week, save $10. You will certainly be able to get your things done with $90, just as you would with $100. What’s more, it’s easiest to do this in a jar, so that you can have a visual stimulation and a reward process in the action of saving 10% of your income, which will help you build your habit.
#2 – Think Time not Money or How to Manage your Resources
Many students aren’t truly able to manage their time properly. However, the biggest issue is the lack of proper perceiving of the connection between time and money. In fact, this is a problem that almost everyone faces. For example, people will spend hours searching for discounts, not realizing that if the same time was put into work instead, they would have managed to earn far more money than they’ve saved from the discounts. It’s the same with students. Most college students constantly need to write essays and reports on issues or topics that don’t necessarily affect their desired career or field of study. With that in mind, it’s easy and simple to give such essays that will generally take you hours upon hours, to a service, such as australiawritings, and instead focus on your career or earning money through a part time job with the time you’ll be able to save. While the essay may cost you a few bucks, you will be able to earn far more with the free time you now have. That’s why you need to learn how to manage your resources properly.
#3 – Think Efficiency, not Influence when Buying Tech
It’s easy to see how college students often get passionate about different expensive items they don’t necessarily need, mainly because of the influence of their friends and social circles. While every college student wants to be ‘cool’ or to express themselves, make sure that you do that reasonably, within the budget. For example, you might want to purchase the latest tablet, but consider if you truly need it. Furthermore, if you need it, consider if there aren’t any less expensive student tech options that will help you do the same task. While you might not have the most glamorous stuff, better have some money in your pocket.
#4 – The Affluency Rule
The affluency rule is pretty similar to our previous tips, but is nonetheless just as important. The affluency rule is just as simple as the fact that you should look and feel like a big spender and others should perceive you as such, while you are in fact a big saver. This means that you should, as they say, dress for the job you want, not the one you have, but you should purchase a suit that is in the budget of your current job. If this sounds too complicated, consider the following examples. You are about to go to a party with your friends or to the club and you want to get drunk and drink some expensive cocktails. That’s not an issue, as we are all human and have done or do that. However, make sure that before going to the party, you buy some cheap wine or beer and get a bit tipsy beforehand, at home. That way in the club you will be able to buy the expensive cocktail and will get drunk enough, without having to spend a lot on the expensive alcohol in the club. That being said, when you want to look cool in front of your friends or in the eyes of society, first consider how you can save up at home as well. If you can do that, you will be able to better understand how to save money as a college student.
#5 – The Visual Representation via Tech
You might have already heard about the ‘Secret’ the ‘Law of Attraction’ or anything related to that and we won’t lie to you that most of what is represented is not the way it seems. Nonetheless, visual representation can greatly improve the way of your life, simply because of its psychological impact. If you want to save up some money, get a list and a paper and write down the amount. Make sure to keep the list in your wallet, so you can see it every time you open it. That way your brain will directly respond to your desire to save money and might help you avoid making unnecessary purchases. Consider why exactly you want to save money and whether you want to build the habits of managing your money correctly, as it can greatly help you ahead in life. You can do that with a saving plan as well. Make sure to write down a saving plan for student on a sheet of paper and take a pic with your phone, then put it as a wallpaper. That way you will always see it when you open your phone up.
#6 – Find TextBooks Online
Put thought in everything you buy. Books are some of the most expensive things a college student needs for example, but most of the time you can buy them second hand for much cheaper. Furthermore, if the book for your class is not extremely necessary, check to see if there aren’t free student textbooks or a free website that has the same information as the book for your class. Then simply take a photo of the Table of Contents and go through the topics online. However, be sure to put thought into every bigger expense you make and consider what are the benefits of the purchase as well as the downfalls and if there are some alternatives.
Saving money is not as easy as it might seem, but if you manage to build the right habits, while still in college, you can vastly improve your financial future. What’s more, in the core of saving money, is the skill of managing resources, which can greatly improve your career in the future, as well. That’s why be sure to make the right choice and learn how to save up some money in college.