The tendency for a student to over spend is very likely, simply because he or she is not footing the bill as most students depend on their parents or guardian to pay and buy everything they need while in school. Visibly, the idea of sticking to budget as a student is always difficult because of the youthful exuberance to compete with peers.
Some students have difficulty understanding the difference between needs and wants. However, almost anyone can chart their monthly spending to see where their money is going. Armed with that information, many students can cut their spending by 10-20 percent, experts say.
The phrase “spend wisely” however should be useful to every student in view of the fact that it is very rare to find a student who is contented with his or her allowance.
One of the ways to spend wisely as a student is to look out for students’ discounts. These discounts range from flight, sales to event discounts. So the next time you want to fly, go to the cinemas or attend an event you need to pay for, ensure you go with a student identity card because you need to identify yourself before you can enjoy any form of discount.
Buying new books can be very expensive, however an escape route to this is by buying from past students, as they are always willing to sell their second-hand books at a cheaper price.
In addition if the books you need are not integral to your study it is advised you access them at the school library when you need them instead of buying.
Another way to cut cost is to desist from eating out or ordering take away, instead learn to cook on your own or even with friends by splitting money as this cuts cost tremendously.
Yes, it’s undeniably cooler to live off-campus than live inside the student’s hostel, but the former costs more especially when you have to pay for utilities. Experts advise students with low budgets to live in the student’s hostel.
Everyone has at least one bad habit; it could be smoking, drinking or partying. Whatever it is, you will be surprised how much cost you have eliminated from your budget if you eradicate that bad habit.
The tendency to shop with friends or course mates will always be there, however, if your budget does not accommodate such expenses desist from them and stay true to your budget, experts advise.
While employing these costs cutting techniques, it is also advisable to engage in profitable ventures that could yield some cash. Some of the ways of earning extra cash include writing for online magazines, conducting online surveys or research for companies.
