Creativity is essential when you are a struggling student trying to make ends meet. While you are at school, you need to find good ways to reduce your spending, and increase your savings. This is not easy, since college life is intended to separate you from your money. You need to be creative in your spending, which means that you have to be original and innovative. Thoughtfulness is the key, not being cheap. There are many ways to accomplish this so that you are able to survive your college years.
When going off to college, you must be prepared for some financial crisis to hit. There are, however, some creative ways to reduce your spending in order to increase your savings while away at school. The biggest contributing factors to student debt tend to be alcohol, phone bills, and late night fast food. These can all be curbed rather easily if you put your mind to it from the start.
School is set up to alleviate the extra burden that money puts on your pockets, so it is imperative to combat this with creativity and imagination. To slow down the growth of your debt, and allow your savings to grow, keep in mind several key concepts; if you are going to partake in some imbibing of the mind numbing variety, start out at home where it is vastly cheaper than in the local pubs, eat a hearty meal prior to going out at night so as to avoid the late night foray to the fast food establishments, and get a webcam or set up a phone plan at optimal hours in order to save a lot of money. There are many other factors that create debt, but these are major contributors.
From a financial standpoint, school can reduce your income in an extremely efficient manner. In an attempt to combat this, college students should try to creatively reduce their spending in an effort to increase their savings while at school. Some things at school are an absolute must, such as tuition, but there are many other items that can be creatively cut in terms of expense.
Clothing, text books, food, and shelter can all be adjusted according to your economic status. These are the areas that are essential, but where one can reduce their spending greatly. Some things can be eliminated, or reduced from your agenda, such as the late night foray to the sub shop, but those expenses are not calculated into all budgets, since they are very impulsive in nature. Shop with a purchase, and with a plan. When buying groceries, don’t fall for the marketing campaigns designed to rob you of your cash. Do not buy three bags of chips for five dollars if you only want one or two bags, as the unit price will be the same. These tactics can rob you blind if you are not aware.
College can truly separate you from your money in a heartbeat. If you are not blessed with an endless supply of money, you need to be cognizant of budgeting, and figure out creative ways to reduce spending, all the while increasing your savings while at school. Prior to going to college, it would be wise to sit down and plan your year financially. This is only feasible to a certain extent, but a nice financial blueprint would be extremely beneficial.
Without benefit of a scholarship, college students for the most part struggle adamantly to keep their pockets lined with a little bit of wealth. Many ways to reduce spending involve creativity, or just plain common sense. The issue of tuition comes first, and this can run a tad pricey for most people. In terms of footing the bill, take out only the loan amount that you need, not one penny more. This will save you scads of cash in the long run.
In order to pay their tuition, many college students that do not have the requisite cash opt for student loans, which turn out to be the bane of their existence in years to come. Avoid student loans at all times, since they will lead you down a path of debt and despair that will plague your post-college life. If at all possible, scrimp and save, and borrow from other places if you need money. Student loans run with high interest rates, and students tend to borrow more than they require.
When choosing which educational facility to attend, it would behoove a college student to select a local choice as opposed to moving away. Granted, many students wish to spread their wings and fly, but there is plenty of time to go away to school, or to assume the burdens of responsibility and debt. The longer that you can stay at home, the better it is for your spending and saving situation.
Clothing does not have to be name brand, so if you are willing to save some money in this regard, there are many places to shop in order to save a few dollars. Discount warehouses, outlet malls, online shopping, and thrift stores can truly save you a lot of money on your wardrobe. Try to do laundry in bulk, or partner up with a friend to save a little bit of money.
Text books are available in used form, and can be purchased readily on local websites, such as eBay, Craigslist, Kijiji, and Freecycle. These places will allow you to find all forms of text books, and if you get an earlier edition of a textbook, the information is almost completely identical. Be a smart shopper for your text books if you wish to reduce your spending and increase your savings.
If you are in a dorm, off campus, or still at home, food and drink tends to drain the wallet rather expeditiously. If you choose to live in a dorm, which is mandated at many colleges, you are better off choosing a cheap meal plan, and trying to budget accordingly while making your other meals.
Clipping coupons and being a frugal shopper are essential elements, especially to those with limited funding. When shopping at the grocery store, being a smart shopper can save you an awful lot of money. Purchasing the generic store brands of items will minimize your bill, and avoiding impulse buying can save you lots of money as well.
It is important to have a part-time job while you are in school. Not only will having employment help you to save some money, or to buy some things, it will keep you away from some of the nightlife that tends to be quite money consuming. You can still have a vibrant social life, but you will also need to learn how to manage your time.
When there is a special occasion, such as the birthday of a roommate or friend, do not go out and buy a big expensive gift. Instead, use a video camera and make them a movie, featuring footage of their friends wishing them well, and giving them a thoughtful gift that may be more appreciated than a store bought purchase.
You can make a card as well, which will save you time and money. If you are planning on going out to party at the school pub, or downtown, get a head start by having some drinks prior, which are far cheaper than in the bars.
Utilize your roommates, and buy food in larger packages, in the club sizes, or from a warehouse. While you may spend more in one outing, you will not need to shop again for a longer period of time. This will save you money in the long run. Sharing expenses where applicable will be a boost to your savings, and will reduce some of your spending costs.
Share cabs when you can, and carpool where necessary. If you can get to school with a ride, but may be early for class, take the time to visit your professors to find out what more you could be doing in their class to enhance your grades. Visit the library, or socialize in the cafeteria. Either way, take the cheaper method to school when you get the chance.
In terms of entertainment, go to the library and borrow movies. This is a free way to enjoy a relaxing night at home, and your wallet will thank you. Shopping at the flea market, or garage sales can also help you to decorate or dress yourself for a lot less than you would spend at the mall. Take advantage of these public services, for they are there to help you.
While college can be very expensive, there are many ways to wisely reduce your spending and increase your savings. You do not want to get in a situation where there is too much month left at the end of the money. Be wise, and enjoy, for the college years are possibly the greatest years of your life that are geared specifically to you, a chance to enjoy some selfish time before settling down to responsibility and a career.