If you are a college student, you are most likely to be intimidated to splurge on several things. It means you are going to be short of money while craving for such things and the only way to manage this cash crunch is to look for some options that will help you save a little more of your pocket money. Here are a few tips that will help in saving your money and help to get rid of that crisis every month.
Planning Monthly Budget
The first and foremost pointer to be compulsorily done is to plan on a budget for the month. It need not be something complex. A simple expense calculator will suffice the need. It will indeed facilitate you in tracking your expenses and plan any extra expenses for the month. You should begin by noting down the fixed expenditures like transport/ travel or food and then the balance amount can be planned for shopping or gifting or any other expense. It is a good practice to plan for your purchases and to keep some balance find aside in case of any emergencies rather than borrowing money from your friend. In this manner, one can be ready for opportunities and any crisis.
Choosing A Good Savings Account
Instead of heading for a regular bank deposit account. Browse for products that are specifically crafted keeping students in mind. Along with facilities like zero-balance, there are several other facilities which include free demand drafts facility for paying exam fee or buying the application forms which offered to student account holders. These may differ from bank to bank, so one has to browse thoroughly.
Steer Clear Of Debt
Avoid using your credit cards and rather go for debit cards as and when you have to swipe. You do not have to pay any interest amount or for late-payment charges on swiping your debit card, unlike the credit cards. Also, it will help teach a habit of spending only the money you have and helps bring in financial discipline within yourself.
Have Patience When You Want To Buy A New Thing
This case is especially valid in the case of electronics and gadgets. If you want to buy the latest model of a smartphone and if you wait for a month or two, you may certainly expect a slight dip in the price, and this will help you buy the smartphone of your choice at a much lower price tag.
Try The ‘Exchange’ Offer
Exchanging is one of the best ideas when you are looking to save your pocket money. While exchanging books and CDS is one of the common practices, you can save a notch more with a broader range of opportunities available on online book exchange sites. You can also look forward to swapping your other belongings as well.
You can save your pocket money more by browsing for deals online or by going on shopping with a list or by partying at your or your friends’ place. So this time head for saving more of your pocket money by estimating and planning your money wisely.