Education is expensive and most of the time scholars borrow student loans to facilitate their livelihoods while perusing a university degree. Most students are not aware of the effort it takes to earn and repay student loans after finishing school. However, by adopting simple living standards, a lot money can be saved, reducing over dependence on student loans.
If becoming financially independent is a priority of yours, or you have a desire to start saving while in school, then here are some tips to help you kick start your savings endeavor.
Cook Your Own Meals
Take out is expensive and while there are a lot of cheap options that you can cook and eat, for instance ramen, your body will appreciate it if you managed to prepare healthy meals that supply you with the nutrients and energy needed.
Meal prepping is the key to eat a balanced diet while saving money, time, and energy given that you don’t have to cook every day. Buying meals every day, or spending a lot of time to prepare them every day is not suitable or maintainable for a college student, hence meal prep being the best way to save a lot of time, while minimizing on spending.
There are a lot of simple recipes that you can follow for your meal prep, and end up with food that will taste delicious, even after three or four days. You also do not have to love cooking and be great at it, you just need to follow instructions.
Avoid Socializing Outside Campus
Socializing outside campus is expensive, try keeping track of how much money you spend on meeting your friends at the mall, club, or paying for food and drinks at restaurants. Find yourself a group of friends that don’t mind spending quality time at your apartment or dorm. If you spend most of your time indoors or withing your campus, then you will end up saving a lot of money.
Do Part Time Gigs
If you do not have a tight schedule or lots of classes to attend, you can take up a part time job and save the income you get. The good news is that these days, students can work on the Internet, right from their dorm room or apartment. This is a very productive way of using free time, and will go a long way in enhancing savings.
Budget for Your Money
Budgeting is very easy to do. If well implemented, you can save up enough to revamp your wardrobe, buy learning supplies, or even start a small business. All you need is a spreadsheet application, or pen and paper if you want to do it the traditional way. First of all, you have to determine how much money you have. Then deduct the fixed expenses, like rent, tuition fee, etc. Second is to document your variable spending for a week to come up with a rough figure of how much you need. Once you have all this data, take some time and do the math. Deduct what you spend and save the rest, it is that simple.