It is natural for your expenses to rise as you reach your university years. It is difficult to manage money and be responsible for it initially; however, you can plan your expenditure strategically to ensure that you are not wasting any money on unnecessary and unrequired things.
Here are a few things on which you can avoid spending money and optionally collect it for future use.
- Save Money On Food When Eating Out
One of the biggest costs you incur as a business school student is on food. You tend to increase your instances of eating out, which adds up to your expenses.
To avoid this, you should avoid going out very frequently. You should try to eat before you go out so that you not only save money but also avoid the unnecessary calories.
Try and make the time you head out be such that it is right after your mealtime. This will reduce the habit of overspending and prevent the consumption of more food than what you require. As eating out becomes a huge part of socializing, it increases your expenses.
Try and meet up friends at places like public parks and take a nice walk while you’re at it! This way, you avoid eating out too much and also make a more cost-effective way of hanging out.
- Use Cheaper Travel: Public Transport
In business school, your travel expenses can add up in your living costs. Personal transport can cost a lot, so as a student, you should try to avail public transportation for most of your time.
Not only is taking the bus or any other mode inexpensive and cost-effective, these options usually are the best ways to ensure you reach your destination on time. Saving money here can boost up your overall savings.
Most first-year students get this craze of buying new books, and it is one of the worst decisions they make. New books are expensive and no longer useful after the semester. There are many ways through which you can avoid or lower this cost— renting them, buying second-hand books, borrowing them from a senior, or sharing one with your roommate.
You can also get the parts of the book which you would require for your semester photocopied, which would cost you less. Another option to get books is to get online versions of the same, which would not only be usually free but also reduce the weight you have to carry to class. And, of course, don’t forget that the library can also be of great use in this regard.
- Outings and Entertainment
During the college years, the number of social gatherings and outings increase, which increases your expenses as well. In addition to the outings, there are various entertainment subscriptions, such as Netflix and other video streaming platforms, which every student wants to avail. Avoiding such expenses can really go a long way when it comes to money-saving. If you desperately want a subscription, you can club your money with a few friends to purchase these subscriptions for a multi-user account, which will prove to be much more cost-efficient.
- Late Fees and Credit Card Bills
College life can get really hectic and busy, and the possibility of missing various fee payment deadlines is high. Passing due dates can cost you a lot more than you could imagine, which will be completely unnecessary and avoidable.
Things like late fees and accrued interest on credit cards bills can increase your expenses. You should also avoid getting any other fine in any circumstance. Set up reminders in your phone about a week in advance of every payment due date. It is always better to pay way before than to wait until the last day. It will also create a good habit of always making payments on time, which will go a long way in adding up your savings for that trip you’re trying to take, or the phone you’re trying to purchase!
College life is the phase that can make you extraordinarily efficient and teaches you various life hacks and tricks to save money in every way possible. Do make sure you don’t waste your money on the top 5 things mentioned above so you can save up and lead a more financially stable life!
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