How to Make Student’s Budget Last Longer
As a rule, students are likely to be on a limited budget. If you don’t learn to control your finances as a student, managing your income may become a real issue in the future. That’s why I want to share with you some effective tips on how to make your student budget last longer. I was lucky to learn during my students years.
1. Write down your earnings and expenses
Money flows like water through fingers. As a student, I learned this saying tested in a real life. It seemed to me that I was spending money on important stuff like food, rent, and books, and still I could hardly make both ends meet till the end of the month.
As I learned later from my friend, a financial specialist, there are lots of hidden expenses a person might not know about. To reveal them, one should create a list that includes earnings and expenses sections. This way you will know exactly how much money you earn and what things take most of your budget. You’ll be surprised to know how much money is spent on a single cup of coffee every day.
2. Have a weekly budget
Most people know their income. If you don’t, then figure it out immediately otherwise budget planning will be impossible. Once you know exactly how much you earn or get, you may try making a weekly budget. Before I had my weekly budget, I was tempted to spend money on things I didn’t plan to buy. But when I got a particular sum available for 7 days, it was easier for me to keep track of my spending and even save some bucks.
3. Find the way to earn more
Most students work while in college. However, in most cases a part-time job doesn’t bring a huge salary and working full-time sounds almost impossible for a student truly engaged in studies. How to multiply income then? Try working on holidays or find a suitable full-time job in summer. Not only such options will serve as a good source of revenue but they will also add up to your professional experience.
4. Avoid unplanned purchases
Resisting the urge to buy another skirt especially at a discounted price is a real challenge. However, if you don’t beat this impulse, you will go broke. Unless it’s something you simply can’t live without, fight the feeling to buy it. If you are still convinced that another pair of shoes is a must, take your time to compare the prices and make a good bargain.
5. Sell the things you don’t need any more
Look around! There must be tons of things you don’t need any more. Everything from books to clothes may be turned into cash in one single click. The best way to get rid of unnecessary purchases or long forgotten books covered with a thick layer of dust is to sell them online. I used Amazon and eBay. However, there are many other popular resources that can help you make some money on your old stuff.
I hope that these tips will help you manage your budget wisely.