As a college student every dollar counts. Be smart to spend your money and always ask yourself? Is there any way for me to do what I do and spend less? “You will find that in many cases, the answer is yes.
1. Plan your meals in advance
Instead of making small purchases in the supermarket and fill the basket with what tempts you at that time, it’s best to purchase large assortment that allows you to plan your meals for all week or even longer. Thus, you avoid buying food that are not necessary.
2. Drink water
Although it may seem obvious, many people spend too much money on soft drinks and juices that they don’t really need. In addition to being the most healthy-option also it’s cheaper than any other liquid. If you don’t like to drink tap water, than you should invest in a filter which in turn it saves money on bottled water.
3. Establish a debt repayment plan
If your goal is to get rid of your debts, it is essential to create a payment plan to achieve it. There are several methods, but the most common are the “snowball” and the “avalanche”. The method of “snowball” works in the following way: simply write down all the debts from the smallest to the largest. Then, all the extra funds that are available to you. First start with the smallest balance. Once the smallest debt is paid off, you begin to pay next until less money is owed.
The method of “avalanche” works the same, however instead of arranging the debt by amount is arranged by the interest rate (from highest to lowest). This method will save you more money in interest, while the “snowball” will give small rewards along the way.
4. Get a second job
If the goal you want to achieve is taking longer than it should, it might be best to get a second job. This does not have to be a permanent situation, it’s only temporary job to help you out of the situation where you are and meet your goals: either pay a debt, create an emergency fund or take a trip. A good option is to search the area of services, such as restaurants or shops, and you can work at convenient times and even receive tips.
5. Question all your expenses
Do you really need cable? What about the subscription to the magazines that you’ll actually never read? Both cost money and may contain ads that encourage you to spend even more. It is advisable to make a list of all the fixed expenses of the month, to see which ones can you completely eliminate, then look for strategies to save on residual expenses.
6. Check your insurance
When was the last time you compared how much you pay for your insurance with the other options available on the market? After some research it is very likely that you will discover, you could get the same coverage you currently have for less money. For this reason you should check your insurance policies at least once a year.
7. Check your statements
Either a debit or credit card, is essential to review statements monthly. It is possible that random or false charges show up on your account, if you have several cards, there are services that allow you to put them together to see your transactions in one place.
8. Create an emergency fund
If an unforeseen expense comes up, it is very common to immediately use credit cards, creating unnecessary debt. Establish an emergency fund to replace the credit card to prevent a crisis from becoming a catastrophe. Begin entering small amounts each month for this fund.
9. The 30 days Rule
If you’re thinking about making a large purchase, the 30 days rule applies, to eliminate impulse buying. Wait for that period, to see if you still want that object that you are considering purchasing. It is very likely that you realize that you did not care as much as you thought for the object and end up saving that money.
10. Do not replace, restore
If you are thinking of replacing an object of your home as an appliance, furniture or decorative element, consider repainting rather than getting rid of it. You can repaint items like tables and shelves in your bath, thus renew the spaces of your home without spending much money. Always consider this option before buying something new.
11. Do not avoid maintenance costs
Keep your home and car in perfect condition it will save you lot of money in the long run. For your car, change the oil and air filters regularly. For your home, pay attention to the little things that need repairs. Keep up with the maintenance to prevent bigger expensive in the future.
12. Eliminate luxuries
Your habits may be playing against you when it comes to saving money… You may not realize how much you are costing yourself with nights out or buying food when you are at work. It’s best to prepare meals at home. Adding in the cost of those little luxuries can open our eyes to unnecessary expenses, and even bring benefits to your health.