As a college student you most likely will have a student loan to pay off after you graduate. It may be difficult to save money now, but if you change your spending habits, saving will be easy. Here are a few tips to learn the ropes of saving money to help you now as well as in your future.
Depositing Money
Those who have a job might find it hard to not spend money the second it is earned. When you receive a paycheck, a smart idea is to deposit half into either a savings or checking account. This way there is no temptation to spend it right away. If you find that half is too much to deposit, you can start by adding a smaller amount to begin with. Those who do not have a job can still use this technique with any amount of money you receive, whether it’s money from your birthday, a holiday or a special occasion. By putting money in the bank it ensures that it will be kept safe and not spent all in one place.
Analyze Your Spending Habits
Figure out what exactly you spend your money on each week. If you go out to eat and find you are spending a good portion of your money on food and drinks, then a solution could be eating at home instead. Limiting yourself on how often you go out to eat or order take out can make a difference in your bank account. It is also a healthier option to avoid take out and make a home cooked meal.
Daily trips to Dunkin Donuts or Starbucks can easily add up to $15 or $20 a week. Try to limit these urges to a few times a week. By cutting down on these unnecessary expenses, you will save money in the long run.
Coupon Usage
Coupons are another way to save money. Keep on the lookout for coupons that would be useful to you and redeem them on your favorite product. Be careful not to get too overwhelmed with the coupon process. If you don’t need the product that has a coupon, don’t save it. Chances are you will end up buying something that you don’t need. Just because you can buy a product cheaper doesn’t mean to go ahead and make that purchase. Most likely you will end up spending more money than you originally planned. If you use coupons wisely, you will be pleasantly surprised on how much you saved.
Go shopping on a budget!
Be cautious when you are shopping at the mall. Anyone can get carried away easily and spend a few hundred dollars in a short period of time. Go to the mall with a sense of budget. If you don’t trust yourself with money, leave some at home so you won’t spend it all while shopping. Before you go, make a list of what you need to keep yourself on task and not wandering to more items. If you’re in a store and can’t decide whether to buy that new dress, put it back. If you had to have it then you wouldn’t be wasting time deciding whether to buy it or not. Try shopping at the stores with discounted prices and sale items. This helps you save money while allowing you to buy more items. The most important thing to keep in mind at the mall or at any store, is deciding between a want and an actual need before you go to buy it.
By depositing money in the bank, eating at home, using coupons, and budgeting your money while shopping, there will be a drastic change in the amount of money you have. Saving money early can help you pay off that student loan in no time. If you control your spending, it will benefit you to save in the future, especially when these bills start to come in.
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