MONEY-SAVING TIPS FOR STUDENTS
Q I am starting college this year in Dubai and want to be a little more responsible with regards to finance. Can you suggest some money-saving tips?
A It’s indeed inspiring to see today’s younger generation being responsible and seeking money management tips.
I won’t recommend you work to earn some extra dirhams. College, it is said, is the best time of life to enjoy yourself and have responsible fun. But the fun doesn’t mean you have to overspend.
Plan your budget to have a few extra dirhams in your wallet at the end of the month. Avoid dining out frequently with friends, make a food budget and stick to it. Instead of buying books, consider book sharing or visit libraries. Browse the option to buy a second-hand or online version of your study material.
Use public transport rather than your own car. Since, the government provides various discount offers for students to commute on public transport, get the personal Nol card, which offers discounted travel. This can save a little extra on things like hourly parking fees if you don’t have university parking, along with petrol and regular maintenance expenses.
While out shopping for items such as food, study supplies or clothing, always keep an eye out for discounts. A few stores do offer concessions for students. Use plastic cash minimally. Rely on cash for daily transactions.
For weekend nights out in Dubai, avoid the expensive areas. Look around for offers or plan a group activity so you can chill out with friends. You could get discounts.
Use the summer or winter breaks by taking part in internship programmes. Some firms might offer paid internships as well. If not you can earn the knowledge and experience during your semester break time rather than going on vacation. This can stand you in good stead.
DHIREN GUPTA managing director of 4C Mortgage Consultancy, is a financial expert