A student’s handout for saving during college days

While introducing saving habits in children is the parents’ prerogative, keeping the torch alive is the children’s responsibility. Saving is a continuous process and not a one-off incident. So, when one teaches his/her child to save money, the anticipation is that he will save his own money when he starts earning. Once the child learns that saving is important, s/he must be encouraged to continue the process within his premises of work.

With many expat parents sending their children abroad or back home for studies, it is important to note that the wards are on their own and they may be susceptible to the attractive world outside. It may seem a good idea to share a handout of simple dos with students before they leave for their studies.

Being mindful

Where does your money go? It is important to know where you are spending your money. This will allow you to develop better spending habits.

Being smart

Knowing beforehand where will you spend the money is a smart move. Make a budget. Estimate your monthly income and expenses.

Being your self

Live like a college student. The reality is that you’re a college student. So, live like one and don’t spend money you don’t have yet. Though it may feel difficult, living like a student now will place you in a better financial situation when you graduate.

say no to plastic

Don’t abuse credit. There is a reason credit card companies set up booths on college campuses as college kids are easy targets. On the one hand, building positive credit is important, but it can also be challenging to be both responsible and on a budget. If you take out a credit card, only use it for emergencies and pay it off as soon as possible by always paying more than the minimum due. Search for one that does not require yearly fees or monthly minimums. Credit unions, where you can also open a savings account that earns interest, are great places to start your search. Only spend what you can afford to pay off each month. If you are tempted to overuse, leave the credit card at home and take only cash.

start small

Nothing’s impossible. While it may seem impossible to save, try anyway, even if it’s only $10 a week. Or make a ritual to put one dollar in your coin box every day with your first morning chore. Place the money in a savings account that’s not attached to your ATM card so it is not as easily accessible.

Receipts

Be sure to keep receipts, student loan documents and other financial statements. You never know when you will need to refer to these documents. Make sure you pay your bills on time, every time. Paying on time is a big factor in having a good credit score.

no impulse buys

One of the most important money saving tips is not to buy on impulse. Wait a few days and see if you still need the item.

deal blogger

Many colleges offer lots of free or cheap activities on campus which will provide the opportunity to socialise without a lot of expense. Milk your student status. Lots of places will give you a discount simply for being a student. Look for places that offer savings when you show your student ID.

Experience before you graduate

As long as you are able to manage your studies, a part-time job is a great way to earn a little extra spending money.

Be net-savvy

Use second-hand items. Look online or check with your college bookstore for used textbooks for classes, which can save you some money. Selling back your used books at the end of the semester could score you some extra cash. Check online or with your campus bookstore for buy-back details.

Hacks

This mental trick can go a long way in saving money. Firstly, only bring cash when you go out with friends or to the store (leave the debit and credit cards at home). Not only are large bills harder to break, but generally, people have a harder time spending them, meaning that those large bills are used more for necessities and less for impulse buys.

Performer

College is expensive and the total bill only increases with every semester spent working towards your degree. Work closely with your advisor to figure out which classes you need to take and when, then do well in those classes the first time. You cannot afford to re-take classes that you tried to sail through.

Make friends

Make good and plenty of friends. Friends can be the best earnings and best savings of life.