A student may run short on funds and crave pleasurable pursuits. And if you are a college student, cashless-ness is a state you definitely do not want to go through. One aspect of students’ life that would become different after entering a university is that they will be expected to be the manager of their money. Your parents may entrust you by adding a certain amount to your bank account. The assumption is that you are now mature enough to manage your finances effectively. The below-listed pointers will not only help you save and manage your money better but also guide you on how to make some on your own.
1. Make A Monthly Budget
Making a monthly budget is not a complicated number-crunching exercise. A simple note planner or an excel sheet will suffice. The overall goal is to keep track of the monthly expenses and plug any unnecessary spending. You can start by listing your fixed expenditures like transportation cost, food, etc., and keeping some money aside. The balance can then be used for discretionary expenses like luxuries of shopping or partying.
2. Plan Your Purchases Well
Has the additional expense you just made left you broke? Simple mathematics and a little bit of planning can help you avoid this situation. Cutting down your expenses will help you save a few dollars in just a few months and help you manage your expenses well even in the future. Always remember that planning ahead is an easy way to prevent debt or cashlessness.
3. Go For A Savings Account
Rather than opting for a regular bank deposit, you can go with products or services specifically designed for students. Apart from the additional benefits like zero-balance facility and regular freebies, the student limit can even exceed. You can go for a savings account in your local bank, that will help you manage your finances.
4. Cut Down On Your Outings
Truth be told, the pandemic has really helped in adding this to the list. Eating out frequently can add up to your expenses. Once a student learns how to help himself out of this, there’s going to so much extra money he could save. You will notice that once you cut down on all these unnecessary expenses, you will save a good amount.
5. Cut Out The Vices
The best thing a student can do to save money is avoid smoking and binge drinking. These habits are also terrible for health and play a huge part in you wasting your pocket money.
6. Apply For Part-time Jobs
Getting a part-time job to supplement your pocket money is the best thing you can do. There are various job opportunities like content writers, BPO executives, or jobs in a restaurant. A student can opt for unusual roles also to fund a little of their money by being a city tour guide or a recruitment agent. There are various home-based online jobs. But in Singapore, students need to be aware of scams also. There are a number of agents who claim to be genuine but are ready to scam you. Students can seek advice from their university placement cells for jobs.
7. Ask For Student Discounts
Many places in Singapore offer a student discount. The students can avail these discounts by showing their school IDs. Always try at shops, restaurants, or stores; you never know if you might luck out. The worst that can happen is, they will say no. It is always an advantage, even if a student can save out a few bucks.
8. Walk Instead Of Using A Car
Vehicle maintenance and gas can add up quickly to your bills. If a student wants to save his pocket money, the less he avoids using his car, it is good. The fuel and the maintenance charges at the end of the month can make a huge hole in your savings. Plus, you are also contributing to the environment when you avoid using your cars for small trips.
9. Live With Others So You Can Split Bills
Students can share rooms with their friends as this will help in splitting the rent, bills, and utilities. This will enable the student to save their pocket money and manage their finances well. Apps like PayPal allows students to schedule, divide their costs and manage their money well.
10. Use Your Local Library
A student can avail books, video games, or even movies at a local library. And they are all free. You can always save up some extra bucks if you source some textbooks you need for class from a library. The library is an excellent source for discounted tickets to art galleries and museums also. Some of these libraries in Singapore also list free events throughout the year. Check with your local libraries for these, and you can find out about all the fun you can have without spending any money at all.
Experiences are the best thing and especially in a college, it comes for free. You actually don’t need more money to impress people around you. What’s more impressive is if you can save money and invest it beforehand, you can be financially independent in your early thirties. And that should be your goal.