Students often have a hard time budgeting their own money. From transportation expenses, to food allowance, to never-ending school projects, all these require you to withdraw a portion of your baon.
So whether you like it or not, you need to save money and start to be a little frugal. Here are three money-saving tips that can help you on this matter:
Know your "wants" and your "needs".
It is very important to distinguish what you need from what you want. Set a border line between these two and do not confuse yourself with the other. To avoid purchasing unnecessary items as well, you should start asking yourself if you really need to buy something right now. Remember to take a step back when shopping and control your urge to buy luxurious things.
Set a budget for yourself.
A wise budget is crucial if you want to save money so as early as now, students should work on creating a realistic budget that they can stick to. List down your daily expenses and make sure to designate the "balanced" and correct amount of money for each expenditure. Treating your "savings" as an "expense" will also help in your budgeting.
Track how much you spend.
Being aware of how much you spend on material things is always a plus point. In this way, you will know where to decrease your allotted allowance, especially when the amount is not justifiable at all. Doing this can also guide you in tracing what expenditure consumes the highest percent of your budget.