Essential Money Saving Tips for Students

Essential Money Saving Tips for Students


It is easy to get caught in the rush of things when you are in college. In the midst of studying, part-time jobs, socializing and extracurricular activities that you have, you are most likely to forget one of the most important things, which is straightening out your finances.

Here are some tips on how you can save money as a student:

1. Plan ahead.

If possible, do this even before you move into your dorm room.

Check if you are eligible for scholarships and other grants before signing up for any form of student loan.

Construct a cash flow. First, where do you expect to get money from? Make a list of your “income”,  be it from your parents, your student loan or your part-time job.

Then forecast your expected monthly or weekly expenses for food, books, etc. Once you have set aside a budget, be strict with yourself and stick to it.

You will never know what unexpected expenses would come your way so it is better to have a downfall for financial emergencies.

2. Save on food.

One of the major expenses that you have as a student which you might have ignored when you were still living with your parents is your food allowance. Avoid eating at fast food outlets, as this is most likely to ruin your budget. Pack your lunch and plan your meals as much as you can. 

3. Take full advantage of student discounts.

Those ID’s in your wallet are not just for show.  Student ID’s and memberships in organizations are honored in several establishments which offer discounts.

Also, patronize a certain establishment regularly and you are bound to get bonus cards for being a loyal customer.

4. Use your cash as much as you can.

Since you already have a draft of the items where you will spend your money, it is easier to monitor your cash flow. Avoid using your debit card when you have cash with you. Use your credit cards or write checks only in emergencies. Having debit cards, credit cards and checks handy might lead you to overspend.

5. Keep yourself busy.

Join clubs according to your field of interest.

No Fret Family Budget

No Fret Family Budget

For some, the idea of a budget is often a blur.  It is frustrating to see how hard it is to do a budget and realizing that with one wrong purchase, you can actually ruin the entire thing. And this has been a perennial headache for most homemakers. 

It is about time to overhaul the way people look at budgeting.  It can actually be a great way to keep track of your family's expenditures and help you evaluate the things that you spend the lion's share of the family's earnings on.

What is a budget?  A budget is a tool for handling your finances by controlling the family's expenditures in a way that money is enough for paying up bills, and still ensuring that savings are set aside for future expenses - vacations, or children's education, or even for retirement.

Try these simple steps in preparing a no fret family budget, and see the benefits of intelligent spending.

1.  Gather three months of your pay stubs and get your average monthly earnings.

2.  Get out three months of your monthly bills.  Do this for the fixed expenses like the rent, phone bill, car payments and other loans that come monthly.   Add them up and get the average. Do the same for other expenses like groceries, and credit card bills.

3.  Evaluate the results of your computations.  Looking at your average monthly earnings against your monthly fixed expenses and other monthly expenses, think of some ways to economize.  Cut back on some items that are somehow unnecessary.

4.  Knowing the facts of your income and expenses, develop a family budget and try to stick to this monthly budget.

5.  Now that you have a monthly budget, set up a savings account.  Save up by making regular deposits to this account.

6.  Keep track of this monthly family budget just to see if it is working for you.  Try to fine-tune the "rough edges" of this budget as you go along.

7.  If you can get hold of a personal budgeting software or spreadsheet application to keep record of your budget, the better.  This will make organizing your expenses very easy.

These are the basic steps in developing and implementing a no fret, easy to stick to monthly family budget. Of course each family has diverse needs and wants.  You have the freedom to develop your own monthly family budget, depending on your family’s financial background and needs.  No matter how you do it, just focus on the end result, which is building a savings that leads to a bright and financially stable future for your family.

Self-Discipline And Saving Money

A great way to save money is to be aware of the fact that one has the power to define the state of his finances specifically through a conscious effort of disciplining the way one spends and controlling one's expenditures.

Self-discipline will most definitely be the key to reducing one's debts therefore increasing the possibility of growing one's savings.  And in the long run, improve one's standard of living.

According to money management book author Robert Hastings, "Undisciplined money, usually spells undisciplined person".  Therefore, if one notices how his hard-earned money seems to slip away so darned easy, then it is about time that he rethinks his ways and try to discipline his unpleasant spending habits.

One of the essential keys to successful money management, specifically saving money is to possess proper attitude.  Self-discipline is at the topmost of this proper attitudes list, of course.

Only with self-discipline that people recognize that they do have the freedom and power to do the right thing over doing as their impulses dictate.

Sounds complicated?  Well, not really.  Knowing fully the fantastic rewards of disciplined money in a disciplined person's hands should be motivation enough for one to do all that is humanly possible to achieve that elusive financial stability everyone hopes for.

Here are some helpful money saving tips.

1.  Realize that the most convenient method of building one's wealth is through saving money.  Money is the only sensible material to save.

2.  Focus expenditures on the things one needs.  Live day-by-day knowing that you have enough. 

3.  Avoid buying on impulse. Take your time when buying, especially the expensive items.  If you really need it, it would most definitely not slip your mind.  Otherwise, if you go along forgetting all about it, then it isn't really worth the money you have to spend on it at all.

4.  Credit card debts hold the number one slot as the cause for financial drains these days.  Control your spending by using your credit cards less.  Or for unavoidable circumstances when you really have to use the credit card, consider using the ones that charge less interest.  Then dump the high interest ones for good.

No matter how you look at it, saving money is so easy to do.  A little bit of imagination, some creativity and a lot of self-discipline will take you a long way in keeping hold of your hard-earned money.

Self-Control and Saving Money

Self-control is one of the many virtues that is something that can be learned by each and every person.  And learning it will prove to be very significant in the way people handle their finances. Possessing a sense of self-control somehow helps people to put aside money instead of spending it. It helps people to resist the terrible "itch" they get to spend money the moment they get hold of it.

This is a common pitfall for most people. Often, when people come into a certain amount of money, they have this tendency to rush out and instantly satisfy the irresistible urge to splurge on anything they lay their eyes on.  This is a very dangerous mistake.  Sometimes people fail to recognize the idea that the future has to be considered, too, whenever spending and savings enter the picture.

The cliché "nothing is constant" still rings true until today.  The stuff people see now as shiny and new will fade and rust away later.  And patience and self-control makes people realize and think about the many other more important things that requires more of people's concern, specifically money-wise. 

A person's financial success starts with a conscious effort to control one's expenditures and save up for the future.

Realizing the high correlation of self-control and saving money, the next question is, how do we start learning and acquire this virtue of self-control, which seems so elusive?  Well, there are many ways which people often take for granted. Here are some of the less complicated ones that are easier to follow.  Learn them, and hope they grow on you. Try to apply these easy steps in your daily living and surely they will bear you wonderful fruits on your way to financial stability and security.

1.  Do not purchase items on impulse.  Consider thinking if you really need the item, or maybe you can still put it off for later when you really have the need for it. 

2.  Identify the your needs from wants.  You wouldn't want to spend so much on something that you may regret doing so in the future.

3.  Look for a person who can serve as a role model for you and adapt a financial life similar to what he does. In this way, self-control will seem very easy when you see that others are actually doing it.

Secrets of keeping to the family budget

Secrets of keeping to the family budget

The high cost of living in today's society, wherever you may be, has made budgeting a priority among families.  In today's inflationary world, nothing is more important than knowing how to wisely spend the meager income that you get.

Financial problems usually arise due to lack of proper budgeting skills, or failure to keep to the proposed budget.  No matter how much income you may have, it is still important to keep track of your assets and liabilities, your earnings and expenses.

It is ironic but a person who earns thousands will have the same problems with the person who earns by the hundreds.  Most often, different kinds of people, with diverse income levels, have budgeting problems.   Others who may have been successful in making a budget, usually fail to keep within such a budget.

A budget refers to a financial plan, taking the incoming and outgoing monetary resources into consideration.  A good budget should not only mean a balance or equity between income and expenditures.  It also means lesser expenses, and making an allowance for savings.

If you earn a thousand dollars per month, you should map out all the necessary expenses you will have to incur during the month such as payment for your house, food and transportation.  Of course, this is presuming that your tax liabilities have already been settled.  What remains after you deduct your total expenses from your income is your savings.

What you do with your savings will make a difference later on, when the need arises.  You can choose to keep your savings in a piggy bank or place it in a bank where there is minimum interest rate but at least your money is safe from you and from intruders.  With a bigger savings, you can get the services of a financial adviser who can give you higher-yielding investment options

Here are tips to make sure that you keep within the family budget:

1. Maintain a logbook where you can list your income and expense account on a weekly or monthly schedule. 

2. Buy your groceries at one time.  To do this, make a list of all the things that you would need for your target period and purchase them at one time.  Sometimes, there are discounts if you buy by the dozen so take advantage of this.

3. Avoid going to the supermarket and shops if you do not need to buy necessary items.  This will keep you from making unnecessary purchases and keep you from straying away from your budget.

4. Think twice before you buy something.  By doing this, you will realize that it is not really a necessity but a whim.

Tips on How to Cut your Medical Expenses

Tips on How to Cut your Medical Expenses

There is no such thing as a free lunch. Moreover, there is no such thing as free medication. Some time or another, all of us will need medical treatment. Whether it would be for simple colds or for serious illnesses, these things would hurt us and burn our pockets.

According to a recent study, Americans spend more money on medical expenses than any other nationality in the world. As prices get higher and life gets harder, saving some money from your medical expenses will definitely benefit you.

Here are some practical tips on how to cut your medical costs:

Mind Your Health

Prevention is always better than cure. Being fit and healthy seems to be a 21st century fad and it wouldn't hurt us if we join in the bandwagon. An analysis of the 1987 National Medical Expenditures Survey revealed that people who are more active spend less on medical expenses than those who live lethargic lives. The analysis equated the benefit of being physically active to $330 (1987 dollar value) per person.

For smokers and drinkers, reducing cigarette and alcohol consumption is an option which you may find feasible. You will not only reduce future medical costs but also reduce direct costs from purchasing these products.

Go Generic

Taking generic drugs is the way to go. Patents are used by manufacturers to be able to set a price so as to recover their costs in developing their products. But these patents don't last forever and sooner or later, generic versions of these drugs will be available. Generic drugs are basically the same as the branded ones in terms of ingredients and quality.

Going generic can save you a lot of money. According to the Association of Chain Drug Stores, the generic drugs are priced at $24 on the average in 2004, while the average price of the branded ones is $96 dollars.

Deal with your Doctor

Take time out to discuss things with your doctor, for this can also save you a lot of cash. Don't be shy to ask him about the possible alternatives that you can take. Ask him if there is a generic drug that you can take if he prescribes you a branded drug. If you are going to have surgery, try to schedule wisely, so as to prevent overstaying in the hospital. And most importantly, do as you are told. If he asks you to quit your vice, quit it. If he tells you to be active, then you'd better be!

Medical expenses can really dig a hole in your pocket. Try to be wise in your medical transactions and more importantly, take care of your health.

Saving Money on Electricity: A Money-Saving Maintenance

Saving Money on Electricity: A Money-Saving Maintenance

An electrical appliance that does not work at maximum capacity results in less than ideal performance and higher electricity bills. That is why it is best to save on electricity in order to save more money.

Here is how you can get everything saving up:

1. Keep your appliances clean and well maintained. Regular cleaning and maintenance keeps your appliances in top shape, hence, it will perform better and consumes lesser energy. Energy saved is money saved.

2. Have an annual checkup by a qualified service technician. This can reduce the appliance’s operating costs by as much as 20%, extend the life of the system, and improve its safety and air quality.

3. When using air conditioners, it is best to establish your comfort temperature, and then setting your thermostat at that level permanently. This will definitely save on electric bills because the air conditioning unit takes less energy to cool air four to five degrees than it does to cool air eight to ten degrees.

4. Replace any items that may have been 10 years or older already. Old appliances are most likely not at their optimum efficiency. By replacing them, your electric bills may be cut by half.

5. If you experience a power outage, make sure you turn off the switch on your appliances and allow time to pass before turning the appliances on again when the power returns.

6. In refrigerators, do not overstuff compartments with bottles and plastic containers. Cool air must circulate freely to avoid overworking the condenser.

Also, try not to leave the door of your refrigerator as open as possible or open longer than what is needed. This will have the tendency to allow the cool air to break out.

7. Always try to look for the “energy saving” logo or notes whenever you buy your new appliances. Buying an appliance with a logo that states it consumes lower energy, it will definitely let you save more money on your electricity.

8. Always use energy saving lights or light bulbs. These energy saving lights or light bulbs usually last up to 12 times longer. Plus, energy saving light bulbs consume less energy. Hence, you will be able to save more money just by saving on electricity.

9. Use energy-saving facilities at home like energy-saving windows or energy-saving appliances. This will lessen the consumption of energy and, thus, will let you save on money.

For instance, use a “double-glazed” window instead of the ordinary window.

10. Use insulators at home. This will not let the warm or cool air out, and vice-versa.

Indeed, saving on electricity will definitely save more money.