Managing finances is a responsibility that you have to cater to when you start earning and have a household to manage. But, the store of learning financial management starts way before that. If you are mindful and proceed with proper planning, you can actually save a reasonable amount before you even pass college. Doesn’t the thought of never having to rely on advances excite you? If yes, here’s a piece of writing that you must not skip!
1. Learn To Make Smart Use of Credit Cards
There are credit cards specifically designed for student use.You can apply for these without any credit check and start building credit history. This would help you out later in life when there is a need to get credit cards which require good credit standing.
2. Explore Opportunities That Can Help You Cut Down On Daily Expenses
Cashbacks, rewards, and discounts are common nowadays especially at big retailers like Target and Walmart. You either have to use their store-specific cards or shop on promotional weekends. Make sure you don’t miss out on these opportunities. On top of that, now there are even gas stations that take contactless payments and give cash backs in return.
3. Don’t Spend On Unnecessary Items
There is no rocket science here. The most reliable way to save up is to make sure you don’t buy things that you don’t need. With that being said, it is only possible to do so when you fully understand the difference between needs and wants. If you convince yourself that eating out everyday is something you “need” then the problem will only aggravate.
Make sure you pay more attention to necessities. Set aside a budget that you must save every month. Even if you convince yourself that you are only making “small” purchases, the truth is that such shopping trends can drain your bank account quicker than you can imagine. Want to try out this suggestion? Try replacing that expensive coffee every morning with a cup of tea made at home and see the difference in the monthly expenditure yourself!
4. Try To Use Public Transport More Frequently
Personal vehicle like a car or a motorbike is not just expensive to buy but costly to maintain as well. Owning these would mean that you have to spend regularly on gas, insurance and parking tickets everywhere you go. As compared to this, you can save up a lot if you opt for public transit instead.
Luckily, there are various services now available in the US that offer affordable rates for traveling. Uber and Lyft are some of the most reliable options that you can use.
5. Split Subscription Services With Friends
We all love to enjoy weekend night binge-watching your favorite TV show or a new movie but with the ongoing subscription charges, Netflix and Hulu membership means you won’t be able to save much by the end of the month. In order to cut down on the cost, you can split the subscription with a room-mate or a friend so both of you get to enjoy online streaming without breaking your pocket.