How can students save wisely?

Being a student is really hard, especially if you are in a new country, all by yourself. The most difficult burden is that you have to survive while not getting broke and falling your exams. Balancing work and study is a hassle on its own, so instead of working a part-time job, consider using these tips for saving some cash at the end of this month:

Define a Goal

The key to succeeding at a task, whether it is staying fit or saving up some money, is to define a goal. Ask yourself questions like: Why do I want to save money? How will more money help me in achieving my goal? Besides answering the questions, take a journal and start to write down small goals leading to the main one. For example, I want to save up $300 this month, $400 the next, etc, so I can save up $5000 and buy video making equipment. Goal defining helps you in understanding your values. Is dining at an expensive restaurant more important than your goal? If yes, you might have to change it!

The key to success is being aware of where your money is going. Become smarter by saving the money wisely.

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Ask Around

One of the main benefits students have is discounts! Ask around your peers and find out which places (restaurants, museums, movie theaters…) offer certain discounts for students. Some may even have signs in front of the store. Transportation discounts are amazing for students. Usually, the city you are studying in has lower prices for bus and train tickets. If this isn’t the case for yours, consider biking or walking to your destinations, instead of taking public transport or using the car. So keep your eyes and ears open and save up some money this month.
Note: If you have a student loan, consult with experts to find solutions on repaying it more quickly and efficiently.

Share Rent

The biggest money eater students face is rent. As days pass, the prices are getting higher. Today, rent money is ridiculous. If you want to pay a reasonable price, you will have to live in a dump or an apartment filled with cracks and mold. To make it easier for your pockets, decide to share that rent with a friend or colleague. If you are new to the city and don’t know anyone, consult with your university or find a roommate online. Remember to analyze him/her thoroughly since you don’t want to be stuck for months in an enclosed space with someone you don’t get along with.

Compare Prices

Remember to calculate too: If I drink 2 cups of coffee a day and spend $7, this means that monthly I spend $210 on coffee. So what should you do? You can make coffee at home, of course, purchase an espresso machine or you can change the coffee shop. The most important thing about saving money is by comparing prices. You can even make a notebook consisting of prices for each product you buy on a daily basis like bread, noodles, tomato sauce, etc. Check which stores have better offerings for the same product. If you spend a dollar less just on bread, remember, that is $30 a month!

About AWealth

As an Independent Financial Advisor I take a true holistic approach when advising you and your family in InvestmentInsurance, Mortgage. I will provide you with a financial road map, and help you execute the strategies identified in order to achieve your long-term goals and objectives.

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