|photo by Jeff Keen|
This guest post is by Heidi Taylor from Graduate degree online.
Itís not something most students are programmed to do, but itís something that makes really good sense. The habit of saving for a rainy day is an aberration for the young, what with their tendency to live for today and take tomorrow as it comes. But the cost of university is high, and if you donít realize that today, youíre going to end up with a huge debt and no way of repaying it when you graduate, especially because of the way the economy is and because jobs are hard to come by. If youíre looking for ways to save money while at university, here are a few tips to help you along:
- Donít use your credit card: Weíve all heard that a penny saved is a penny earned; in the case of credit cards, a penny not spent is more than penny saved when you calculate the amount of interest youíre saving. Donít get into the habit of charging things to your card. Remember, youíre spending money that you do not have but which is borrowed, and on which you will owe interest if you donít repay it within a certain time.
- Make your own food: If you live at home, this should be pretty easy to follow since you can bring your lunch with you. But if youíre in a dorm room on campus, itís best to eat at the cafeteria rather than buy expensive meals outside. Itís also more cost-effective to make your own coffee and carry it in a Thermos and eschew bottled water in favour of tap water that you can tote around in your bag.
- Spend less on booze and cigarettes: I know you think youíre entitled to a little fun and relaxation, but thatís no reason to spend what little money you have on alcohol and tobacco. For one, theyíre not good for your health, and for another, they are pretty expensive when you indulge in them on a regular basis.
- Use your discounts: Most places offer a discount if youíre a student, so take advantage of this and shop at such places as much as possible. You could also make an effort to choose the cheapest entertainment options like attending a matinee show or renting a DVD and watching it in your room (you donít have to shell out money on expensive snacks at the theatre as well).
- Go secondhand: Itís not something you need to be ashamed of if youíre seen buying used goods, especially when it comes to something as expensive as and as necessary as books. You could also try and find bargains online when shopping for other necessities like electronic gadgets and appliances.
Besides this, you need to manage the money that you do have wisely. If you budget well and stay within the boundary lines of this budget, thereís nothing you need to be worried about when it comes to your finances.
This post was contributed by Heidi Taylor, who writes about the graduate degree online. She welcomes your feedback at HeidiLTaylor006 at gmail.com