10 Great Money Tips for the Financially Strapped Student
July 13, 2018
For students who are financial strapped, it can very trying to cope with the different pressures that bears down upon you. Even before you are able to complete your studies to earn your keep, you can be facing possible problems with keeping up with your studies in the first place. There are people’s opinions of you to manage, stress from assignments and projects, mandatory curricular activities’ hours you might have to clock and the most of all, the next meal you can afford and where to lay your head for the night.
But things might not be so unmanageable if one sits down to work out your financial plan. And even more so, being financially strapped does not mean you cannot enjoy your days as a student or indulge yourself once in a while. Everyone, even the poorest of the poor, is entitled to some pleasures of life occasionally. All you need are some ideas and tips in doing so:
Work out a budget
The basic thing is to work out your present income or savings and planning your expenses. You can work out treats once in a while if you can afford them. Having a plan will provide structure and meaning, thus giving you a better peace of mind to focus on the other important things.
Set aside some savings
It is important to have some backup savings to tide over some emergencies or unforeseen expenses. Having a backup savings gives you some buffer and less stress.
Take advantage of discounts
Planning ahead makes you keep an eye for discounts. Coupons, bulk buying can save you some cash in the long run. Sometimes you can even treat yourself like in 1-for-1 deals or off-peak promotions.
Pay in cash
Paying in cash makes it easier to account for your expenditure. It is advisable to break your carry cash into smaller denominations so that the tendency to overspend will be lesser.
Cut expensive habits
Do you smoke or drink? Perhaps being financially strapped would give a good reason to break these habits. Additionally, if you’re a gamer looking for a fix, it might be a better idea to check out an inexpensive laptop for PC gaming instead of an expensive console with $60 games. Check out some of the best gaming laptops under 1000 dollars here.
Seek school aid
There are grants and aid programs that help students tide over difficult periods. Look up the school’s website, newsletter or even approach the administration staff. They can point to the direction where you can seek aid or loan that can help you ease your burden.
Having a group of close friends or a tight-knitted community can help you save a lot of money. You can pool in resources to buy things in bulk or have meals together which are cheaper to prepare when done together. Be it washing of clothes, renting a movie together, enjoying a day out at the beach, going as a group has its perks and the support you get is intangible.
Use the library
The library supplies the books that you cannot afford to buy. It has resources like the computer and sometimes stationery for use as well. Since you are a student, make full use of it instead of going to the bookstore.
When you feel that you have some extra time to spare after school and need some extra income, part timing can be an option. Local supermarkets hire students as cashiers or inventory stock-takers. You can deliver pizzas, newspapers or milk. There are a plethora of jobs for students who want to work – you just have to look for them.
There is an increasing trend of people looking to earn an income online and you can be successful even with no start-up cost. The best thing is that it is flexible and can be done outside your school hours. This can supplement your life as a student.