Every day, people continue to engage in activities that bring returns to them. Return being money in most cases. Ideally money is ...
Every day, people continue to engage in activities that bring returns to them. Return being money in most cases. Ideally money is spent to make more money. This has led to the rise of finance as a discipline in schools. There is a need to educate people how to manage their money. In this quest for financial advice, students are not left out either. For this reason, below is an outline of how a campus student can maintain his or her financial security thereby increasing personal savings, cutting expenses as well as living by their own means.
1. Take advantage of discounts both goods and cash. There are plenty of shopping centers that offer discounts to students especially at the commencement of ever semester. Such discounts could help you save some money.
2. Utilize savings account such as students’ savings accounts in local commercial banks, M shwari lock savings. Remember some saving accounts earn interest. In addition, this will enable you to cultivate a saving culture.
3. Make a budget of fixed and recurrent expenses. Clear the fixed expenses first. For example rent, school fees. You will not be able to save if you have not cleared your fee or rent. Also, when drafting budgets, make a small allocation to miscellaneous expenses. This is to allow you to be prepared in the event that contingencies arise.
4. Use the concept of pay yourself first. Paying yourself first doesn’t mean getting a new hairdo or taking yourself out for a nice meal. It means living within your own comfortable means and still having something left to save. (adapted from Saturday magazine may 10 2014)
5. Use substitution and cheaper methods of spending. For example, you don’t have to buy different soaps for each emerging use. You could buy one bar soap to serve all your cleaning purposes. Also, practice habits such as eating at you room than at an outside hotel because it’s cheaper that way.
6. Use a calculator when shopping to determine the price per unit of goods. This way you will shop cheaper enabling you to save. As a rational student consumer, this will also enable you to determine the amount of money you are to pay at the counter before you actually get there
7.Avoid buying items near the campus vicinity. Traders have this psychological notion that students are ‘loaded’. Therefore, they have a tendency to overcharge for their services. Make it a habit to buy in bulk in the main market.
8. Keep the shopping receipts. This is so as to enable you to make reference of prices of various items when drafting future budgets.
9. Sign up to acquire a loyalty card. This product is often provided in supermarkets. Loyalty cards earn you points every time you shop items worth a certain amount depending on the policy of the supermarket. The advantage is that you can redeem those points for an item. ( Acquire a loyalty Card from Jatomy supermarket today)
10. Avoid being in too much debt. Debt kills ones morale of financial prosperity especially owing to the fact that you are a student with no regular source of income. Keep debts at bay.
In conclusion, remember that no matter how many websites, books or other documented materials you read concerning money management or seek the advice of a financial expert, at the end of the day, sound financial decisions lie solely with you.