Three Helpful Tips for Saving Money

As college students, we can all agree that saving money has got to be one of the toughest things to do; tough, but not impossible. It only requires the will to save up. College is different, rules are not so uptight, the campus is surrounded by restaurants, fast food chains, cafes, and there are even frequent bazaars within campus. It feels almost so impossible not to run out of money—but it is not.

Avoid impulse-buying. I know it is pretty easy to say and hard to actually do, but you will get there, trust me.

Retailers use huge “SALE” and “DISCOUNT” signs to grab a costumer’s attention and cue them to take action in making a purchase. So remember to always check the actual costs before swiping your credit cards. Just because it is advertised as a sale does not mean you always have to buy it; these stores might even be just tricking you. Besides, malls have sales every month and every end of season so there is really no reason for you to feel like you have to spend all your money in one go. If you want to go shopping, set an ample amount and time for it. Do not be deceived by sale periods and impassable price tags. Remember, nothing beats the feeling of finally being able to get something you have waited so long for.

List your expenses. At some points of our lives have, we have all looked into our wallets and thought, “Hey, where did all my money go?”

Once you have gotten in the habit of writing down everything you spend, you will be ready to begin budgeting. Moreover, once you attain that step in mastering your money, the sky is the limit as far as your financial potential goes. Therefore, with that, I challenge you to write down everything you spend your money on, and I guarantee you, your expenditures are sure to drop.

Open a savings account. If you happen to be not so used to saving, start small and then make it a habit. Then, increase the amount incrementally, experts say. Few months of depositing into your account will gradually increase the amount of your money by perhaps 5 to 10% of your monthly allowance. To help you keep your savings try to open an account in an institution other than the ones you normally see.

Opening a savings account will evidently allow you to save up for your future efficiently. It will help you build a sense of responsibility, it will help your money grow and it can as well help you when you are finally an adult and you are faced with all these expensive bills. Remember, no one is ever too young to invest on long-term plans.

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Saving money is one of the toughest things to do, but it is not impossible. All you need is a great will to accomplish it. Weigh your wants and your needs, your budget, control yourself, keep up with your expenses, invest for long-term plans and know your limitations.

Just keep in mind that practicing money saving does not just allow us to save up for something we have been wanting to buy as it as well shapes us into becoming responsible adults in the near future; so that we will be able to divide our income properly.

#Money