 stemorol | Saving money as a student is possible with a little planning and effort of will. You will see how quickly you will start to spend less and grow your savings.  To a student, the phrase "save money" can mean one of two things:In this post, we reveal the 5 keys so that any student can achieve both objectives. Apply them, and you never have to explain to your parents how you ran out of money before your time. KEY 1: MAKE A BUDGET
Like everything in life, the first thing is to make a plan. In this case, the plan is called a budget and consists of making two lists. In the first one, you put all the income you have each month and in the other all the expenses. If income exceeds expenses, you are off to a good start. You already have money left over each month that you can allocate to your savings. If, on the other hand, expenses exceed income, you have a problem: bankruptcy! Whatever your case, if you want to improve your situation to increase the money you can save, you will have to cut expenses, find more income, or both.
- Spend less: If you have to reduce expenses, the leisure section is usually the first to be harmed, but there are more options. For example, perhaps you can find cheaper accommodation. Did someone say a shared flat?
- Earn more: To supplement the money your parents give you, one option is to take a part-time job. Also, look at all the scholarship and study aid options.
KEY 2: MEET YOUR BUDGET
Budgeting is easy, but sticking to it is something else. You will have to resist the temptation to spend money on things that are out of your budget no matter how much you feel like it.[font=proxima-nova, "Helvetica Neue", Helvetica, Arial, sans-serif] At first, forecasts - especially expenses - are likely to vary from expectations. The important thing is to be aware of how much money you are spending each day, and ensure that you do not exceed your income. It's better to prevent than to cure!
KEY 3: PROTECT YOUR MONEY
You will need somewhere to keep the money you receive until you spend it. The best place is the bank. Ideally, it should have branches both where your parents live and where you are going to study. When you open an account, the easiest way to access your money is to be given a debit card. You may be able to ask for a credit card as well. It is important to understand the difference between the two.
- Debit card: When you pay with a debit card, or when you use it to withdraw money from an ATM, the amount is immediately deducted from your account. When your account is at zero, you cannot use the debit card.
- Credit card: Credit cards allow you to continue shopping even if you don't have money. When buying, your account balance does not change because it is the bank that pays for you. Thus, a debt with your bank is generated that is usually settled at the end of each month. If there is not enough money in your account, you will pay high interest on that debt as long as it exists.
OUR RECOMMENDATION: Better to avoid problems and use the debit one.
KEY 4: ORGANIZE YOURSELF!
Especially when you go out to study, you will have periodic payments that you will have to remember: rent, electricity, telephone, etc. Some, like the telephone, you can address. That is, they will be automatically deducted from your bank account without you having to do anything. Others you will have to pay by ordering a bank transfer or paying the receipt at a bank branch. It is very important to always pay on time. If you pay late or if you do not pay, it can damage your credit and make it more difficult for you to obtain credit cards, loans, or mortgages in the future.
- Write down the due dates of the different invoices in your calendar. Put the bills to pay in a folder in your filing cabinet, and mark the due dates in your calendar so you don't forget.
- Spend 20 minutes a week managing your finances. Set a day each week to see how much and what you've spent money on, review bills, and make payments that are due next week. Check your direct debit bills too to make sure there is enough money on the day of the deduction.
The most important thing to manage your money well is to be vigilant, and not lose visibility about the balance of your bank account or the expected expenses and bills pending payment. With practice, you will see that it is not very difficult, and you will be developing an important skill for your future.
KEY 5: MINIMIZE YOUR EXPENSES WHENEVER YOU CAN
There are many ways to reduce your expenses. Here are 10 ideas to reduce them, but the list can be much longer:
- Analyze which bank offers you the best conditions. There are banks that offer you an account without commissions in exchange for a minimum income each month or for directing some receipts. Research on the Internet or go to branches of different banks and see which entity offers you the best conditions. And, of course, to avoid commissions, always withdraw money at ATMs of your bank or that use the same network as your bank!
- Look at all the free activities that your city offers for young people (concerts at parties, visits to museums ...) and organize your free time around them. Leisure activities are where a large part of the budget usually goes.
- Take advantage of all the discounts offered by the Youth Card for students and all the leisure offers. For example, go to the cinema on "Spectator's Day."
- Buy in the cheapest supermarkets. Identical products usually have a very different price depending on the store where you buy them.
- Second-hand things. Think about what things you need and could buy secondhand. Many times you can get a textbook that costs you € 50, for only € 10 if you buy it used. It is the same book, but it is not new. For the money you save, it's worth it!
- Save on transportation. Spending on transportation is very important to students. One way to reduce it is to use the monthly student pass. You can also go by car and share your gas expenses with other students and to many places by walking or cycling!
- Pay cash. You can better control what you spend if you withdraw money once a week and pay everything in cash. So you can see exactly how much money you have left each week, and if you spend and spend it all, you only have to hold on for a few days before drawing again.
- Before buying something, ask yourself if you really need it. Many of the purchases we make are on impulse. You see some super nice glasses and they are 50% off, they are a bargain! But you already have 5 sunglasses, do you really need them?
- Make a list of what money you spend and on what. So you will know where to put every penny and where to cut costs if you need it.
- Save. How to save if it costs to reach the end of the month? That problem is everyone's bad. It doesn't matter if you win $ 100, $ 1,000, or $ 10,000. It has been proven that when we have more money we start spending more and on more expensive things, and in the end, you have the same financial problems as when you won € 100. If you want to manage your money well, start valuing each euro and start saving now!
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