Managing funds in essential for any college student since the sources of funds are limited. Most college students depend on their parents’ financial assistance and student loan to cover their expenses in school. The following discussion analyzes various techniques that a college student can use to save money.
Budget
A budget is one of the methods that a college student can use to save money. A college student can plan for his or her expenditure by establishing what he or she needs for a particular period. A budget is useful since it prevents wastage of money on unnecessary or unplanned activities (Baird 109). One should observe the budget limits by developing financial management discipline. The discipline enables one to use what he or she has planned only. In the budget, one should indicate how much to save and the means of saving the money (Higgins 87). Keeping money in the room is not safe since it can be stolen and one may be tempted to use it. Hence, it is advisable to deposit the money in a bank where it is safer and less vulnerable to wastage. A student can also deposit his or her money in a fixed deposit account if he or she has a lot of money. A fixed deposit account enables one to access the funds deposited over a specific period set by the bank agreement signed (Creager 115). This is an effective money saving method since it prevents wastage.
Partying and Tours
The second strategy of saving money is reducing or avoiding school parties or events that encourage students to spend money. Almost every Friday there is a party at school, which affect students’ ability to save. One can decide to attend a specific number of parties per semester if he or she cannot do without the parties. This will limit the money spent partying at school and encourage saving (Creager 37). Due to young age and the need to belong to a certain age set, most students find themselves engaging in parties and school tours with their friends, which consumes a lot of their money (Higgins 125). They fail to recognize this due to their collective thinking that they are together in life.
Shopping Techniques
The third method that college students can save money is by ensuring that they shop in areas where the price is low. Shopping is a necessity for any student since they have to buy personal items and other commodities such as food. College students should ensure that they shop in places where the price is low compared to other places near the school (Baird 76). Shopping is one of the major expenses for students since they have to buy commodities to sustain them in school. When shopping one should avoid impulse buying to reduce the money spent. Most of the shops or shopping malls display their goods to encourage impulse buying from the consumers (Higgins 44). This can be avoided by developing a shopping list before visiting the shopping malls to buy commodities to prevent purchasing of products that one does not need.
Conclusion
Saving money techniques are essential for college students since most of them do not have an income source. College students depend on others to cater for their expenses in school, hence the need to control the provided money usage. Students should watch their shopping habits, develop a budget, and control their partying to save money.
Works Cited
Baird, Craig. The Complete Guide to Personal Finance: For Teenagers. Ocala: Atlantic Pub. Group, 2009. Print.
Creager, Ed. The Money-Saving Idea Book: Inside Tips for Starving Students, Frugal Seniors and Every Financial Survivor. Lexington: New Year publishing, 2009. Print.
Higgins, Michelle. College Poor No More: 100 $avings Tips for College Students. Danville: New Year Publishing, 2015. Print.