How to Save Money? for Students
For students how to save money has always been a question and not knowing some ways to save money can let us go out of cash. So, to avoid going out of cash you can use some of this way to save some bucks.
→Make a budget
Guys, sometimes we spend a lot of money than we should and to avoid that extra spending we should make a monthly budget of our expenses which would help you out in figuring out that for what thing how much we need to spend. You can simply just allocate your funds for different purposes and before allocation guys start investing b'cause investing early is more important than investing more. And to simplify making a budget there are various tools available on the Internet which you can use to make your budget and you can even use tools that can track your spending and notify you when you spend more than your budget. The budget also helps you to take a track record of your income and your expenses. And yes do not forget to write or note your expenses in a diary or small book, this will also help you to get a track record of your expenses. While making a budget we must always keep the necessary expenses on top like rent, food, etc.
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→Limit your expenses
Not spending money on useless things should always be on our mind because this can affect your budget and other expenses on different. We can save money by following things:
(a) Avoid buying multiple entertainments: Buying many entertainment platforms like prime video, Netflix, etc. will increase your expenses. You can do a thing that you can tie up with your friends that each can buy one platform and then everyone can use it, by doing this you can get access to many entertainment platforms by only spending for one. Never ever pay for listening to music many platforms offer free music you can use that
(b) While shopping: Always make a list of things or groceries you need and never buy more than that.
(c) Use of Public Transport: We must use Public transport than using our private vehicles using public transport will save a lot of money.
(d) Live with friends: Guys when you rent a room you should live with your friends and so that the rent can be divided equally among each other.
(e) Never use Credit Card: Credit Cards has a "spend now and pay later" system but this system later takes some interest of the money we spend plus the principle. We must never spend money when we don't have it in cash or account. We must keep Credit Card so that in case of emergency when we don't have much money needed we can use it and pay.
(f) Skip buying branded things: Branded things have their values always in the sky and whereas the products of a bit of lower quality have their values much low. For example, when we see branded clothing brands their apparels are really expansive whereas we can get the apparels of just a bit of lower quality or same quality at lower rates than branded apparels. Big brands charge more due to their brand value, so instead of spending more money on buying branded things just to show off, we must prefer buying cheap in cost things.
And many more.
→Sell Old Books and Buy Old Books
Guys if you are in college then for every semester you guys need new textbooks, so you guys can sell your used books and this money can be used to buy your books for the upcoming semester, so if you buy new textbooks you spend thousands of money on buying new textbooks and whereas on another side when you buy used textbooks you get them at a rate which is just 30%-40% of the new textbooks which means that buying using used textbooks you guys can save money up to 70%-60%, that's a lot. Used textbooks almost will come with the money you go from selling your last semester textbooks or there you might need add a bit of amount on purchasing new textbooks but sill on adding some money you will save a lot on buying used textbooks and avoiding the purchase of new textbooks.
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→Start a side hustle
Guys, we must do some part-time job somewhere or do some side hustle we must not waste our time just chilling and parting with our friends. If you don't want to do a job under someone and have some knowledge of something and can share it with others then you guys can earn plenty of money by making videos on youtube or by writing blogs. But trust me guys writing blogs and making youti]ube videos is not easy it takes a lot of patience because someone starts making bucks early and for someone, it may take some time. You guys can also start a business of dropshipping, but dropshipping is also a business and the knowledge of what is your business and what you are doing is really important and this can be good for someone good at marketing.
→Sell useless things
Selling useless things like your old books, the devices which you no longer use, etc. would free up some space and would help you to get space for new things. Albert Einstein said, “Compound interest is the 8th wonder of the world. He who understands it earns it; he who doesn't pay it.” Getting back to the topic, What I mean is that we must start investing early. If you don't know where to invest then you can simply pick any mutual fund by a bit of analysis and if picking a mutual fund is also a challenge then the simplest way recommended by Warren Buffet is to buy Index Funds, Index Fund will help to capture the average growth of the markets of the country.
→Start saving more money
Saving money is a crucial part of maintaining our finances. Saving money included making an emergency fund, investing, or having some cash aside. As I mentioned earlier that investing early is important than investing more and you know the reason behind this? it's compounding!
→Keep an Emergency Fund
While making your budget you must allocate some money for an emergency fund so that when your finance gets disturbed and you are in need for money immediately you can use this money.
That's all for ways to save money for students
Until next BlueSten Markets Update...
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