A Guest Post by James Paul
When you’re in college, handling finance would seem like a nightmare with the fear of debts over your head and “no-money” week to overwhelm you at every point. It happens with everyone and so was the case with me. Chasing finance with petty freelance jobs along with the government grants to handle college fees plus the other expenses was never an easy task. I glanced through many articles to learn about saving more and managing finance better.
And finally I consolidated these 7 interesting tips that have worked for me to be financially secure in college.
7 Tips for Financial Freedom:
Start with a Budget Plan!
The word “budget” might seem scary and would leave the impression that you need to be stingy. A budget plan should be a realistic one with room for recreational expenses along with the mandatory ones but should help you to save as well. You don’t have to be a pro to create your own budget plan. You can decide on how much to spend or save.
Hunt for Discounts Everywhere Possible!
No, it’s certainly not a hidden fact that we all thrive to make the best out of all possible discounts especially when you’re in college. So, get going and try to have the advantage of all student discounts and offers. Additionally, you can look out for special deals in newspapers (local or others) and grab which fits your need. This will help you to save more.
Time Management is Essential
Sounds like a college lecture? Someone asking you to manage your time so as to save money; but it really works. Time and money are quite related to each other. How? Let me share an instance:
I started off with managing my time so that I can look for more ways of quick money. I planned my time well in order to finish off my college assignments or any pending tasks left and then allocated some time to look for freelance jobs or part-time work. Time management helped me to balance work and studies side-by-side.
Look for Work (Part-time or Freelance)
Studies are very important but if you know to handle your time well, then you can earn some easy cash while you’re studying. If you have a strict study schedule and good time management, then you can easily allocate a few hours in a week for freelancing or job hunting. This is not the only option you have; there are other ways of earning some extra cash while in college. For instance, I am an artist and I sell my artwork online whenever I find the time. It doesn’t affect my study schedule instead it is like a stress buster to me and a means to earn dollars. You can do research on what alternative things you can try your hands on to get the deal.
Say No to Cafeterias!!
Seeing a friend munching over a slice of pizza might seem irresistible. But, when I glanced through my expense report after a week in college I was quite shocked to notice that a major chunk of my money ($25-$35 per week) is spent in the cafeteria alone.
One simple way to save more is by saying no to cafeteria. Alternatively, you can prepack your lunch, try your hands on making simple meals or walk to a local eatery nearby. Explore options for less expensive yet soul-filling food.
Recycle Old Stuffs
You might have read a lot of success stories of students who achieved well with start-ups businesses by creating something new out of old junk. You can try exploring hands with creativity or simply shred off unused things and get some dollars. There are sites like eBay, gumtree etc. for selling off used stuff at a better price.
A Calm Mind Creates Wonders!
When money trolls down unexpectedly with unwanted expenses dancing over your head, it’s difficult to feel positive. But losing your calm is never a solution. Relax and breathe, just remember that everything is temporary and this phase will end soon. Once you start making new plans with a positive attitude, your brain will start giving you great ideas and you can become financially free.
You can easily master the skill of financial planning by following the above tips and secure your future financially. It is totally in your hands to decide how you wish to handle your money. You don’t have to start by following all the tips altogether and get stressed. Instead, try following a couple of tips and see how it works out for you.
James Paul is a personal finance blogger who writes at Basic Finance Care covering everything about personal finance management and frugal living.
My Life, I Guess is a personal finance and career blog by Amanda Kay, an Employment Specialist and older millennial from Ontario, Canada that strives to keep the "person" in personal finance by writing about money, mistakes, and making a living. She focuses on what it’s like being in debt, living paycheck to paycheck, and surviving unemployment while also offering advice and support for others in similar situations - including a FREE library of career & job search resources.