Money management is one of the priorities of all college students, especially those living abroad. It can be a challenge for most, but with these tips that we gathered for you today, it will be much easier, and you will master money management.
Set a budget
Once you know where your money goes on a daily basis, you can set budget for everything. Our tip for you is to not only think in term of bills, but also those little snacks and coffees you pay for every day. The ultimate key is to consider every expense, including eating out, going out with friends, shopping etc.
Use student discounts
College students have a lot of discounts on many deals and prices, movie theaters and major retailers for instance. So don’t overlook these discounts as they will definitely help you save up and manage your money wisely.
It definitely is hard at first, but certainly very fruitful at last. It helps you when you have an emergency or when you have extra expenses to pay. If you struggle to save a portion of your income, you can contact you bank to automate your savings and make the whole process easier for you.
Pay using cash
It definitely is easier to just swipe your credit card to pay for your groceries or while shopping. But paying using cash has a more psychological effect on you than you may notice. Seeing the money physically leave your wallet makes you realize that you are spending actual money on those items and improves your money management habits.
Cook at home
We are not telling you to never eat out but do it wisely. Eating out can be a bad automated habit, and it definitely needs a lot of money if you do it on a daily basis. Instead, cooking at home and trying new recipes can be fun and helps a lot with money management. You can still treat yourself to a restaurant once or twice a month.
Earn some money
Depending on your major, you can work as a freelancer and make a little money on the side. It also is a great option for earning experience on the long run. If your major doesn’t offer freelance opportunities, consider starting a small business or resell items you no longer need. You can always use the extra cash.