How a university student can cut down on expenses

  

Date Posted: 11/21/2012 2:18:45 PM

Posted By: Viona  Membership Level: Silver  Total Points: 879

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Students rarely budget for their expenses. In fact most of the time, they are not able to account for their expenses. This results to unnecessary and hence extravagant spending. Students ought to acknowledge that money is not infinite and is a scarce resource. Moreover, the money they are given is budgeted for by their parents or guardians.

The following tips gives insight on how a student can spend less especially while in university:

1. Always eat at home or at the hostel. Students who commute daily to and from school can carry packed lunch. Eating out is always more expensive than eating at home. You can carry a sandwich in a hot pot or carry some fruits. For those who cannot avoid eating out in hotels, avoid eating extravagantly. Remember we rat to live, not live to eat. Therefore, do not spend more than one hundred shillings on food. You can even purchase bananas for as little as twenty shillings.

2. Always buy shopping in bulk. This bulk buying practice saves money and also ensures that groceries bought stay longer. Always budget periodically for grocery items. Do not throw away receipts. They are helpful for accounting for every coin you spend. In addition, receipts come in handy when drafting future budgets as they help to gauge the current market prices of different items.

3. Target promotions at the beginning of each semester. Promotions are a great way of saving money if well utilized. During promotions, buy items such as toiletries and stationery in bulk. Also check out for items on sale with discounts. You can also enroll for supermarket and chain stores points. These points are often redeemed for a consumer's choice of product if they exceed a certain limit. Such points come in handy during a hard day.

4. Start a business venture. Take

advantage of the school's student centre to rent a room for doing business. The rent is fair as compared to renting from outside the school.Invest in something manageable. Business ideas include: hair dressing, baking and selling cakes, manicure and pedicure treatment outlets and many more.

5. Save money. Saved money comes in handy especially on a hard day. Keep saved money in a bank account. This will limit the temptation to spend saved money. Set limits and defined goals on how to save. For example, you can decide to save ten shillings per day. Ensure you keep it that way and do not default this.

In conclusion, remember that spending less and saving money is recipe for financial stability.

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