Here’s some more money saving tips for university students from Midland Self Storage.
* Keep record . Your professors keep track of your progress (or lack of it) in their classes by giving you grades. To save money you should keep track of where your money goes. Many college students use loan money that has to last them for a semester. This money has to be appropriately budgeted to make sure there isn’t too much semester left at the end of the money.
Keep a list of your spending. Within a week or so you will see a pattern and likely be able to identify areas where you are wasting valuable dollars.
* Pay with cash. A prominent financial planner conducted research on spending and determined that when we use credit cards we spend 33% more than when we purchase with cash. There is a psychological factor to this. Handing someone a plastic credit card doesn’t feel like actual money. When we count out 20 dollar bills to the cashier for the same purchase, we really “feel” the money leaving us. Thus, we tend to spend less. So if you want to buy less, pay with cash.
* Do not go crazy on your loans. Just because the money is available to you doesn’t mean you should max out your loans. Remember, it all must be paid back. And while your intentions for a great paying job right out of college are noble, it may take a while to get the position you want. You do not want to be deep in debt, especially when you’re looking for work. So pay as you go as much as possible.
There are lots of grants and scholarships available to students. Don’t overlook those that seem small. A $500 scholarship may not seem like much but it’s $500 you will not have to repay after graduation.
* Keep a lid on fees. Make sure your bank accounts and loans aren’t hurting you with fees.
* Pre-approved? Just say no way . Credit card companies will bombard you with pre-approved credit card offers. It’s easy money that will quickly turn to hard to repay debt. Just say no and use these to test the limits of your paper shredder (a necessary weapon in the battle against identity theft).
* Dump the land line. With cell phones on your person there’s no need for a land line. You’ll save at least $20 a month by getting rid of that home phone.
* Live better, save money. Your Mom will be overjoyed if you cut back on your drinking and quit smoking. Even if you are only a half a pack a day smoker, quitting will save you almost $100 a month. That is $1,200 a year or enough to pay for a pretty nice spring break vacation should you want to . Stop doing the things that are bad for you. You will save money and live longer.
* Your coffee beats Starbucks. If you’ve ever seen the drive through lane at Starbucks in the morning you’ll know it circles around the building. It is a great business to own. People lining up to buy $4 and $5 cups of coffee.
At $4 a day five days a week, you are spending $80 a month on java. That’s a lot of expensive Joe. So buy a French press and grind your own beans. The coffee will be much better (seriously) and you’ll save $60 of the $80 you were spending. That puts $720 a year back in your pocket. Enough to buy that new I-Pad you’ve been wanting so badly .
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