Can you become financially stable as a student?

It is assumed that financial stability is something to ponder over once you start working in life. But it is not always true. As a student you tend to be ignorant about saving money and for majority of the students this ignorance is bliss. But have you ever thought that if you start saving right from the time you are in college, you will have saved a considerable amount of money when you are finally out of college?

At a young age, you tend to be immature but here is where your self-restraint plays an important role. So, if you become a little matured while you are still a student, it will work wonders. It might appear to be tough but you can try it out.

In this write up, we will highlight the tips that can help you in saving money while you are still at school/college. Check out the tips.

  • Textbooks are a part and parcel of college life. You need not lay your hands on new books always. Instead, you can rent books from book stores or borrow books from the library as and when you require.

  • Eating out is common but if you fix a day every week or month for the same, at the end of the month you will find that you have saved a lot.

  • Save on phone calls – use a free application called KNCTR to make free phone calls to landline and cellphone numbers in the USA and Canada and you can safe a few hundred dollars a year on long-distance calling.

  • Plastic cards are a trap. At the end of the day you are using someone else’s money and sooner or later you have to pay back the cash you have used. So, keep away these cards only for emergency. Most importantly, try not to defer credit card payments. This will also allow you to have a good credit score.

  • Try not to be an impulsive buyer. You might get tempted by well packed colorful goodies but exercise self restraint. You will definitely buy what you desire but don’t overindulge.

  • Even if you own a car with a valid license, try to opt for public transportation system. You will save on fuel and expenses related to car maintenance.

  • If you have to stay out of your town, opt for shared accommodation. In this way you will be able to share the expenses you have to incur on accommodation.

  • When you shop around at grocery stores, make sure you avail students’ discount so that you spend less than what you would have.

  • In between your classes, you can also try out summer jobs. Babysitting, assisting the librarian in arranging books and working at a bookstore can yield some income.

  • If you have junk in your house and you don’t need them anymore, you can dispose them off. By doing so, you will get some money from the stuff you sell. The best place to sell the junk is online. You get better bargains online.

  • If you have availed students’ loan, make sure you pay back the monthly installments regularly. Never fall behind on payments. It will reflect negatively in your credit report and also in future lenders will not like to deal with you.