Having a limited budget doesn’t mean you can’t accomplish all you’ve always wanted to do. While staying within your budget is a must, you may still travel, go shopping, dine at student-friendly restaurants/cafes, buy room decor, or even buy books. Fortunately, there are a few tricks and hacks to make the most out of a limited budget. On this, we’ve got you covered. If you have a limited budget, this article will provide you some suggestions and ideas on how you may still have fun.
Tips To Make The Most Out Of A Limited Budget
Starting with applying to your university, moving abroad, and adjusting to a new culture, there are so many measures you should take to stay within your budget during your time in college. This will take a significant amount of planning on where you believe you’ll spend the most money, and how you’ll allocate your budget accordingly before you can start spending!
#1 Create A Budget
The first step in staying on top of your finances is to create a monthly budget. When you budget, you can see the overall picture of your finances and make informed decisions about spending and saving. You don’t want to join the working world with $30K of debt, I assure you.
#2 Track Your Spending
Write down every purchase you make or use a budget app. This can help you identify patterns, become more aware of where your money is going, and determine whether or not you need to make changes to your budget.
#3 Prioritize Needs Over Wants
Yes, you may have a bucket list of things to do during your uni life. But keeping in mind that you have a budget that you’re sticking to, ensure that you spend on your basic necessities first – groceries, food, text material, paying your rent bills, and so on. Once you’ve got your basic necessities sorted, you can focus on your bucket list.
#4 Stick To Your Plan
The simplest aspect of creating a budget is determining how much money you have to spend. Put it into action, and you’re ready to go. Remember, however, that a budget is not a thing that is permanently set. It is intended to be dynamic, not static. When circumstances change, you’ll need to update it accordingly.
#5 Save Money On Textbooks
Buy used textbooks from former students or check out great deals on Amazon for that matter. Instead of going to bookstores and spending time there, you could help out the former students in earning some money, and you could spend lesser that way.
#6 Buy In Bulk
Consider the big picture while making purchases. You may save a lot of money by buying in bulk. Moreover, if you’re fully stocked up, you may also save on the additional transit charges that will pile up every time you visit the grocery shop or any store for that matter which takes us to our next hack.
#7 Look For Stores Within Your Vicinity
Rather than spending money on transportation to and from a store, you can always walk there. Help yourself in this respect by doing a little research and by asking around. Walking is a good form of exercise, after all.
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#8 Coupons, Discounts, Student Cards
The fact that you’re a student means that you’re eligible for a number of student discount cards, coupons, and offers. If you stroll into the sales area of a fancy store, you may be able to find the dress of your choice within your budget. Stay on the lookout for the newest offers and discounts that stores are giving and keep checking back for updates. As a result, you may join up with your friend and split the bill for 2 sets of apparel at the price of one, if you’re lucky.
#9 Choose Social Activities
Many of the things that are on your bucket list can still be checked off because they don’t cost as much as buying a plane ticket. Activities like hiking, cycling, trekking, sightseeing, and so on are just a few of the many fun things to do! Many attractions and social events can be enjoyed without spending any money, regardless of your location. A budget-friendly adventure starts with research, reading up, and befriending the locals.
#10 Make Your Coffee
If you buy a cup of coffee every day at $3, it will cost you $600 over the course of the school year. Alternatively, buy coffee beans in bulk and brew your own. Bring your coffee in a travel cup to school to keep it warm.
#11 Invest Your Spare Change
Investing apps have made it easier to save your spare coins. When you link your credit or debit card for a purchase, the app rounds up the amount to the closest dollar and makes the change available for you to invest. You will not only save money, but you will also have the potential to increase it since your spare change will be put in stocks and bonds. It doesn’t take a math major to see that pennies and interest may rapidly add up.
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