Saving money can be a difficult task as a student. Social media is full of trends, ads, and things that you may necessarily not need. Although tempting, it is important to have some good spending habits to prevent overspending. A lot of the funds you make now can change your future. As an example, If you plan on living in Vancouver, it’s a plan you might want to start saving for now. Saving is also not something taught in school. However, it’s essential to know some tricks up your sleeve so you have the funds to achieve your future aspirations.
Don’t Feel Pressured to Spend as Much Money as Your Friends
Friends can be influential when it comes to spending money. Such as when they buy clothes or things that you may not necessarily want but have the need to fit in. It’s important to make sure that the items that you purchase make you happy. Another example could be the new game that came out and your friends buy it but it may not be your type of game, you shouldn’t have to feel pressured to buy it.
Have a Spending Limit
Having a set amount every month, for example, a spending limit of $500 a month and keep within that budget. The spending amount should change depending on your income. Also, don’t be afraid to use a credit card. It is a great way to build credit but make sure you pay it off. We do not want to be charged with interest fees. A side tip is to make sure to keep track of your bank fees! They always get you when you don’t pay attention. Read the monthly account fees and anything else they may charge you on. Prevent it from happening to you, and keep your money for yourself.
Do You Need That Boba?
The answer is probably not. Yes, it’s good to treat yourself every now and then but do not make it a habit of always buying it. Firstly, it’s not healthy and secondly, that drink costs $5 and sometimes even more! Money adds up. This tip applies to a lot of food or drinks that are frequently purchased.
Evaluate Your Spendings Every Month
A final bit of advice: take all your transactions and categorize them. Find out what your funds are mostly going to like 50% food or 10% clothes. This way you can cut out things that you don’t need to save money!
Start saving now because it can change your future. Make your dreams come true with the hard-earned funds saved up.