As a student, you cannot afford to be a spendthrift. You must be frugal. You must plan for unforeseen contingencies and put money aside for the rainy day.
Countries that remained unscathed during the turbulence of 2009 economic slowdowns were those that had contingency plans. They shunned profligacy and kept their money in reserves. They created either excess crude accounts or sovereign wealth funds where they drew on their reserves when things looked terrible. Such is what students can also do to cope with downturns. A student is not supposed to use up all his money, because he expects another one. He is supposed to save for the rainy day or keep something aside in case drought comes calling.
HOW TO BE THRIFTY
To prepare for drought or financial meltdown, decide against emotional spending. Shun impulsive buying. Don’t spend your money on what you don’t need. Buy only what becomes important for you to have, not what you want. Anything you want can wait till any other time.
Have a bank account where you can save some of your stipends. Don’t keep all your money with you.
Join a daily contribution in the school where you can also keep your money either on a daily, weekly or monthly basis.
Avoid bad habits like smoking, drinking, and gambling. Regulate how you attend parties or social functions all the time.
Have a place nearby where you get all your things or items. Avoid spending unnecessarily on transport fares. You can trek a short distance. Get an apartment near your school.
It is good to give but avoid offering unnecessary gifts of money. Be wise in spending.
You need to create a budget to know how much you are expecting and how much you will spend. Budget will guide you effectively to protect your money.
Reduce how you eat outside. Learn to cook your meal yourself. By this, you save your money.
You can be thrifty by buying only used items. However, ensure those used items pass through a hygienic test concerning the ones you use on your body.
Learn to cut your spending. Price goods well when buying. Cut down prices of things to what you can afford. Don’t buy at the seller’s price. Learn to bargain.
Don’t buy goods with labelled prices. By this, avoid buying in supermarkets, boutiques or departmental stores. Buy your items at a market where there is competition.
Control yourself on how you use your debit cards, otherwise, you will empty your account if you withdraw at every available time.
Stay out of debt. Don’t pile up debt. If it’s necessary avoid borrowing and stay within your means.
Don’t buy expensive things just because you want to belong to a certain class of rich students. Control yourself and be moderate.
Pay your bills on time to avoid penalty or late charges.
You can sell your last semester’s books that you are no longer using.
Combine with others to rent a room instead of paying the rent only by yourself. Rent can be paid by both of you to cut down expenses.
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