HOW TO NOT GO BROKE
“Hey, want to go and grab some ice cream?”
“Nah, I'm broke.”
Well, it's an everyday struggle, isn't it? Earning and saving money as a student can be difficult. You might be teaching kids, freelancing at oDesk or getting pocket money from parents or elder siblings but it's never enough unless you learn to wrap your head around what we call 'smart spending.' With careful expenditures comes the glorious opportunity to save money at the end of the day. Now, it may seem like an elderly business but think about it. To have extra money might enable you to tackle any emergency. Your savings could also help you purchase something too expensive to buy otherwise. So, what do you do when you want an iphone 6, a PlayStation or a pair of Gucci shoes? That's right, you save up. Nonetheless, saving starts with careful spending.
Be smart when eating out
With the increasing number of cafés opening up and international food franchises taking over, eating out in groups has become the favourite pastime for most young adults. If your social life includes frequent meals out, it's clearly deflating your wallet. In order to keep the dignity of your wallet intact, try techniques that fill your tummy but do not leave you broke. Check out the various coffee places where you are less likely to swallow down appetisers, main courses as well as desserts. Places like Star Kabab will always be wallet friendly, just saying. When planning to order staples, try sharing a meal (and its cost) with a friend unless you are too hungry. If you must treat others, invite them at your place. There's no place like home where you get good food for free.
Control your phone bills
Phone bills are a source of worry for many of us. Prepaid packages are way better than post paid ones since you have more control over how much you want to spend really. If you are really tight on your budget and if sending a text does the work, then resist calling. Skype and Viber have made keeping in touch with people from across the globe more affordable than ever before. Compare mobile data plans from different operators and settle for the one that suits your needs best because you would not want to pay for those extra 30MB that you don't even need. Use WiFi whenever possible. It's okay if you do not 'instantly' instagram or snapchat the pictures of your lunch. Do it later with the hashtag #latergram because that's pretty much trendy. Want to know what's more trendy? Talk to the person sitting next to you.
Shield yourself against online shopping
Thanks to the digital era, you don't even have to step out of your house for a mood-lifting retail therapy. With an internet connection and your favourite retailer goods just a click away on the websites, you are more prone to make purchases that you will most likely regret later. Face-
book pages that sell nice things can also trip you over. If you are a bit of a shopaholic and can't stop looking at those gorgeous owl pendants or phone covers, start to 'unfollow' the pages for a while so that you are not bombarded with the updates of those beauties.
Resist overpriced trends
We all love to buy new clothes, eat yummy food, go for pedicures or enjoy a live concert but these things are called luxuries for a reason and should be purchased in moderation. You deserve to feel special and to treat yourself but the constant need to always outdo your peers is a costly habit. Maybe you are planning to buy a monopod to get ahead in the selfie game but is that REALLY necessary? Perhaps the latest version of a gadget with the slightest bit of changes that can do nothing to make your existence more important is not something you need right now. So stop and remember the times when Jelly Bean and KitKat were only sweet goodies and life used to be nice and simple. Use public transport, buy second hand books from Nilkhet and get your denims from Bongo once in a while. Not always but definitely more often.
Say no to impulse buying
Go into the store with a mental note of what you are going to buy so that you don't end up giving in to impulse buying. The faster you move in and out of the shop, the less money you'll spend on nonessentials. I do this every time I walk into a bakery so that I don't end up spending money on the chocolate doughnuts placed strategically at the checkout. Some of our unhealthy habits are also driven by our impul-
ses. If you've been planning to give up smoking, money is a great incentive. The advantages are beyond the amount of money you will save on the actual smokes.
DIY
If you haven't mastered the art of perfectly brewing your everyday coffee, now is the time to do so. What you pay for something like this may seem insignificant, but it adds up quickly. Packing a lunch may seem like work, or even 'uncool', but it can bring down your expenses fast and also be healthy. Use Pinterest to get lots of DIY gifts, crafts and nail art ideas. To satisfy your sweet tooth, try making brownies yourself. This applies to both the sexes.
Track your money
Now that we have more or less discussed how to stop money from going out of the window, we can talk about saving up a little at a time. The initial step in managing your money more sensibly is to keep a record of the way you are spending your money now. Make an inclusive and accurate record over a period of at least a week. A month's record is more convenient. Once you are done have a look at it to see where your money has gone. Have you spent it wisely or wasted some of it and whining now about being broke? Only you can decide this and you will have to be honest with yourself while doing so.
Check and balance
A feasible budget can be the secret to not going broke. It does not have to be scary and detailed. Nor do you have to be a scrooge to maintain check and balance. After knowing where your money has been going, it's time to make a spending plan, basically a guide for your money that measures how much you spend in different areas, such as clothes, eating out, transportation etc. After a couple of times, you can learn to effectively allot money for the different arenas and save yourself all the trouble of borrowing at the month end.
Put it away
If you are 18 and above, you could easily open an account in a commercial bank and put the bit aside that you have managed to save. Alternatively, have one of those piggy banks in your room that cannot be opened easily. If that still doesn't work, give it to your parents to lay away for you, and do not ask for it back. Whichever it is, definitely know who to trust with your money. The amount you put away might seem little but hey, you are doing it like a pro. So continue to do so.
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