Save for your dream: the basics of financial literacy for students
Saving money can be very difficult for a student. It can be hard to save enough money for your dreams, because you’re too busy studying, having trouble finding a job, spending money on utilities, and many other things. What to do in this situation? There is a solution! We have prepared several interesting ways to save and a couple of tricks that will help you get closer to your desired goal without loans and borrowing.
When you have a goal for your dreams
When we have a clear perception of what we want, new horizons open up to us. At such moments, a person gradually begins to realize how to move and what to do to achieve success. All the obstacles that seemed daunting no longer seem as such. They become only small steps on the way to the cherished goal. So before you start to act, the student should decide what he wants. Answer for yourself a couple of questions:
- why do you plan to save money?
- what does it give you: a moment of joy or new opportunities?
- do you need what you want? if the answer is yes, it’s time to act
Find out where most of your money goes
It only seems that drinking a cup of coffee on your way to school won’t hurt your wallet too much. But if you calculate the total cost of small expenditures, it turns out that in a month you spend a lot of cash. Another extra lipstick, a third chocolate bar in the grocery cart, a trip to McDonald’s for the second time in a week.
All of these things may seem necessary to the student at the time of purchase, but after a while, you may realize that they are not. Unreasonable purchases hit your wallet hard, so learning to save will be essential to giving up a moment’s weakness.
Subscriptions to entertainment services can also be a problem in saving money. Paying for books or music is fair and right, but there are times when you subscribe to another app for a trial period and then stop using it. Your account keeps getting charged.
The same goes for the write my essay online service, because even though it helps you study all the time, sometimes it’s good to take the time to do your homework yourself. Bottom line: the money disappears to an unknown destination. Try to keep a close eye on your subscriptions and weed out unnecessary ones. Analyze which services you are subscribed to and unsubscribe from those that have become unnecessary. You can easily do this in the service settings.
If we talk about less obvious expenditures, this can also include groceries. You are used to shopping at one store, but its prices can be much higher than those of its competitors. Do not be lazy and check out where you can make the most profitable purchases.
Travel can take a lot of money, as well. The small expenditures seem insignificant. But if you actively use public transportation, it is advisable to get a transport or student travel card and get the most favorable fare for you.
Let’s say you have some pocket money or a part-time job that brings some income. In that case, you can set aside some amount for the future.
Studies show that it’s best to set aside about 10% of your monthly income. It is not too expensive, so in a few months, you can save a significant amount. If you can, set aside a little more money in some months.
If right now you have free money in your hands and don’t need to spend it on travel, groceries, medicine, communications, or other household but vital necessities, then set it aside right now. You don’t have to wait until the end of the month to fill up your piggy bank. Another important condition is that you should never take the savings before the due date. Otherwise, the entire point of saving will be lost.
How to save money faster with bank deposits?
A bank deposit is a great way to save for your dreams. Your money will always be protected from fraudsters, thieves, and, oddly enough, from yourself. Opening a bank deposit will help you save faster, as you will not only save but also multiply your funds. Do you agree that this is much better than a simple piggy bank?
A deposit is an amount of money that a bank accepts from a client for a fixed or indefinite period. When opening a deposit you should pay attention to the interest rate, because it depends on how much money you will receive for the fact that the bank uses your money while you do not dispose of it.
We hope that our tips will be useful to you, and you can easily reorganize your life and financial habits for a desired amount of money.