A 2016 global survey on spending proved that half of these questioned admitted to purchasing stuff they do not need. Even more agreed that people are buying too much, leading them into a jail of excessive personal debt. Researchers note that our consumption-oriented population is creating a greater level of stress and unhappiness.
The results from overspending can be even more devastating for students who have not started out earning a full-time wage yet. Trying to survive on a limited budget can be almost as hard as your most challenging subject. Because you are students does not mean marketers will dismiss you or you are immune to their stealthy marketing strategies. When small purchases accumulate on credit cards, the money you had planned to set aside to cover your education can quickly fade away. Consider some methods for you to cut costs and control spending if you are a student.
Tips to Save Money and Control Spending
1) Make a Budget
You almost certainly guessed this would be on the list, and it may sound pass? However, it surely works for those willing to put it in writing and then stay with it. Should your financial status is an enigma to you, you might more likely to spend without thinking. Certainly, you will have your bad days when some demon inside you goes out and blows it. However, don’t let that cause you to give up on a monthly spending plan. Keep track of your spending and periodically compare it with your budget.
2) Control Impulse Buying
A deal is only a deal if it is something you truly need!
Many people cannot withstand a bargain, even if they cannot think of a single use because of their purchase. Walk away and give yourself time to believe. Have you regretted impulse buys in the past? Will this purchase improve your daily life? If you opt to buy it but find that is no longer discounted or is fully gone, consider you the winner! In the end, the money continues to be in your bank.
3) Limit Credit Card Purchases
Credit Cards & Debit Cards has taken the pain out of spending to the idea that the cash register total does not matter to us whatsoever. Keep your credit purchases limited to the amount you can afford to repay in full each month. (You will have to consult your financial budget to find out that figure). For large purchases, try saving up the money before buying the item rather than putting it on a Credit card, hoping you will discover the amount of money later to cover it.
4) Adjust Your Attitude
Marketers know that emotion usually drives spending patterns. Many people spend in response to loneliness, anxiety or disappointment. Did you fail an exam or feel you could have done better? Don’t go shopping. Instead, Life an active, social life. Try on-campus activities, go out with supportive friends, and be a part of some volunteer work that increases your thoughts of the self-worth. Bear in mind, what you do or do not have does not determine who you are as a person.
5) Stop, Swap, and Trade
When you have items hanging around that you no longer need, try offering them online or trade them for things you do need. This applies to everything from university textbooks to sports activities equipment. You should use online grouped sites, or you can test posting advertising around your campus. You could even plan a swap event so others can join in the fun. At the same time, you will be reducing waste and helping out the surroundings.
6) Ask for Student Discounts
Many retail stores and services offer student discounts if you show them the Student Discount card. It never hurts to ask, especially when you could save 15 percent on a purchase. Places that don’t have students discount policy will get a wake-up call if ask about student rates, and they could even honor your college/ university student card and give you discounts
7) Student Discount programs
There are many student discounts programs out there if you care enough to look for them, but we made it easier for you here are the top students discount programs