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Adelaide9216

Tips to save money

5 posts in this topic

Anyone here has good tips to save money on scholarships, TAship, RAship, etc? I'm terrible with that. I am heading to the bank today to have tips, because what I have tried so far doesn't work for me.

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Make a budget and stick to it. Cook for yourself instead of eating out.

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Does your school run financial health / financial planning workshops for students? They are pretty helpful. Some basic stuff for making a budget and sticking to it:

1. A useful guideline on dividing your budget is to spend 50% of your money on things you absolutely need (rent, food, etc.), 30% of your money on things that are nice to have to make your life easier (owning a car, eating out, coffee, whatever) and 20% to save for the future. You can find more info by googling 50/20/30 or 50/30/20 budgeting etc. Sometimes it's presented as 50% "fixed" costs, 30% "flexible" costs and 20% savings.

2. If you find yourself having problems sticking to a budget, divide up your monthly income into "envelopes" for various categories and spend from those envelopes. The envelopes can be physical or virtual, depending on what works best for you. This is helpful if you find yourself losing track of where your money went when you just use cards etc. That said, the benefits of a credit card is great so you can make "virtual envelopes" either through apps like Mint (or your bank might have one too) or keeping receipts and being diligent at recording them in a spreadsheet each night / each week and deduct from your virtual envelopes (this is what I do).

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Keep track of your spending. Keep all of your receipts for a few months and do your own accounting. There are apps like Mint (or maybe your bank provides one) that will do it for you, but sometimes it helps to keep an actual physical notebook where you list all of your expenses. This will help you see where your money is going, to find trends in your spending, and to understand how to change your behavior, if you notice things you don't like about where your money is going. 

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