Posts Tagged with “save money”

Top 5 Money Savings Tips for College Students

Frugality, Saving Money

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It hurts to know that, even if you graduate, you will not get employed immediately.

In addition, with student loans, you will be six feet deep in debt once college is over — not to mention that you need to keep yourself alive during the next few years or so.

It is sad that your parents (that is, if they are able) will be the ones primarily working to get you through all of that. And it is unfortunate that, despite your parents’ unwavering efforts, the money you get will never be enough to get you by.

Aside from getting a part-time job and attempting to get a scholarship, saving money is the best way to lessen your parents’ burden and for you to have a sustainable college life. Here are 5 money savings tips for college students like you.

1. Automate your expenses and financial flow

Once money comes to you, everything that you need to pay and set aside should be already managed and allotted even before the money gets to your savings account.

Do not delay paying off your bills. It will allow you to spend money that is yours alone and prevent spending money that should go to important stuff.

Also, doing so will prevent you from loaning money just to pay for the bill that you should have paid when you had the money.

2. It might suck, but the library must become your best friend

As much as possible, do not buy books that you need for class. If the library has free Internet, which most of them have, then do your online business there.

3. Abuse your body a bit by eating poor-college-kid food

You are still young and healthy. When times get tough and rough, bread and instant noodles will become your sustenance.

Of course, it does not mean that you should kill yourself just to save money.

Be creative with your food. Add some eggs and a few garnishings to keep your ramen a bit healthier and nutritious.

4. Make friends

You do not need to endure college hell alone. Make some friends and help each other out. Just like you, they need someone they can rely on to.

Take advantage of each other’s skills and abilities. Some of them might know how to cook, which can allow you guys to eat delicious food without spending too much.

Some might be good at other life skills like bargaining and coupon hoarding. “United we stand, divided we fall” — take that motto to heart.

5. Of course, be accountable to yourself and learn some life skills and hacks

Learn things that you can do yourself instead of relying on others.

Do not worry.

All those things will be not for naught. Eventually, when you get out of that hellhole, you will be in a much larger hellhole: the life of an adult.

College is not only there to teach you academic stuff for your future job, but it is also a training ground to prepare you in conquering the much harsher world out there.

Top 5 Money Savings Tips for Families

Frugality, Saving Money

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With an unstable economy and the nonstop inflation of the prices of necessities, saving money is a task the entire family should do. However, money saving is no ordinary task. It is something that you must consciously do and it requires tremendous amounts of willpower.

Due to that, here are some simple tips that do not require a lot of conscious effort and willpower. And once you get the hang of doing all of these, it will come naturally. Consider these tips as to things you need to do and an investment in you and your family’s future.

1. Learn how to cook and learn how to enjoy it

This can never be emphasized enough: This simple life skill has been often ignored by people.

Cooking your own meal can help you save more than 50% of the money you spend on fast food and family restaurants. It will cost you an hour or two, but aside from money, cooking your own meals ensures that your family will be eating healthy food, which can prevent them from getting easily sick.

2. Become a smart shopper

You do not need to be a coupon hoarder or a “store discount specialist.”

All you need to do is shop in bulk and make it a one-time trip each month. It can save you time, money, and stress — not to mention that you will live comfortably until your stocks last.

You can also check out fashion outlets so you can grab your clothes there at a discount.

3. Spend your family time at home

You do not need to go out just to have fun. Save yourself from the hassle of driving, herding the kids around, and walking too much. Spending your time with your family at home is a relaxing way to lessen your expense and bond with your partner and kids.

Of course, it does not mean that you should not go out forever. Go out when it is convenient: when you have money and a lot of time (or if you are in vacation).

4. Teach your kids how to be frugal

Yes, frugality is a difficult trait to learn and adapt to when you grow up. Yet, the best time to learn that is during childhood. Teach them how to be thrifty. Teach them the life skills they need to become independent and wise when using money.

In return, aside from the long-term benefits, they will be the ones that will initiate and remind you of the things that can save you money. You earn the money; they think about how you can spend the money wisely.

5. Learn more life skills along with your kids

Seriously. It does not mean that once you get the job you want and have the family you dreamed of, you will just do your responsibilities and let yourself stagnate. Aim for self-improvement. There are things in life you must learn.

Together with your kids, learn how to cook, clean the house, fix the plumbing, and do the laundry yourself (if you rely on laundromats).

It sure sounds like a hassle, but it is an investment that you need to make. Doing everything yourself (or almost everything) will prevent you from relying on expensive workers and service people.

And if things go wrong and you do not have money, you can just use the life hacks and skills you have learned.

Top 5 Easy Ways to Save Some Money Every Day

Frugality, Saving Money

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Before you begin reading, you must know this: Frugality is not the key to experiencing a better life or becoming richer. Sure, it did work for a few inspirational people, but are you sure that it will work for you? Admit that those people are special. Frugality can equate to pain. And sure, pain helps you grow. But too much of something is always bad.

Nevertheless, here are some easy ways that you can do to save some money, even if in small amounts, every day, without having to deprive yourself of ALL of life’s pleasures.

1. Get or create a savings box or a piggy bank

At the end of each day, put all the coins that you have in it. It will not be that hard. After all, who carries pennies anyway? It is up to you whether you will up your ante whenever you make a “deposit” in your piggy bank. And do not worry about suddenly using the money in it. You own that money. You saved every penny that you have. And surely, there will be a good reason you will resort to breaking your piggy bank in the future.

2. Be a smart shopper

You do not need to be picky about the brands you buy. You do not need to sacrifice the quality of products you get every day just to save a few dollars. All you need to do is buy in large quantities. Buying more is buying with less cost.

3. Make your expenses worth it

If you plan to get a cup of coffee from a shop nearby, grab a friend. You do not need to pay for him or let him pay for you. Just enjoy the time you will spend with the friend or special someone. You spent more with the coffee, but you will get more from drinking it with company.

4. Stop thinking about saving money

It will only stress you out. You might save some money today by forcing yourself to not spend. But you will go back to spending again once your mind cannot take that thought anymore. And usually, those so-called frugal people who relapse from their normal spending ways tend to splurge, and that is a bad thing. Relax and just have a proper money management mindset. Always underestimate the money that you have and will earn, and overestimate the expenses and prices of the things you buy. You will be in for a shock once you check your balance at the end of the month.

5. Just avoid debt accumulation

Avoid using your credit card. If you need money, then go to an ATM. Of course, this should not be set in stone. Credit cards are not that evil. The convenience it brings can save you time, stress, and money. For example, would you rather go to an ATM 2 miles away from you just to shop? The gas you will need to use to get there will be just wasted. Use your plastic if you really need to buy something. But for everything else, use the money you have in your pocket.

Products with High Markup Prices and How to Avoid Them

Frugality, Saving Money

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The market is teeming with skyrocketing prices of products. Unfortunately, these are products that you need every day, and are therefore indispensable. On the other hand, there are some tried and tested tips to save up on the expenses.

  1. Buy refilled ink instead of the usual cartridge printer ink. The latter is so expensive, not to mention impractical especially if you use the ink every day for document purposes. What makes it more impractical to use is that you’d have to buy cartridge after cartridge of ink once one gets used up. To save up, buy refilled cartridges instead. They are a lot cheaper though the quality is good.
  2. Forget your bottled water. The manufacturing adds to the cost, and you are not helping the environment if you keep buying bottles of water daily. An alternative is to keep a tumbler with you and have it refilled in the office. You save a lot of money and you make Mother Nature happy, too.
  3. Purchase your own coffee beans pack and brew it in the office instead of ordering a Starbucks latter, which is overpriced.
  4. Make your own perfume. A signature scent or perfume costs dollars and may not be practical especially if you want to wear that scent every day. However, through chemical tests and learning how to concoct perfumes from raw oils, you can learn how to create that signature scent and even create one close to those luxurious perfumes endorsed and used by celebrities.
  5. Get generic names for drugs and medicine instead of the branded ones that are found to be thrice the cost of their generic counterparts. A caveat, though: find or buy ones from trusted and reputable pharmacies and as much as possible, buy those that were recommended or prescribed by the doctor.
  6. Subscribe to an unlimited text messaging service, instead of paying for individual texts. Some network service providers have promos like this, which is really meant to take off half the burden from their loyal consumers.
  7. College textbooks and other instructional materials cost $1000 if they are to be bought altogether. Some students are self-supporting and may find this setup heavy on the budget, especially for those references that they would use only once. The trick is to rent books or buy marked down ones. You can purchase the latter from thrift stores. These pre-loved books are often in good condition and are sold at a much cheaper price.
  8. Who needs designer clothes when you can shop at thrift stores instead? You do get designer labels, but since these are hand-me-down articles, their prices have been cut off. Just be careful and check any signs of damage.
  9. Produce can be costly if they are bought at your regular supermarket. To save up on vegetables and fruits, you can buy cheaper ones at your local market. The difference won’t be too big, but when you add all the prices, you will be able to set aside an amount for your next shopping.