Every student who goes to college or university will agree that they need a lot of money for tuition fees, textbooks and to live with peers. If we look at the facts, the statistics show that on an average the debt that each Canadian graduate student shoulders is $20,000. Here are the top 10 ways on how the Canadian students can plough their savings while they are still in school.
- 1. Plan on Paper: If you want it in your pocket, you must have it in your mind first. As students, we have a plan for everything. We have plan for classes to attend and classes that we need not attend, the outings, the movies, the road trips, the hikes, the parties and you name it. If we are so good at figuring out everything that we want, why do we not have a plan to go debt free? All we need to do is put on paper how much do we have, how much do we need as basic survival amount and how much do we have to luxuriate. Jot it down, because as you would mark it in black and white you will have a super clear picture in your head to work it out accordingly.
- 2. Exchange – the oldest survival trick: Good news for those who have not cleared their closet in past one year. There would be plenty of stuff that you have accumulated. If there are, things that you have not used in past six months chances are you will not need them ever again. Instead of letting things rot, go cash them. Sell off stuff online or at college campus as a garage sale. Exchange things with someone who needs what you have and has something in return to offer you.
- 3. Remain active on phone: Use you mobile phone wisely. Remain as active as you can with your phone by remaining connected but at the same time apply for the plans that offer you the maximum free usage for texting or discounted long distance call and even free social applications. Often for the first time users there are great wireless plans. Ensure that you pay all you phone bills on time and make a good credit score for yourself. This initial planning will help you get good car loans, mortgage deals and personal loans in future. Use your social status to find what you need or get rid or what you do not need.
- 4. Flash your ID: Heard of the words “Student discount”? Yes! Student discounts are the best bargains you can enjoy in almost everything you buy. Ask for student discounts even where there are no specific banners declaring discounts. Chances are you will avail a good deal by flashing your student ID card. Otherwise, too be a good bargainer. There is absolutely no harm in asking for a good deal.
- 5. Educate yourself: Aha! Isn’t that exactly what a student is suppose to do? Well, we are taking about credit score education. Learn about consumer credit, payment periods, interest rates, and automatic bill payment systems. Setup notifications for bills due and make that a permanent habit. You will be amazed at how much you save (interest, late fees, bas credit score) by paying your bills on time.
- 6. Learn to share: Sharing and caring is always good. Oh, yes! We do not want you to do charity but just learn to “go Dutch” as they say. Share car with a friend who is going home and save on gas. You can share with your fiends or with your co-students, a million things right from your books, DVDs, games to snacks. Just remember to “Go Dutch” and pay just for the share that you actually use.
- 7. Make it count: It is good to have a taste and an attitude but do not incorporate those into you life without a good financial backup. They way my favorite television show puts it is – First people, then money and then things. Get the “Used” books and used car. You will save a handsome amount on them and once you have saved enough for a new car, you can get a new one. Just ensure that you buy the books with all the pages in them and car that is approved by an expert. Do not end up spending extra because you bought used pieces. Moneywise, be wise!
- 8. Keep a Check on your checks: Save by going green. Save the plane and save yourself some extra nickels. Let us admit it, “It is Cool to be environmentally responsible” Save by switching to eco friendly light bulbs. Find ways to save thermostat and energy.
- 9. Stick to you plans: It is easy to be impulsive and spend when you are really not in need of those things. Put your priority list as your mobile screen saver. Save for a purpose and remind yourself why you are saving. That will motivate you to spend less and save more.
- 10. Is it important: Is being at a certain party important – if yes, then be there. If the answer is not really or may be then skip it. Make plans to party at your place or be at a friends place and spend nights together, talking, studying and having just fun. Just skip those party venues that give you headache in morning and bills that you do not need.
For more tips on savings log on to www.thedollartimes.com and educate yourself!