4 Money-Saving Rules Every Student Should Live By 41

4 Money-Saving Rules Every Student Should Live By

Money management is one of the most important life skills. If you approach this, together with how you manage your time, with the attitude of a lifelong learner who wants to improve, you’ll be sure to see progress in all other areas of life too.

The thing most people never take seriously about having control over their finances, though, is that the process must begin today. And if you do that while in college, you’ll be much better off when you enter the real world and can even start dreaming of a secure financial future for your whole adult life.

The very basics of finance, however, boil down to managing your expenses starting today, and also learning how to save, rather than spend.

These eventually become a way of life, and you won’t get into impulse buying, debt, or not knowing where your money goes every month. But students who aren’t forming the right spending habits early on, usually struggle with all of these. That leads to years of stress, financial insecurity, and not reaching their goals or starting the dream business.

Let’s not fall into the trap.

Below are the money-saving rules you should begin following this year, that will help you manage your personal finances well, and will open up opportunities to you that you never thought existed.

1. The law of saving.

Most college students would never ever follow this, as they aren’t really making their own money and thus don’t appreciate the effort put into this. So they just spend without thinking. And, unfortunately, take this habit with them after graduating.

But the very first money-saving rule each and every financial guru will teach you to consider and carefully think through, states this:

‘Pay yourself first.’

It comes from the book The Richest Man in Babylon by George Classon.

What this financial rule means is this: setting aside a certain percentage of what you make (or have, as a college student) each month, and not touching it.

To take this seriously, it’s best to open up a standard savings account and put the money there.

This teaches great discipline that stays with you forever. Yes, you can always withdraw the money and spend it on a big purchase, a short trip, or just nightlife. But by constantly saying ‘no’ to these impulses, you become a saving expert.

It’s a habit that requires willpower, but which can then save you a decade of sleepless nights, knowing you have a certain amount of money saved.

If you’re gonna be asking how much you should save, that would be 10%.

In fact, that’s the path to accumulating riches over the course of your working life.

Brian Tracy suggests you start by setting aside just 1% of all money coming your way monthly though, and slowly get to 2, then 3.

2. Start budgeting.

How to Save Money This Season [Roundup] - let's reach success lidiya k

Budgeting isn’t something adults, or only businessmen do. It’s one of the most crucial money-saving rules to follow and applies to everyone’s financial situation.

It doesn’t matter if your parents are providing for you, that you have little expenses, or a part-time job and some money coming in. The point is to be the one in control of that, and a budget is the first step.

It’s easier than you think. Simply track where your money is coming from (might not need this part if it’s just money transferred in your bank account weekly or monthly by family), and where exactly each dollar is going. That’s key to then noticing some bad shopping habits, or to decide what changes to make when you begin saving.

A fixed budget must become your new best friend.

3. Avoid buying whenever possible.

Most of what we buy isn’t necessary at all. In fact, if you give each impulse buying moment some time, or if you look for other options, you can save a ton of money weekly and still live well.

Here’s what I mean and these must be added to your money-saving rules list that you’ll start following soon:

  • when you need something for just one time, or for a short period of time, borrow instead of buying;
  • when you see something online or in a store that you love, and are ready to make payment right away, don’t. Leave the site, or go home if you’re outside. Give it a few days. Then see if the urge is still there after that. Most often, it’s not and you realize it’s been a sudden craving;
  • if it’s absolutely necessary to buy something, look for used items.

Believe it or not, even successful entrepreneurs are often following such money principles. It’s what has helped them get to where they are, but it’s also a mindset that stays with you forever.

4. Start earning while in college.

If you want to be independent, live more comfortably, and feel better about your financial situation, then it’s a must for you to start making some money right now.

If no one is making you do so and you receive enough money monthly to get what you need, you still need to take the initiative and decide to grow up today, instead of after graduating.

The freedom that you’ll receive feels like nothing else. You’ll be a step closer to living life on your own terms the moment you have your own income.

You might not be familiar with the options, but they are many.

There are a ton of online jobs for students, for instance. Which means you’ll have the change to be at home (even set up a home office and feel like a professional freelancer), have flexible times, and learn new digital skills while doing that.

Over time, you can start something on the side. We live in the best possible time to monetize any passion project you have, or to just begin writing for money, or anything else you feel like doing which people are willing to pay for.

What makes this one of the top money-saving rules, is that you always need to know you have side income coming in every month, to feel secure and to be able to set something aside.

What do you think?

And what’s your opinion on saving money in college? Have you been thinking of doing it? And how bad do you want to be financially stable sooner than others in your life expect you to be?

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Should You Buy an Ecommerce Business? 18

Should You Buy an Ecommerce Business?

If you have the funds to make an investment, but you are not sure which is the best option, a good idea would be investing in an ecommerce business. They represent the businesses of the future, and it is already a known fact that they are very profitable.

With an online business you can choose to build it yourself, but that is not what we are recommending. In our opinion, buying an ecommerce business comes with more advantages and in this article we will talk about some of them.

You won’t have to deal with the tough work.

The first days are the hardest when you decide to start a business by yourself.

First of all, you have to decide exactly what kind of products you want to sell and then find the suppliers for them. You need to create a quality customer service, come up with marketing strategies, develop the site, SEO, and many other things.

But when you buy an online business you won’t have to deal with any of these. A business that has been around for a while already has all these things and this means that you won’t have to deal with them. However, you should make sure that you do a little bit the research before you buy the site. You need to make sure that everything matches your requirements.

Successful business model.

Quitting While You're Ahead! Understanding the Limits of Natural Business Growth

When you are just getting started it is hard to tell whether your business will make it or not.

In some cases, it might even be complicated to come up with a strategy that will sell your products. Nevertheless, this problem does not occur when you are buying an online business.

In this situation, you already know that the business existed for a few years, which means that it generates enough revenue. It also means that the traffic and customers are established already so there is almost no risk.

However, before you buy a website you will need to make sure that the financials are accurate.

You can choose to buy a business from an online marketplace such as Exchange by Shopify. This way, data such as traffic and financial reports will be delivered by the platform, not the seller, so you will know for sure that they are 100% real.

Cross-sell potential.

If you already own an ecommerce business it might be a good move to buy another one. By getting another one you will gain access to additional customers, email addresses and traffic, which could be really helpful for you.

If you analyze the metrics of the business a bit you will be able to tell how to cross-sell existing products. Tools like shopping cart data and Google Analytics should help you determine customer behavior, including the returning rate and how many items per order are there.

Cross promotion between email lists could be a great marketing tool if it is used correctly, and even using “competitive” discount could be a way to make customers move between the two businesses.