Now that you’re
living on your own for the first time in your life, it is time to accept the
hard hitting facts of life, the reality of your new financial situation.
You are close to
broke, all day, every day because you spend most of your money in the canteen or shopping, and you are eating the wrong types of foods because you're trying to be the next great
“self- made master chef” by experimenting with all your leftovers, which is
also a problem because that can affect your health.
So what do you do as
a first year student who has finally gained the freedom and independence that
you have been longing for since you were a teenager. Naledi
Harmony Motingoae, Finance and Business Services Manager at Naso Communications
says, “It is definitely possible to survive on a student budget.” Here are some
tips from Motingoae on how to do it:
Calculate And Allocate a Budget
There is no magical method
for managing a budget and staying in control of your spending. At the beginning
of each month it’s important to spend a bit of time working out exactly how
much you have to spend, and what can you afford to spend it on.
Do some comparing
It is worth putting some effort into finding the
best deals around – especially when it comes to things like student bank
accounts, cell phone and data bundle contracts, as well as knowing on which day
of the week which grocery store has a special.
Think twice
Always establish if what you are about to buy is a need or a want. Buy
what you need and cannot survive without first, then if you have extra money
you can maybe squeeze in that t-shirt you have eyeing for awhile. Buying
healthy food can also work out to be cheaper than spending that money on junk food,
so also choose healthy. You will reap the rewards in your old age. Sometimes
you are just going to have to sacrifice some things and go without them.
Buy in bulk
Most times it works out cheaper to buy groceries in
bulk and to also cash in on those 2 for 1 deals. You might think, "What difference
does R2 make on an item?" but it is going to save you money in the long run. You
can also split the cost and share items with your housemates. Just make sure
that you all like buying similar stuff to avoid drama and unnecessary fights. Another
great way to save money while shopping is to shop on a full stomach. Those hunger pangs will make you pick expensive snacks you can’t afford,
so eat before you go shopping.
Invest in a Piggy Bank
You are never too grown up
to own a piggy bank. Saving the coins you get every time you get change will
come in handy one day on a rainy day. Maybe every 3 months you can take some
money out of it to add to your grocery budget, or a night out with your friends
to the movies. Don’t empty it all out at once!
Old Gold and Black says on its website (oldgoldandblack.com),
“If you are eating off campus, make sure to bring cash (or get your waiter to split
the cheques)! It’s easy to get caught up in a group dinner where you’re the only
one with a credit card and wind up paying for everyone’s meal.”
Power Down
Power Down
NZ lifestyle on yahoo suggest one tip that many tend to ignore and not take seriously. When going out, turn off everything at the wall: lights, computers,
stereos, lamps etc. You might want to leave the fridge on though.
In the words of Warren Buffett, “do not save what is left after
spending, but spend what is left after saving”.
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