Charis: Keeping track of spendings will help you to identify unnecessary costs and enable you to have better control of your finances.
IF you are a college-going student like me, you will probably be able to relate to the tricky business of handling your finances – unless, of course, you have an endless supply of funds to constantly dip into.
To those of you always having to scrape the bottom of the barrel at the end of the month, here are five lifestyle changes I would recommend.
1. Keep track of spendings
No matter how tedious it may be, make it a point to jot down all your spendings and categorise them accordingly. You can do this the old-fashioned way with a pen and a journal, or install any finance management app on your smartphone.Most finance management apps automatically generate expenses and income reports which give you insights into your financial situation and spending habits. This will help you to identify unnecessary costs and enable you to have better control of your finances.
2. Set a budget
This could take some trial and error but once you have a better understanding of your regular income and expenditure with your financial report as a frame of reference, set an appropriate monthly budget.
List your fixed expenses such as rental fees and bills and then, set aside enough money for necessities like groceries and transportation. Lastly, determine your budget for recreational or entertainment purposes, making sure some of your allowance can be saved up or that you at least have a positive net income.
3. Cook your own meals
Eating out or ordering takeout may be more convenient and satisfying but it can be costly. By preparing your own meals, you are not only saving up on food expenditure, but are also aware and in control of what goes into your food. This means you are more likely to be eating healthier.
Besides, if you live with other students, having homecooked meals allows you to buy groceries in bulk and split the bills, which will be a win-win for everyone involved.
4. Shop for groceries later in the evening
When planning your grocery runs, keep in mind that most supermarkets have a clearance sale in the evenings where they drastically reduce their prices for perishable produce such as bread, pastries, fruits and vegetables. This is a great bargain for students.
These items are safe for consumption, having only past the “best before” date, which is unlike the “use by” date.
5. Utilise student discounts
Who says you have to go broke to have an exciting college life? Many places like the cinemas and theme parks, and services such as public transportation offer great deals for students. You can even get a lot of software and subscriptions at discounted rates.
If you want to save money, carry around your student ID card for ease of identification and do your research with a simple Google search to find out what discounts you are eligible for.
Charis, 19, a student in Kuala Lumpur, is a participant of the BRATs Young Journalist Programme run by The Star’s Newspaper-in-Education (Star-NiE) team.
