Hello everyone!
Today we will be talking about budgeting in college and some general tips to save your
money wisely.
Although I am no expert at this topic in particular, I will be talking about how I have been managing
my finances and a few tricks to save more money than you are expecting.
This is the third video on my Back to School series and, just like I did last year, I will
be providing the schedule for all the videos you might expect during this summer, plus
a few unannounced bonus videos and surprise giveaways that may pop up any day of the week.
If you want to stay in touch, it is very important to subscribe and click the bell button to
get notified whenever there is a surprise giveaway or a freebie coming up in a new video.
For even more bonus content I will be posting study tips on my Instagram and a new blog
post up on my website each Sunday.
All the links will be provided down below so let's get started with today's video.
Even if you think of yourself as someone who is naturally able to manage money well, it
is fundamental to start your financial journey with a solid budget.
This budget should be detailed and contain all of your income and expenses for a certain
amount of time, depending on your own individual deadlines or goals.
The goal is to measure your expenses to your income, so you can understand when and how
much you can spend, and what your absolute limit is.
You should start by tracking all of your expenses, including that daily Starbucks cup of coffee,
and any passive expenses like entertainment subscriptions.
You can gather this data by keeping track of all the money you are spending during the
month or using your bank statements if you are used to paying most of your things with
a debit or credit card.
After you have gathered all of this information, organize those expenses by category and start
adding up.
This will give you a very precise idea of how much you are spending during the month
and will also categorize all of the items you could be cutting back to achieve your
financial goals.
After you have tracked your expenses, be practical about the true scope of your income.
Your income can be an allowance, a part-time job or a grant, but always remember to subtract
taxes and deductions to be fully aware of how much actually goes into your account.
This is called your net income and should be the basis of your workable budget.
After this exercise you should already have an idea of how balanced (or not) your current
financial situation is.
If your income is lower than your expenses, it's time to start cutting back.
The way you cut back on these expenses can be further defined by your goals – do you
want to cover your living costs, save money in the end of the year or simply tackle your
student debt?
Whatever your goal is, it should be summarized into a tangible value that should be planned
out into your budget.
You can also establish multiple objectives, defined as short and long-term goals.
This will allow you to have a solid notion of the next couple of years according to your
predictions.
Always try to calculate your budget by encompassing the worst-case scenario so you are prepared
in case there is instability in your future.
Now is the time to adjust your habits.
Numbers are numbers, and if your expenses are higher than your net income, you should
rethink the things you buy and consume or find a way to earn more money.
You should also readjust your habits regarding your financial life.
For instance, allow yourself to track your expenses on a regular basis so you avoid surprises
in the end of the month.
Be practical and rational about the values you are seeing in your worksheet and find
new ways to reduce the amount you are spending.
The following 5 tips have really made a difference in my financial situation and they may help
you cut back on some of those hidden expenses that we take for granted.
1.
One of the first things you can do to start saving money is automating your regular payments
and subscribing to electronic bills.
Most companies give a discount whenever you ditch the paper bill and when automating your
payments you can make sure that you will not be spending money in the future to pay penalties
related to any delays.
2.
Another good way to save some money is to be smart when buying and selling your textbooks.
First of all, do your homework and make sure you actually need that textbook to start off
with.
Sometimes, professors refer textbooks that are not considered mandatory materials for
that class.
If you have to buy a new textbook or sell your old textbooks, you can use a service
to compare the best prices for that particular type of book.
Bookscouter, who has partnered with me today to help me deliver this video, is a platform
where people can buy and sell textbooks at the best possible prices.
You can search your required textbook in this website by using its ISBN number and find
a direct comparison between tons of different vendors and find the best possible price to
purchase a new textbook or sell the old books you don't need anymore.
Basically, Bookscouter allows you to quickly search all the websites where you can buy
and sell used textbooks and it then displays the prices in one place so you can check the
range of offers and decide where you want to buy or sell your book.
Although you can find great deals when buying books, you can see the biggest difference
when trying to sell books, as these dealers allow you to sell the book for a much higher
price than the college bookstore.
Also, the shipping is included!
For instance, this very expensive book of Contract Law is being sold at Amazon for more
than two hundred dollars.
By inserting the ISBN of the book in Bookscouter I quickly find a couple of offers less expensive
than Amazon's used offers.
Then you just pick according to rating and price and you're done!
All the information regarding Bookscouter will be provided down below if you want to
get to save a few extra dollars in your school materials.
3.
My third tip is to try as much as you can to detach yourself from any dependence from
external services or amenities.
For instance, if you are on a tight budget but still end up going out every single morning
to get a cup of coffee perhaps you should think about spending twenty or so dollars
on an inexpensive coffee maker and start perfecting your coffee skills at home.
This can end up saving you hundreds of dollars every year and can be a fun skill to start
perfecting.
The same principle applies to water – instead of relying on water bottles, you can get a
pitcher and filter system to save you almost a thousand dollars a year, depending on where
you live, as well as helping out the environment.
4.
A cool challenge for you to try out is implementing one week without spending every single month.
If you live alone and buy your own food and groceries, this week can work like a purge,
forcing you to use the things you currently have in your pantry and freezer but that you
still haven't gotten to using yet.
This mindset will also allow you to resist to the temptation of shopping on an impulse,
as you will be postponing any shopping for the following week, and you will probably
forget what you wanted to buy in the first place.
Of course, take everything with a pinch of fault, so don't forget your weekly fresh
fruits and vegetables.
5.
Tip number five is to share your expenses.
Instead of paying for your entire Netflix subscription, share it with a friend and split
the costs.
You can also find a roommate to save some money on rent, electricity and gas bills and
if you commute to college, there's nothing wrong with carpooling.
Same thing can even apply to simple things, like textbooks and printed materials – you
can share the costs with a classmate and schedule some study sessions so you can share the information
at half the price and even exchange some ideas on the subject.
If you want another incredible approach to budgeting in college, I highly recommend you
to read an article published in College Info Geek a couple of days ago, which I will link
in the description box below.
You can also check out an awesome channel called Financial Diet that delivers very regular
content on financial health and budgeting.
I hope you have enjoyed today's video and I will see you next week.
Bye!
For more infomation >> White Coat Ceremony held for Alderson Broaddus University students - Duration: 0:53. 
For more infomation >> 🇺🇸遊走 加州大學 - 戴維斯分校 University of California - Davis - Duration: 4:08. 
For more infomation >> "Rocket Girls" at West Virginia State University - Duration: 1:42. 
For more infomation >> Tricoci University - Duration: 3:12. 
For more infomation >> University of Arizona will now sell beer and wine at the stadium - Duration: 2:56. 
Không có nhận xét nào:
Đăng nhận xét