Student Savings (texas hunting forums)
By Mitchel Crane
It is easy to get caught in the rush of things when you are in college. In the midst of studying, part-time jobs, socializing and extracurricular activities that you have, you are most likely to forget one of the most important things, which is straightening out your finances.
Here are some tips on how you can save money as a student:
1. Plan ahead.
If possible, do this even before you move into your dorm room.
Check if you are eligible for scholarships and other grants before signing up for any form of student loan.
Construct a cash flow. First, where do you expect to get money from? Make a list of your income, be it from your parents, your student loan or your part-time job.
Then forecast your expected monthly or weekly expenses for food, books, etc. Once you have set aside a budget, be strict with yourself and stick to it.
You will never know what unexpected expenses would come your way so it is better to have a downfall for financial emergencies.
2. Save on food.
One of the major expenses that you have as a student which you might have ignored when you were still living with your parents is your food allowance. Avoid eating at fast food outlets, as this is most likely to ruin your budget. Pack your lunch and plan your meals as much as you can.
3. Take full advantage of student discounts.
Those IDs in your wallet are not just for show. Student IDs and memberships in organizations are honored in several establishments which offer discounts.
Also, patronize a certain establishment regularly and you are bound to get bonus cards for being a loyal customer.
4. Use your cash as much as you can.
Since you already have a draft of the items where you will spend your money, it is easier to monitor your cash flow. Avoid using your debit card when you have cash with you. Use your credit cards or write checks only in emergencies. Having debit cards, credit cards and checks handy might lead you to overspend.
5. Keep yourself busy.
Join clubs according to your field of interest.
Keeping busy will let your mind wander and help you stay away from things that you are likely to spend money on when you get bored. Examples of these are snacks, movie tickets or game rentals.
You will be surprised at the amount of money that you will actually save by spending less on luxury items, following your budget plan and saving for financial emergencies that you are most likely to get as a college student.
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Budgeting: Priorities and Goals
By Mitchel Crane
Often times, the family budget is a source of conflict. Most of the time, the major earner makes the final financial decision, which isn’t always a welcome deal for the rest. Since money is such an intrinsic part of family life, families need to achieve accord in this aspect. There is a four-step cycle in budgeting the family money to maintain peace and harmony.
1. Set your priorities.
Priorities are different from goals. They are aspects in your family’s life that you, as a family, want to set focus on, say health or children’s future. While goals are specific targets that support priorities.
In setting priorities, do not set too many as it defeats the purpose. Ideally, there should only be one, but because life is not ideal, 2 to 3 are reasonable.
As the priorities are set and agreed upon, write them down. Post the paper where everybody can see them to remind them of what your family is focused on for the next few years.
2. List down your goals.
Once the family has set and agreed on priorities, the next step is to set the goals. Goals are specific and measurable conditions that, when achieved, will support the priorities.
In setting goals, establish a target that is both challenging yet achievable. A 10-15% of the family’s income is a good savings target for a child’s future education: stretching yet reachable.
Try to limit your family into setting 1-2 goals per priority, to maintain focus.
3. Work towards your goals.
After setting your priorities and goals, start living by them. All of the family’s activities will be geared towards working at your goals. Track progress, particularly on financial goals, by using an income and expense-tracking tool. The simplest way is to get a notebook and list down all expenses and incomes and set a budget for future spending. There are those that invest in computer software or a family accountant. Whatever it is, the important thing is to have a system of monitoring the family’s performance towards achieving their goals.
4. Evaluate your family life.
At a certain point in time, when you feel like it’s time to evaluate your life, check how your family is doing against the goals. Goals that have been achieved can be checked off the list, and new ones can be formulated.
At times, in major changes, say a career move, or when a family member goes away, it may be time to re-evaluate priorities. When such a time comes, then the cycle begins, just like what it’s for: life!
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