Going to your University of choice and studying to become a professional in a given field is one of the greatest moments in your life. You get to free yourself and face life as an independent young person; however, this stage of life comes with responsibilities such as time management, finding a side hustle to fund your expenses, and most interestingly saving some cash to cater to traveling expenses.
How university students can save money for traveling expenses
From experiences, many students have faced the campus life, and most completing it broke and thrifty. The reason is that many students have not mastered the responsibility of living an independent life. You learn this responsibility, and you will not just only be able to enjoy your stay in college but also travel around the world which is one of the best things to do while in college.
Many people, even those who have completed their college education, will admit that one of the most challenging issues in traveling is having money to cater to the traveling expenses. Depending on your traveling destination, the cost can differ from being affordable to being out of reach. If you need to save money for travel expenses or any other expense, it starts from finding motivation in doing so.
What are some of the tricks to save money while in college?
1) Open a bank account dedicated to traveling expenses savings
Everybody loves to budget using their minds since it’s easy and requires less effort. However, the problem with mental accounting is that the accuracy reduces over time, and individuals do not get their actual spending in the long run. If you, however, acquire a savings account it will help you stick to the savings plan, and in the long term, you will be able to reach your savings goal sooner. There are several suitable savings accounts options you should consider, and this includes saving in regular savings accounts in your bank.
2) Break your saving plan into smaller projects
You could already have a savings goal for your travel expenditure, which you estimate to take several years to achieve. However, it can seem daunting since it takes a more considerable period to accomplish. The trick to overcoming this, however, is to break your savings goal into smaller monthly increments. On your savings account, decide how much you will be contributing each month and stick to that plan, you will find monthly goals easier and motivating to achieve since it takes shorter periods.
3) Reduce accommodation costs
Accommodation could be a challenge for college students studying in colleges far away from their homes. However, if you are lucky enough to have your college closer to your home in that you can walk or take a bike to school, this is a good option for you. For most students, accommodation costs are their second-largest expenditure after tuition fees. Living expenses are very high in most countries and living at home while on campus reduces your costs immensely, which you would have spent on rent.
4) Find a part-time job
It’s incredible and satisfying when you earn your money. A part-time job will help you become more disciplined and in the process, develop great success habits. In addition to that, you will have multiple sources of money to fill your piggy bank and reach that savings plan sooner. Some of the easiest ways to earn money from part-time jobs are finding at the University. There are always many jobs on campus available for students, and this includes office assistant, tutoring, and working in libraries.
Another way is writing some home assignments for money working for companies as Pro-Papers. If you don’t find work at your college, you can be sure to find different jobs from freelancing sites that require different skill sets. Online freelancing has created millions of jobs for individuals, the beauty of this is that it’s flexible and you can work on your preferred time.
5) Minimize your spending on material items and stick to bare necessities
Many people have poor shopping habits, which involves buying unnecessary items. One of the quickest ways to save enough money for your traveling expenditure is to stop purchasing unnecessary things like clothes, shoes, and electronics. Instead of buying a $40 item, search sales for an item costing $20, and the extra $20, which you could have spent, you save it in your piggy bank. Instead of having a night out with friends, you can organize movie nights with your friends at home. You can have packed lunches, which saves students an estimated cost of $2,500 in a single year.
6) Don’t throw what you don’t need, sell or rent it out
One man’s trash is another man’s gold. With this in mind, do not throw away something which you think has value, but you don’t require it. Gumtree is an example of a platform, which gives a freeway for people to sell items.
Adopting a good saving habit as a student can sometimes be tough, especially for those students studying far from home in a different city.
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However, following one or two money-saving routines can assist you to save enough money for you to travel to your dream destination. Focusing on smaller goals, for example, monthly goals rather than a long-term goal will help you become more motivated while saving at the same time.