Student Finances: 10 Ways to Become Richer in 2018

10 real recommendations about becoming richer with minimal efforts required.

Salem-News.com

(SALEM, Ore.) - The question of financial wellness is crucial for students all over the world. For students and their families, this is a serious concern, and one that can last a lifetime if not handled properly.

Here are 10 great tips about getting out of debt, shortening expenses and multiplying finances. These tips are important for everyone, and also work for university students perfectly.

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1. Save 10% of Your Income
   Put 10% of all your income into a special bank account. If you save the required sum right after getting your monthly payment, you’ll have to plan the budget more precisely, and this will have a positive influence on your expenses in general.
   At the end of the year, you’ll have a significant amount of money gathered without any serious efforts.
2. Choose and Exclude Three Points of Expense
   You probably have regular expenses that do not bring you any real dividends. For instance, you pay for a premium pack of TV-channels, but never have enough time to watch 1500 various channels presented there.
   Choose three expense points and exclude them. You can count yearly financial profits thanks to this decision right now. Numbers are going to impress you.
3. Refuse Credit Cards
   The formula “expenses come from income” works with no problems. You don’t have to throw your credit cards away, just stop carrying them in your pocket. They create an illusion that you have more money than you really do, so you are ready to incur more costs for something not really necessary again and again.
   Even if you do it well with an off-fee limit, you still have to bring your loans back to a bank. This means, you are going to pay debts in an upcoming month, and money left after paying them may not be enough to cover even the most basic things. Then, you will have to go in for credits again.
   Pay with your debit cards or with cash. This will help you better control your financial situation.
4. Get Rid of Debts
   Debts are usually being gathered like a snowball rolling down the hill: the further it goes, the bigger it is. Use the same strategy to pay loans.
   First, pay off your small loans. Even if these sums are not too significant - this is how you partially get rid of a financial load and free money to pay bigger debts. Then move to those bigger ones. Go on until you pay it all totally.
5. And Do not Take Loans Again
   When paying the existing loans, you free money for more pleasant expenses. However, it is impossible to pay debts if you are constantly getting into new ones. If you start controlling yourself right now, you’ll be able to end the ongoing year having no loans.
6. Sell Unnecessary Things
   Put things you do not use for sale on social media or some special websites. Things that just serve as dust accumulators or don’t let you walk through your house calmly can bring you several hundreds or even thousands of dollars. The point is to find the will to sell them and to stop buying new junk.
7. Don’t Postpone Regular Obligatory Payments
   Pay bills, phone calls and other financial obligations in time. This financial self-discipline has two serious advantages. First, you avoid paying additional latency fees. Second, you don’t have the ability to spend money saved for bills to buy something less necessary but more attractive.
8. Shorten Social Expenses
   If you are used to spend money in cafes or shops, think out a strategy helping you avoid that. You don’t have to stop visiting cafes together with your friends, just think over your expenses more carefully.
   If your rich friend invites you to a place that is above your financial possibilities, don’t be too shy to offer an alternative that is more within your budget.
9. Get Rid of Bad Habits
   Let’s suppose that you smoke a pack of cigarettes per day. Then you spend $6 daily for that habit, equal to $180 per month and $2160 per year. That’s a significant sum, isn’t it?
   The same calculations can be made for alcohol and/or cannabis (where it is legal) as well. Choose your vices wisely.
10. Start Planning a Budget
    It is almost impossible to pay debts, reduce expenses or save funds if you can only estimate your expenses approximately. Every one needs a budget to stay on top of bills and strategize your future financial independence. If you still do not have a personal (or family) budget underway, you might consider installing a special Budget app to get started.

Your first step: write down all of your expenses for 2-3 months, including things like a drink after work, or giving a few bucks toward gas, so you can analyze them. Only then will you be able to be brutally honest with yourself about your spending habits.

You will understand what sum is spent on necessary things, and determine what expenses can be avoided. Then start planning your budget in advance by predicting your expenses, realistically.

This will help you distribute expenses according to their types and achieve your financial goal to stay free of debts.

Source: Salem-News.com Special Features Dept.