Invest in Savings

Invest in Savings

Ashim Kumar Paul

After completing HSC exam from a higher secondary college of a remote Upazilla of Bangladesh, Mahmud, with the inspiration from his respectable teacher, came to Dhaka with a view to attain higher studies. He, following a continuous struggle of some months, could manage a seat in the highest echelon of higher education across the country. Since he came of a poverty-stricken family, he struggled to manage his own expense. Besides managing his own expense, he started saving some money. When he finished his studies from the university, he found himself placed in job world. Soon Mahmud discovered that after the office and in the weekend, a considerable amount of time is left for him when he has nothing to do sans watching movies or having ‘adda’ with his friends. A friend of his offered him partnership for a joint venture and Mahmud finding it meaningful agreed to be partnered to his friend. The capital he funded for the business came from the savings that he deposited since his early campus life. He thanked himself for the discreet decision that now helped him a lot.

Like Mahmud, you can think of saving money. Think, your father has given you some money and at the end of the day, you find that only a hundred taka note is left in your pocket. Now, what will you do with that money? Spending money after smoking cigerrattes or buying a very posh gift for your beloved one? The best way to do is saving that money that may appear before you as a helping weapon after few months to counter your neccessity. But if you cannot make a saving, you follow some good suggestions regarding how to save money.

1. Throw Away Costly Habits

Do you smoke? Drink expensive coffee? These expenses can quickly add up and eat at your income. Sure, gourmet coffee from a local coffeehouse is delicious and a great way to jump start your day. But at Tk 500 for a cup of coffee, you could easily spend a week’s cost of conveyance. Do yourself a favor and brew your own coffee at home. A pack of gourmet coffee from the grocery store will last a month or longer.

2. Maintain a Budget

Some students spend uncontrollably, and then wonder why they’re short on funds at the end of the month. Aimless spending may feel like financial freedom, but it’s the complete opposite. This is the real world, and real adults have a budget. Decide how you will spend your money at the beginning of each month. Allocate a reasonable amount for food, transportation, entertainment and other expenses, and periodically monitor your spending to stay on track. Sign up for online banking and daily check your bank account balance. Download your bank’s apps directly to your mobile device and access your account anytime, anyplace.

3. Control Your Credit Card Use

There’s a tendency to rely on credit cards when you’re low on cash. It’s okay to have a credit card. In fact, acquiring a credit card is one of the best ways to build a credit score in academia. However, credit cards shouldn’t be your primary method of payment. Pay for items with cash and use credit for emergencies only. The less credit card debt you have, the less you owe creditors. This frees up your money, thus allowing you to save a percentage of your income.

4. Avoid Shopping Spree

What’s your weakness? Clothes? Shoes? Electronics? Impulse shopping is exhilarating. But if you blow money on things you can’t afford, this might affect your ability to pay bills. Think twice before you make a big purchase. Consider whether you’re able to afford the purchase, and whether you need the item. Learn how to be patient and avoid impulse shopping. If you’re unable to control your spending, identify your triggers. For example, if you shop when you’re depressed or bored, explore other ways to cope with your emotions. Start a project, call a friend or read a book – do anything that takes your mind off shopping.

5. Let Go of Peer Pressure

If your friends spend money freely, you may feel pressured to join the fun. Don’t let others decide how you spend your money. Everyone has different financial circumstances. Maybe your friends receive a bigger allowance from the folks or perhaps they earn more money than you. Then again, they might rely on credit cards and have a ton of debt. Stop focusing on how your friends spend their money, and stop trying to keep up with their lifestyles. Stick with your personal budget and spend only what you can afford.

6. Stay Home and Have Fun

You don’t have to hit the town to have a great time. There are plenty of fun and inexpensive ways to get entertained at home. In all likelihood, many of your friends share your financial troubles, and they might enjoy a night in. Plan a game night, watch a movie, order pizza or simply hang out and talk. Go to a different friends dorm room or apartment and you’ll have a new place to visit on the weekends. Get creative with entertainment. Saving money in college doesn’t mean sacrificing a good time.

7. Be Good at Bargaining

When shopping, look for clearance items or two-for-one bargains, buy used books instead of new, and order the special instead of something off the menu. If you can find a bargain every time you go shopping, you will save more money than you ever imagined.


8. Wash Your  Clothes

Whether you’re buying brand new clothes or secondhand clothes, look for items that you can wash yourself. Dry clean only clothes are a hassle,  it’ll more. It is easier to purchase a box of detergent and wash your own clothes rather than sending it to dry cleaning after every use.

9. Walk More
Almost every student wants his or her own ride. But when you factor in the cost of having a vehicle, it pays to ditch your car. This is especially true if you live and work on-campus, and everything’s within walking distance. Even if you pay cash for a junker, there’s still the cost of insurance, fuel, registration, personal property taxes and maintenance. You’re a student and the last thing you need is extra expenses.

10. Plan Wisely

There is really no reason to ever pay full price for anything. Go to see the beach in the off season when the rates of food and hotels are less than half the actual rate. If you thumb through your mail or the newspaper, you’re sure to find two-for-one coupons for local restaurants. Learn how to be frugal and shop for deals. Several restaurants and retail stores encourage email subscriptions. Sign up and have coupons delivered to your inbox.