Investment Ideas For Students
The move to University brings with it changes and new responsibilities
. For many people its the first time in their life that they will have to look after themselves, and their finances. For this reason, it is recommended that you set out a monthly budget, listing you expected outgoings against your incomings. These four tips are designed to help you minimise your outgoings, leaving you more money to spend on the important things:
Learn to cook and plan ahead with packed lunches: Its far easier to grab a sandwich from the union food shop or canteen than it is to prepare something beforehand. However, snacks can start to add up if you spend 4 three times a week on a quick lunch then youll be 48 down over the month. Try spending that money on a trip to the grocery shop or supermarket, and make packed lunches out of what youve bought. Youll probably find you have some extra cash left over as well.
Try to avoid store and credit cards: Store cards can look attractive, especially when they offer immediate savings on more expensive purchases. However, in reality the interest on these cards mean that they are often one of the most expensive ways to borrow money. Try and save up for that new games console or pair of jeans, rather than allow your treat to get you into debt. Also, try and put bigger buys off until the end of the term - that way you wont regret making them when the money has run down.
Pay your rent first: Your rent is one of your most important outgoings, so prioritise paying it. You will then be able to budget your remaining funds.
Get your reading list sorted as early as possible: If you leave sorting out your reading list until youre back at University then you could be forced to pay out for expensive text books that can be found at a fraction of the cost online. Ebay and Amazon both have a wide range of second-hand text books and, whilst it may take longer than a single trip to the bookshop, you should be able to fill your bookshelf for a fraction of the cost.
Unfortunately, even with these handy money saving tips, the stark reality for some is that the income and expenditure just arent going to add up, in which case you may need to look into the possibility of working alongside your studies.
If, on the other hand, you find that you have some money left over, or come into an unexpected windfall, you may want to start thinking about putting some of that money aside in savings or investments. However, you must remember that investments can go up as well as down, meaning you could get back less than you initially invested. For that reason, it is always advisable to develop a solid cash safety net before you invest in the market.
by: Tamara Reed
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