Student Saving Tips to Get Your Budget Back on Track

Long holidays can drain any student financially. You have so much free time and you are likely to spend. December is usually an expensive time for most students because of holiday shopping. You come across so many amazing deals that you end up spending on what you don’t really need or hadn’t budgeted for. We’ll share with you some money saving tips to get your finances back on the right track.

Review your expenses

Sometimes you may spend too much money without knowing what you bought and whether it was necessary. The best way to start getting on track is to review your holiday expenditure. Know where your money goes by checking your credit card statements. There are transactions that usually incur additional fees. Always opt to pay in the local currency when you travel because it’s likely to be cheaper. Merchants are known to convert money into the local currency at a high rate.

Clear your credit card bill

Your credit card balance can add up so fast during the holidays. The first step to start handling your finances better is to clear that balance. Interest on credit cards can add up so fast leaving you in a greater debt than you possibly imagined. Deal with the debt as soon as you can even before you start shopping for the holiday.

Transfer credit balances

For those students who are unable to pay the balance of their credit card in full at once, you can transfer it to another zero-rate credit card or a loan with a lower interest rate. Transferring your credit balance to another form of credit that has lower interest rates and better payment terms will benefit you in the long run. Just make sure as soon as you do this, you don’t start building up more debt before you finish paying for the credit card bill.

Budget for the holiday season

The only reason why we fall short on cash during the holiday season is because we didn’t budget for it in the first place. So decide on how much you want to spend during the holidays at the beginning of the year and start saving for it early. This is probably something you will need to do the next Christmas holiday.

Cheaper ways to have fun

Start thinking of ways to enjoy the holidays without having to spend much. A few activities that students can enjoy in Toronto include free outdoor entertainment, picnics, and shows. Avoid the shopping malls if you don’t want to spend unnecessarily.

Shop less frequently

You don’t have to go shopping every day even for things like groceries. Shop once a week instead. When you do this, you’ll avoid getting distracted by things you don’t really need. Check out the daily specials when you go shopping and make sure you watch out for back to school offers and chances to win prizes available at all stores. But don’t rush to buy discounted items that you don’t really need. Shop for what you need and can afford.