May 25, 2024

Before we move on to these unique paths, let’s discuss and handle the second important step between us. Aim!

Sustainable stability is not possible without a goal. Let me give an example from myself, last year I set a goal for myself to save 5 thousand liras. I didn’t know what to do with the money, only my goal was to save 5 thousand lira and I saved it. I’ve now set the bar high on my savings goals and I use it to evaluate my small investments. I recommend that you set goals for your master’s degree, starting a business after graduation or for your savings that will grow in the future. Believe me, saving money is even easier with goals.

Now I would like to quickly jump into the heart of the topic of ways to save money for students. By applying the tactics I will write, you can save more and reach your goals.

 

1. How much savings could be made per year with unnecessary expenditures? Don’t make unnecessary expenses

Normally, the title of this first article would be just  “stay away from unnecessary expenses” , but we wrote so much that it started to become a cliché and I wanted to make a different start by showing you which unnecessary expenses would actually correspond to how much savings if they were not spent.

Let’s start with the first example, let’s say you drink coffee across campus for 5 liras every day. How much money would you have saved if you had never spent those 5 liras and had invested in an investment vehicle with an average annual return of 5%?

 

The money you would save in 1 year would be 1,916 lira. In two years your savings would be 3,928 lira, in three years 6,040 lira. If you had used your money with an investment instrument that provided the same return for 5 years, you would have saved a total of 10,102 liras, and if we increase this period to 10 years, you would have saved approximately 24,000 liras.

If you exaggerate this example and consider your daily unnecessary expenses at the level of 10 or even 20 liras, the amount of savings you can achieve will be much higher. Moreover, this money will be an important amount that will allow you to start somewhere and even start a business after you graduate.

Therefore, the first thing you need to do is to identify and eliminate all your unnecessary expenses. Because unnecessary expenses are among the most important factors that prevent you from saving.

2. Buy used textbooks and then resell them

One of the most necessary expenditures in student life is the money given to course materials. You will definitely need textbooks, and it is not a secret how high the fees of university books are in their unused “zero” condition. For this reason, you can buy textbooks that have been used before and that you need from the upper classes. Rest assured, if the person you’re taking the course with isn’t up to the completion, they’ll agree to sell their books. In this way, half of the money you will pay for an unused book will be in your pocket. Then, when you’re done, sell these books and add to your savings.

You can also evaluate old bookstores to buy and sell books. They are really good middlemen. You can also sell it online and leave a note on the board at the faculty entrance. There are many methods for this, you know.

3. Track discounts

In my opinion, following the discounts is the most enjoyable form of shopping. By following the discounts, you can get everything cheaper on average that would cost 10% or 20% more. You can make a list of needs to find out what you need and what discounts will work for you. Thus, you can stay away from unnecessary expenses by not buying things you do not need outside of your needs list. You can apply your expenditure list to your monthly household expenses.

Oh, who will follow, don’t say discounts now. There is always a discount. If A101 does not have it, BİM has it. If they don’t have both, Migros has definitely done it. Of course, we should not forget the local markets, they offer good discounts on food products. No, not Macrocenter!

Take your needs list from time to time and take a look at the shopping sites. This practice will allow you to see what the prices are in the market and to discover the discounts. Most of the time, if you think that you pay too much for your shopping, it is really important to learn the general level of prices.

4. Limit your credit and credit card use

If you’re considering getting a loan, you should avoid this idea until you graduate. You don’t want to take on an additional debt burden. If you are using the credit cards that banks give to students and we have listed here , you must be careful in your spending. As I mentioned in the first item, do not spend unnecessary and only use the advantages of your credit card.

What would you say about these advantages? Expenses you make with credit cards make it easier for you to track your expenses. It allows you to get discounts and the products you need in installments. Apart from that, it saves you the trouble of carrying cash and provides financial support in your difficult times. But that’s all. Limit your credit card spending and avoid using products like loans at least until you graduate so you don’t have to take on additional debt.

5. Leverage technology to save more

Today, each of us has smartphones or computers with access to the Internet. You can use technology to increase your savings or to save more.

Before I end this thread, I want to give a few tactics.

Get your bank’s mobile app. If you have a savings account or a bank where you use a credit card, download your bank’s mobile application to your phone. From here, you can easily track your account, savings and expenses.

Use internet banking. If you still have a bank account, use your bank’s internet branch via mobile application or computer. Because bill payment centers take a commission of 1-2 TL for many payments such as bill payments, if you do not have to pay a commission for payments made from internet branches.

Follow financial advice. For example, we provide many financial advice on economist.co . Follow up to date; You can learn ways to save, save and invest and get extra ideas absolutely free of charge.

6. Discover technology innovations you can use to save even more

We always consider savings and savings separately. You save money by reducing your spending or spending less than you should. Your savings become your savings. There are many ways we can save money thanks to technology.

Check out some of them below.

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