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Learn How to Save Money the Right Wayby Miley Adalson (Share your great tips and get featured here!)
Knowing the roughness and toughness of college life isn’t certainly a rocket science at all. Every college student wishes to make the best of their tenure while being more considerate towards their parents’ limited budget. A similar situation is reflected in Malaysian students as well.
College life is the one final step of students’ life before they start off on their true defining moments of adulthood for which they subsequently attain a job, get married and raise kids of their own. This article was drafted to help upstarts and youngsters to persevere the monetarily challenging environment of their college days. Given below are perhaps the most basic and insightful considerations that you will need to take into account while studying in Malaysia:
1. Make A Financial Budget Plan
It is always important to determine how much you are spending from time to time. Maintain a separate journal with you to keep a track of all that you spend daily, weekly and monthly, because this will allow you to be more financially aware and savvy. Consequently, you will know how much more you need for your expenses or how much you need to hold back for other basic necessities such as food and clothing. This method has proven to be effective, especially when it helps you save your parent’s hard-earned investment for something more useful like your college funds.
2. Malaysia Student Discount Card
This card is free and truly lives up to its title. Malaysian students can use this to save up to 60 percent of what they spend on retail stores. It is easily made available to college students from all over the country.
By using this card, students are able to save up on textbooks, learning material, food, transportation and products from retail stores. Students may also find that most discount prices range between 5-15 percent and are already set up for anyone with a proper Student ID.
3. Prioritize The 10 Percent Rule
Unless you are doing some kind of part time job, you are basically living off of your parents’ investment in the form of an allowance. The money that you get from them is not for your amusement or unrelenting spending spree, it is a part of their trust in you. If you don’t want to hurt your parents’ pride and trust, you will have to be more firm and restrictive of where you throw that money at. This is why it is advisable for you to adopt a 10 percent saving method, which means if you get a monthly allowance of RM 400, you have to save up to RM 40 for emergency situations. Aside from allowances, this rule additionally applies to PTPTN and MARA loans as well as scholarships.
4. Discounts For Conveyance
This step is targeted to those students who dwell in the Klang or the Selangor valley. All they have to do is to sign up for Rapidpass Pelajar Integrasi which costs about RM100 a month for bus, monorail and LRT, or a Rapidpass Pelajar Bas pass which is RM 50 monthly for bus services. These services are guaranteed to give students as much transportation as they need for a month.
KTM tosses a 50% discount for those students who wish to travel all over peninsular Malaysia. If all else fails, then you might want to resort to carpooling your friends’ rides and split the fuel money.
5. Start Investing
Don’t be a spendthrift or a person whose role is basically all about spending and start investing. Not only will you be saving on money but you will be earning some as well which will be your own income. You will be able to earn a good sum of interest following your commitment to investment. Be sure to read up various financial magazines, annual and financial reports to be more aware of the risks involved before you even try to opt for a suitable area to invest in.
6. Be Careful Of Your Credit Card
According to reports constructed by Department of Statistics, about 50 percent Malaysians under the age of 30, which most prominently indicate the college attending population, are declared bankrupt. If there is one thing that you cannot afford is being accounted for the many number of expenses that go beyond your budget. Be careful not to mishandle your credit card and use it only when the situation is most dire.
7. Using The Resources Of Your Institution
You will find that colleges offer resources and activities that provide a great means to save money. A conspicuous example would be that of your colleges very own internet connection. No matter how much time you spend on research or, at some point, mindless browsing, the cost of all that surfing and browsing will be borne by the university, and not the students themselves.
As one of the most expert assignment writers Miley Adalson offer education consultancy to students around the world. Her passion includes writing creative, fictional materials and someday be able to write like her favorite inspiration, JK Rowling.
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