How much pocket money do you get from your parents or guardians? How much does it cost to go to college? Is it really worth it? How can I save money while going to college? These questions come up often, especially during the summer break.
College is expensive, even though tuition costs vary from state to state. The average annual cost per student ranges from $10,000 to $22,000. While some students get scholarships or financial aid, others rely solely on their parents’ income.
Pocket money is usually given to students who are going through their primary or secondary school years. This allowance is meant to cover basic expenses such as food, clothing, and other necessities.
“Pocket money” is also money earned outside of regular job hours. If you’re starting out at college, you’ll probably have lots of pocket money. This means that you can spend it on fun things like food, drinks, movies, etc.
Pocket money is often given to children at the beginning of their schooling career. The idea behind giving them pocket money is to teach them how to manage their finances.
Why is it Called Pocket Money?
Pocket means something that fits into your pocket or handbag. In finance, it refers to cash that you carry around with you.
Pocket money is a term used to describe money that you receive from parents, grandparents, friends, etc., as part of your allowance. Pocket money is also known as an allowance, spending money, or discretionary income.
The amount varies depending on where you live. For example, in some countries, children get pocket money every week, whereas in other places they only get it once a month.
How to Stop Frivolous Spending in other to Make Your Pocket Money Last Longer
If we are to keep our pocket money intact, we need to learn how to control our spending habits. We all have different ways of doing this. Some people prefer to save money while others tend to spend their savings too fast.
Either way, we should be able to identify our weaknesses and find ways to improve them. Here are some tips that can help us manage our frivolous spending.
- Stop buying things that are not necessary. This includes clothes, shoes, accessories, etc. You can always find something cheaper online or at thrift stores.
- Don’t buy anything if you don’t need it. If you’re going out to eat, order a salad instead of fries. If you want to go shopping, get your friends together and split the cost.
- Do not spend money on things that you do not really like. Instead, save your money for things that you truly enjoy doing.
- Make sure that you have enough savings before you start spending. Having some extra cash on hand will help you avoid impulse buys.
- Avoid credit cards. They are great for convenience but they can easily lead to debt and unnecessary purchases.
- Keep track of your expenses. Have it as a habit to pen down everything that you spend money on. Then, compare your expenses to your income. If you notice that you are spending more than what you make, then you should consider cutting back on certain expenditures.
- Learn to say no. Sometimes we feel obligated to help others out, but this may lead us into debt. Instead of saying yes to people who ask for favors, learn to politely decline their offers.
Best Way to Make Your Pocket Money Last Longer While in School
It’s important to plan out your budget before starting school. Make sure you know exactly how much pocket money you can afford to give each week.
Save some of your pocket money every month, then add them together to see how much you have saved over the course of the year. However, there are ways to overcome this problem of not having enough pocket money which has been listed below.
- Buy Used Clothing
If you are looking to save some cash, then buying used clothing is a great way to do that. You can find items at thrift stores, garage sales, and even online. There are many websites out there that offer free shipping if you buy a certain amount of clothes.
- Use Coupons
Coupons are a great way to get discounts on things you need. If you have a coupon for $5 off your purchase of $20 worth of groceries, then go ahead and use it!
- Make Your Own Cleaning Products
Making your own cleaning products is not only cheaper but healthier too. All you need is baking soda, vinegar, water, and a few drops of essential oils. Mix them together and you have yourself a homemade cleaner that smells amazing.
- Sell Your Items Online
You can sell your old clothes and other items on eBay.com. Just take pictures of everything before you start cleaning. Make sure that you write detailed descriptions of each item. This may look like a lot of work, but it will surely pay off in the end.
- Save up
If you are looking to buy something expensive, try saving up for it instead. This will help you avoid impulse purchases and keep you from buying unnecessary items. Many people find they enjoy shopping less once they’ve saved some money.
- The quickest way to get your finances back on track is to stop spending money you don’t have! If you are carrying credit card debt, start paying off that first. By doing this, you can actually save money because interest rates on credit cards are high. You want to avoid that at all costs. Once you’re debt-free, you’ll feel much better about yourself and be able to focus on other things.
- If you want to save money, look at your spending habits. Are you buying tons of snacks and junk food? This is probably because you love them. If that’s the case, then you might want to reconsider buying these items.
Can you afford to go to university without having enough cash for food? Most students don’t realize that they should budget their finances well before applying to college. They also tend to forget that they will need money for living expenses after they graduate.
Going to college isn’t cheap. In fact, it costs thousands of dollars per year depending on where you live. That means you better start saving now or else you won’t have enough pocket money for food once you get started.
While in school, always check out student discounts. Many companies offer discounts to students. If you shop at certain stores regularly, you might qualify for a discount.