5 Tips for Saving Money When Going to University

Attending college or university can be a very costly experience. Tuition, room and board, textbooks – the list goes on and on. However, there are ways to reduce the amount of money you spend while still getting your education. This blog post will discuss five tips for saving money when going to school!

5 Tips for Saving Money When Going to University - aerial photo of university style building
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1) One way to save money while in university is to live at home. 

This may not be possible for everyone, but it can be a great way to save money on things like rent and utilities if you have the option. If living at home isn’t an option for you, there are still ways to save on your housing costs. One way is to live in a smaller apartment or in university accomodation with roommates. This can help split the cost of rent and other bills. Another way to save on housing costs is to look for apartments or houses that are further away from campus. While this may mean a longer commute, it can also mean lower rental rates.

2) Another way to save money while in university is to cook your own meals. 

Eating out can be expensive, and it’s not always the healthiest option. By cooking your own meals, you can save money and eat healthier. If cooking meals from scratch is not your thing, there are still ways to save money on food. One way is to look for deals at the grocery store or take advantage of sales. Another way to save on food costs is to plan your meals. This can help you avoid wasting food and spending too much money on eating out.

3) Another way to save money is to avoid buying new textbooks. 

Textbooks can be costly, and you may not need all of the material in them. One way to avoid buying new textbooks is to see if your school has a textbook rental program. Another way to save on textbook costs is to buy used books or find digital versions of the textbook online. You can also try to sell your textbooks back at the end of the semester for some of the cost.

4) You can also save money by using your student ID. 

Many colleges and universities offer discounts to students with valid IDs. This can include discounts on things like food, clothing, and entertainment. You can also get discounts on travel costs if you plan to take a trip during your break from school. Be sure to check with your school’s student services office for more information on available discounts.

5) Finally, you can save money by working part-time. 

Many students work while attending college or university. While this can be a great way to earn some extra money, it can also help you offset the cost of your education. You can use the money you earn from working to help pay for things like tuition, books, and housing. You can also use your earnings to help cover the cost of living expenses while in school.

In conclusion,  there are many ways to save money while attending university. By following the tips in this blog post, you can help reduce the cost of your education and still get the most out of your experience! 

How to Manage Your Finances Better in 2022

Making financial decisions is never easy, but it’s especially tough in today’s economy. If you’re not sure how to manage your finances better in 2022, don’t worry – you’re not alone. This blog post will discuss some critical financial decisions that you need to make this year. We’ll also provide tips on how to make the most of your money and stay out of debt. So whether you’re planning to move, invest or simply save for a rainy day, read on for advice that will help you reach your financial goals!

How to Manage Your Finances Better in 2022 - checking your savings image
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#1. Decide what’s important to you

Before you can start making financial decisions, you need to figure out what your priorities are. What do you want to achieve in the next year? Do you want to save up for a down payment on a house? Or are you looking to invest in your future by starting a business? Once you know what’s important to you, it will be easier to make financial decisions that align with your goals.

#2. Make a budget

If you want to be successful in managing your finances, you need to create a budget. Sit down and figure out how much money you need to live each month comfortably. Then, track your expenses and make sure you’re not spending more than you can afford. It may take some time to get used to living on a budget, but it’s worth it if it means reaching your financial goals.

There are a few different ways to approach making a budget. You can use the 50/30/20 rule, which allocates 50% of your income towards essentials like rent and groceries, 30% towards non-essentials like entertainment and travel, and 20% towards savings or debt repayment. Or, you can use the envelope method, which involves dividing your cash into different “envelopes” for different expenses. Whichever approach you choose, the most important thing is to stick to your budget.

If you’re not sure where to start, there are plenty of budgeting apps and websites that can help you get started. Mint is a popular option that enables you to track your spending and create a budget based on your income and goals. 

#3. Invest in yourself

One of the best ways to manage your finances is to invest in yourself. Whether you’re looking to improve your career prospects or simply want to learn new skills, investing in yourself is a smart way to use your money. Consider taking a class, attending a conference or even starting your own business. Not only will you benefit from the knowledge and experience you gain, but you may also be able to make some money back through increased earnings potential.

Investing in yourself doesn’t have to be expensive. There are plenty of free or low-cost resources available online and at your local library. So if you’re not sure where to start, do some research and find an investment that fits both your budget and your goals.

#4. Move to another location

If you’re struggling to make ends meet, it may be time to consider moving to another location. This could mean downsizing your home, relocating to a more affordable city or even moving in with family or friends. While it’s not always possible to up and move, it’s worth considering if it would help you save money in the long run. Madison Fox provides luxury properties if you are interested in moving. 

Of course, there are some drawbacks to moving. You may have to give up your current job, leave behind your support network or deal with the hassle of packing and unpacking all of your belongings. But if you’re confident that the move would be beneficial for your finances, then it’s definitely worth considering.

What Work Operations Should Business Owners Outsource?

Running a business involves several processes. As a business owner, you cannot handle everything since you may not have the expertise. Since some of these responsibilities are essential and could generate income, it makes sense that some entrepreneurs would rather have someone else do them. Even though the gig economy is still recovering since the pandemic, 78% of the world’s businesses are confident about their outsourcing partners. Below are some of the operations worth outsourcing to third parties, especially if you don’t have the qualifications to handle them.

What Work Operations Should Business Owners Outsource? -working online image
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  1. Accounting

Unless you have a genuine interest or expertise in crunching numbers, accounting can become overwhelming pretty fast. Spreadsheets, a check register, and other accounting work tools are things you will have to use regularly. Accounting is a crucial aspect you cannot overlook since it contributes to your relevance and survival in a competitive market. 

While some aspects of accounting may require manual work, a bulk of it can be handled with accounting software. And this will still require an expert to ensure accuracy. Indeed, you may have recruited an accountant to join the team, but that doesn’t clear you of any responsibility. As the business owner, keeping an eagle eye on your money matters can propel the establishment to greater heights.

  1. I.T. matters

Information Technology is the bane of 21st-century business. Without I.T., it is impossible for businesses to set up websites and other online platforms. Moreover, with the advent of the internet, countless businesses discovered new ways to expand their customer base and increase profit margins. While I.T. may seem challenging because of the technicalities involved, it pays to have some fundamental knowledge. For example, if your company has a poorly functioning website, it might be because of the quality of service provided by the web host – you can click here to find more on hosting.

  1. Business insurance and legal protection

These two areas are critical to any business establishment wanting to remain in business for a long time. Business insurance acts as the buffer or the cushion that prevents your entity from financial loss. Managing the company’s risks helps your business remain operational even in the face of financial challenges. Many companies would have collapsed or folded up during dire situations without business insurance.

The same applies to legal protection. First of all, running a business is a risk on its own. The terrain is dotted with unfavourable exposures with the potential to cripple a company. Moreover, it would be best if you had protection because of the high risk of causing grave dissatisfaction among customers, which may lead to lawsuits. The reason why these aspects should be outsourced is because of their highly-specialised nature. You’re better off hiring experts to avoid any mishaps that could cripple your business. 

To conclude, running a business is probably one of the most hectic things to do in life. Having other people to relieve you of some stress is a good idea. As a business owner, you must learn to deal with the seemingly mundane or difficult aspects to help your company do more than survive.

Thinking About Starting Up A Construction Based Company? Read This First

Making the decision to start a construction company is an exciting one to make – but it can also be a daunting experience for newbies who are unfamiliar with the sector.

Whether your goal is to establish yourself as the next big contractor in your community or to target a specific building niche, this specialized industry has a plethora of safety rules and regulations, financial setup requirements, and registration requirements to consider before you even consider starting a business.

Fortunately, once you know where to start and where the key obstacles are, the path is considerably less difficult than it appears at first glance.

Do your research

Before you even consider beginning your own construction company, you need to conduct market research to discover whether or not your business idea would be profitable.

As a result of this approach, you will be able to determine whether or not there are any other construction companies operating in your area that are providing the same services that you are offering. Investigating your competitors will offer you a better understanding of how your company will fit into the industry and whether it has the potential to prosper in that market.

Additionally, as part of your market research, it is essential investigating what other construction companies are charging in the region where you intend to open your business, as well what kind of reputation they have in the community.

You should rethink your business strategy and your business idea if there are already a number of respectable construction companies providing the same services in the area and you are unable to see how your business will fit into the existing landscape.

The most efficient way to determine whether or not there is a need for your services is, of course, to go out into the community and speak with people who live there. This will help you to acquire a first-hand insight into whether or not the target market you will be wanting to interact with believes that there is a demand for a new construction company or contractor firm to come into the marketplace.

Always keep the demographics of the area in mind while developing a marketing strategy, as people must be able to afford the construction services that you intend to provide.

Make sure you adhere to the rules and regulations

It goes without saying that health and safety are essential. However, because of the demands placed on the construction sector by its nature, it is particularly critical in the construction industry.

It is vital that you and your prospective workers have the essential skills, knowledge, and competence to successfully carry out their day-to-day responsibilities in a safe manner. It is your obligation to guarantee that all members of your team are qualified for their positions, and you will be held accountable for filling any skill gaps that may arise. You need to ensure everyone holds the correct qualifications and that they hold a valid CSCS card – they can book a test at the local CSCS test centre

It is essential that you have a thorough understanding of building laws before beginning to start a construction company. This is because these are the standards of design and construction that will be applied to the vast majority of the commercial and private projects that you will work on.

Understanding the scope of construction standards, how they are implemented, and who is responsible for them are all important considerations to make. The same is true for regulations governing planning permission.

Dealing with Debt

For many of us, some form of debt is a fact of life, but in my view it’s something we should use for our advantage rather than against us.

Carrying a lot of consumer debt such as credit cards and loans acts like an anchor dragging behind us or trying to drive with the handbrake on.

Not that I am demonising all kinds of debt, far from it. How difficult would buying a house be without a mortgage or many of the functions of modern life without some kind of credit option?

My purpose here is to encourage you to pause for a moment and think about how much debt you have and how quickly you can pay it off.

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How to Save Money on Credit Cards

If you have credit cards do you pay off the full balance very month? If so great, if not you are certainly not alone. The average credit card debt in the UK is almost £2000.

Do you remember opening a credit card account? Whether online or over the phone, you were most likely given the option to make you monthly payments by direct debit. Which is a good thing, so you don’t forget the payment and incur fees plus damage to your credit score.

But here’s the thing, the credit card companies usually give you the option to pay the full balance or a minimum percentage such as 2 or 3%. This is a sneaky trick which costs you more in interest and takes years to pay off the debt. Think about it for a moment, how do the credit card companies make money? Largely by charging you and I interest on our outstanding balances right. So, it’s in their interest (excuse the pun) to keep you paying the debt for as long as possible.

I made a video which explains saving money on credit cards in more detail:

As an example, if you had £2000 outstanding on your credit card at a 20% APR, a minimum 2% payment would be equivalent to £40 a month.

If your direct debit was set up for this £40 fixed payment it would take 7 years 11 months to clear the debt and a total interest cost of £1,818.

But if you just left it alone and paid the 2% as a direct debit it would take, wait for it, 42 years to clear the debt at a total cost of £5,588!

I don’t know about you but that makes me angry and is one of the reasons I am so passionate about financial education to stop people being ripped off like this.

Find a Lower APR

Once you have ensured you are paying a fixed amount, rather than a percentage the next step is looking at the cost of interest or APR and if you can switch to a cheaper provider.

In these days of low interest rates, there is no need to be paying 20 or 30% interest on your credit cards. Use a comparison site to see if you can switch outstanding balances to a lower rate card or take advantage of a zero percent offer.

Of the money you pay every month, the vast majority goes towards the interest and very little is taken of what is called the principal, or amount you owe. So basically, you are running to stand still.

With a zero rate card, the payments are all going towards paying off the principal, which is why the debt can be cleared faster.

What about debt consolidation loans? Good question. If you have several credit cards at say 20% interest and could clear them with a loan at for example 10% that would make sense, right? Well, maybe, it depends on how long you take the loan out for. Its tempting to go for a longer term perhaps 5 years or more and thereby reduce your monthly outgoings. But remember to look at the total cost of borrowing, which should be provided.

It’s nice to reduce the amount you are paying every month, particularly if money is a bit tight at the moment. But it can be a false economy if you end up paying more in interest in the long term.

Plus if you do go down this route, once you clear your credit cards don’t be tempted to start spending on them again. Hide them in a drawer for emergencies or close one or two if you have several. Keeping your credit utilisation rate low improves your credit score. So as tempting as it might be to ceremoniously cut them up, keeping a credit card with no or low balance can be a good thing.

Having a Plan

The third way I am going to suggest you deal with debt is by creating a plan for overpaying your credit cards and loans but in a systematic way.

In my courses and live events, I teach a system called the snowball effect.

To start write down the outstanding balances on all your credit cards and loans. You may wish to use a simple spreadsheet or a pen and paper.

Then write down the interest rate and minimum monthly payment for each one.

Next rank them in order of the outstanding balance, with the lowest at the top.

Each month you commit to overpaying that amount by as much as you can. Maybe you can earn a little extra from working overtime, a second job or a side hustle business. Maybe you can also trim your expenses elsewhere.

Imagine that the minimum payment was £40 as in our earlier example and you could find an extra £50 per month and you directed the combined £90 at the first balance. All the extra payments are taken off the principal because your regular payment is covering the interest.

After a few months that debt has gone. You now have a ‘spare’ £90 per month which you use to target the next lowest balance. Now that card will be cleared in a much shorter time and you can roll the mount you were paying there onto your next debt.

It also works for loans and even your mortgage, if your provider will allow a degree of over payment.

In Summary

Lots of information here so let’s recap.

Start by getting clear about how much you owe, and the minimum payments needed for each card or loan.

Then look to switch to zero or low-rate cards if you can.

Ake sure you are paying a minimum amount as a fixed sum rather than a percentage.

Finally use the snowball effect to create a plan and stick with it. You will see the debts dissolve in record time.

It takes a little time and discipline but as Jim Rohn so eloquently said, the pain of discipline is always less than the pain of regret.

If you would like some help or coaching through this, debt management forms part of my Financial Liberation programme, which is a 6-week live online course. Details are on our website at fearlessfinance.co.