How to save $_$ in UniMAP (Or any other Uni for that matters)

Financial woes is a common problems among the students as the ants infestation in typical country in equator. But then as you see , some manage to stay debt free , some needs to pay back PTPTN loan ( Govt study loan ) and some is really really indebted up to thousands. But as they say , saving for a rainy day is one of the principles I held in my life in my first 3 years in UniMAP.

(1) Create an expenditure (Spending plan)

As students we don't really have that income to dispose yet, so why not we try to create a good habit by planning ahead what we spend using the budget that we have (either from loans or parents). Just a take any old unused exercise books and write each and every spendings dailies or better create an excel spreadsheet to record it. Therefore, you can track the daily flow (usually outflow) of your expenditure.

(2) Examine current spending

A major reason more uni students don’t manage their money more intelligently is that they don’t really have a clue how they currently spend it. Sadly, far too many students simply spend their money on whatever is most immediately appealing with little regard to an overall financial plan. It might surprise you to find out that 80% of your money goes toward food, for instance, when you can actually eat for less on campus. But you’ll never know this or anything else about your spending if you don’t spend an afternoon to figure it out. For some students, this will be all the motivation necessary to start making the other changes on this list.

(3) Pay it by yourself

To see if you really need something, try first by testing if you are willing paying it with your own pocket money such as 10 ringgit for a cup of Starbucks., Hence, when you stop and examine the spending , the amount saved can be raked out to hundreds of ringgit per semester. Resolving to save something – anything – is more important than how much is saved, although more is certainly better. Again – forming the habit counts more than the immediate results.

(4) Establish an emergency fund

When you enter uni , you are in full obligations of your financial situations and of course our lives is full of unexpected stuffs. For examples: blown tire, a broken laptop , lost (pickpocketted) handphone and such. Each of these can make a students life more uncomfortable. Most uni students probably cannot afford to save up for every conceivable emergency, so just save for the most predictable and difficult ones. It’ll be worth it when something goes wrong and you can confidently reach into your emergency fund rather than take out the credit card.

(5) Apply for membership card

In certain big box stores , there are special discounts at certain hours (aka Happy Hours) for the card holder members. Usually the registration is free of charge or only as low as RM 5 per annum. This is the way to save if you planning to buy in bulk and get hefty discount up to 20% in my calculations rather than if you don't become a member. Also usually , it is also tied up to loyalty program which either redeem a gift or buy the usual expensive stuffs at a fractions of original price (e.g Perfumes , sport shoes) which add more to the value.

(6) Apply zero tolerance on debt

Here’s a hard-and-fast rule every student can rely on. If what you are considering going into debt for does not appreciate in value, do not go into debt for it. Under this rule, about the only things it makes sense to take on debt for are student loans (since your degree will raise your income), a mortgage (since real estate tends to appreciate) or starting a business (though that’s fairly risky, considering the high rate of business start-ups). What you absolutely should not go into debt for are things like clothes, music, fast food, alcohol, spontaneous vacations, or pretty much anything else the typical college student nonchalantly puts on debt. What do all these things have in common? You guessed it – they all decrease in value. Paying interest and fees for items that are progressively worth less is not smart and will only delay achieving your other financial goals. You should have a goal for how much credit card debt to have and that goal should be zero.

(7) Don't immediately buy the textbook

This is the fatal mistake I make during the 1st year. I buy all the textbook required for the semester and later found out most of it I never use it to open it and study. I still revered lecture notes as my teacher. :P Of course, many lecturers will use the required texts, but if you can avoid buying even one or two textbooks a semester, that can easily translate to hundreds of ringgit that go to your savings goals instead of the book suppliers and commission to your lecturer. At a bare minimum, wait for two weeks of classes to elapse before deciding to buy a textbook or not or go PHOTOCOPY it. For me , I download from e-book sites for free . (P.S: I do not encourage privacy ;P)

(8) Increase income

Most of us aren't born with silver spoon in the mouth and also most of us aren't bunch of Smart Aleck that feeds off scholarship. Then , we can also do some part time jobs in our spare time. For example I had some friends who are currently dabble in business and meanwhile maintain the grade. For example, some involved in photocopying (Xerox) business,some involved in food industry, some involved in cosmetic and beauty wellness, some involved in cellphone prepaid topup services and some involved in retails. Actually , what kind of business you do is OK as long as it is safe and legal and the job you do didn't mess up with your grade. :)

That's all for today . And to all UniMAP students (or any uni) , strive all out for the last sem exam !