frugal

I went through my previous post on why students should save money during their study years, and I thought what better entry to complement it if not on how to save money. So this is a compilation of some ideas I have. Feel free to add yours :)

1) Know why you need to save money. One reason is described here

2) Understand that being frugal is not cheapskate. Don’t be ashamed to be frugal. You have to do what you need to do.

3) Never spend more than you have. That’s the only way to lose money

4) Be very careful on the day your loan banked in. It is a vicious cycle. You had finished off your loan and you’re living frugally, but when you received that money.. the chances are you will spend it innocently just for the sake of revenge :)

5) Befriend frugal minded friends. Friends are the closest we had during studying and usually we will do everything together. If your friends like to hang out at Starbuck, then I predict it will be a long way for you to save. :)

6) Avoid debt at all cost. We can never get everything in life, something are never meant for us.

7) Credit card is a no no. The golden rule is if you can’t afford it, you should save another¬†couple of month to buy it.

8] Only buy used text book.

  • Make friends with your seniors, maybe they can give it to you for free
  • Always check with the seniors that had taken the course. Ask them, “Is the book really that important?”
  • Make use of the library. If the text book is not that important, just borrow it from the library

9) Stop for a while when you are at the gadget shop. Seriously, when it comes to gadget, think, rethink and think again. Do you REALLY need it? Hm.. since we are at it, think again at every shop, will you?

10) Shop smart. Shop only when it’s on sale. But of course you must first eye the items to know the price before sale. Some sellers markup their price prior the sale. So it may look like 70% but it is actually only 20%

11) Stop smoking. Just imagine how much you can save if you quit. It’s a hard thing I know. Surf and check tips on how to quit. They may work for you. One friend of mine actually stopped after he had smoked until he puke :)

12) Exercise regularly. A healthy body is less expensive to maintain. And I’m not just talking about your studying years. It will be a lifetime reward.

13) Eat healthy & avoid junkfood. Everyone knows that junk food has no value, but we still ate it. It’s time to stop.. especially when we want to save that cents for our future.

14) Keep yourself busy. Play badminton or futsal, or join martial art. When you are busy, you will have less time to wander around the mall and suddenly come back with 12 bags of clothes

15) Live without motorcycle or car. Unless you live very far from the campus, try to avoid having one. It is convenient, true. But if you can walk or cycle to class, why not? You will be healthier definitely.

  • Carpool is always an excellent idea

16) Be cheap with handphone usage.

  • Downgrade postpaid to prepaid.
  • Only call if you really need to.
  • Two words – SMS and email

17) Cook / Share a meal. I’ve actually done the experiment. Cooking own meal is always cheaper than buying the meal. And I even cooked and bought the same food for accuracy :)

18) Always check for ways to have fun without spending excessively. Instead of going to cybercafe playing online game, maybe you can ask skilled friends to network some computers and play with your friends indoors.

19) Less going out. The more we go out, the more we spend. Period. So maybe instead of going out every weekend to buy several items, combine the whole errand and do one shot once a month

20) Start some business. Maybe you know how to repair computers so put up some advertisement, and just start offering the service. Remember, be very careful choosing the business. We want to make money not lose it :)

21) Do part time job on long holiday. Besides earning a bit extra, you will get a lot of working experience such as networking, business etc

Final Action
So after all that you finally have a few dollars saved, what do you do? It will be a terrible thing if you go out and spend it all. The final action you should do is deposit it in the bank. (22)

– I wonder –
Any other tips you think may be useful?

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This post has 5 comments.


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  1. filantera`
    04 Feb 08 9:05 am

    wah byknyer tips!:D

    me:
    mmmmm try to be active and stay inside the campus, rather to rent outside, the cafe is much cheaper!(this is when i am studying laaa, dunno how other univ is)

    then,
    use public phone instead! really it is oldschool yo! but jimat, sbb kita akan ada limited time, simpan siling, and talk, nak abis jer, terus say miss u luv u and bla bla…kalau handphone? saying bye bye will take another half an hour

    or,
    eat something heavy before go to pasar malam!(it still applied till these days)

    maybe,
    have a lot of girlfriend! by then,akan ada org lain belanja each day! (ni banji yg cakap:) )

  2. 04 Feb 08 4:21 pm

    how to make people stop smoking eh??

  3. banji
    04 Feb 08 6:55 pm

    filantera – really? I give you that advice? hmm

    anyway I really like the one where you ate heavily before going shopping. When you’re hungry, your buying urge will sure peak :)

    nolee – how to make people stop smoking? hmm Seriously never done that before, so I’m not the best person to talk about it :) Even though I do have a few ideas that can try…

    I’ll come up with a post on that later

  4. 08 Feb 08 2:14 pm

    Teringat zaman kat kolej dulu…Sungguh jimat myself u know..Duduk asrama i hanya di beri RM150 sbln…Masa itew mkn sdiri..I only spend 50hinggit per month…i wonder mcmna i leh tahan mcm itew..yg 100 biasa la..abis tang fotostat sana..sini..

    Klo u bg i now 150???i would say like…Huh??150 je???Mana cukup….Agagagaga

  5. banji
    09 Feb 08 2:51 am

    aRa – ntah kan? sy lak time study, siap boleh gi main ice skating, kumpul duit, skrg ni.. terpikir lak mcm mana le survive dulu, elaun RM200 je sebulan

    misteri misteri

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