How to Passively Save Money
First of all, it is never too soon or too late to start generating income and savings. We don't
realize now, but we have to save up for many things such as college fees, increased standard of living, financial security, reduced debts, emergencies such as losing a job, health fluctuation, and obviously to enjoy our life. Without savings, it is hard to perform all these activities.
1. Choose your school wisely.
Many schools provide student aid, so if you are a student with good grades, your fees can be
drastically lessened, but if you're not, it's never too late to gear up. Financial aid for international students (Canada is an exception) is generally very confined. The absolute top-tier schools may have student aid available, but they admit relatively few foreigners.
2. Work part time or create passive sources of income.
- Work part-time regularly and full-time in summers.
- Sell DIYs and crafts on sites like etsy.com and Facebook.
- Sell and clean out your closet!
- Get into YouTube!
- Get into photography! Photograph people from school and advertise on Instagram and Facebook.
- Do online surveys at night!
You can refer to opinionoutpost.com to get paid by doing online surveys, unfortunately
membership of this online panel is open only to residents of the United States. For more info
about making money at home, click here.
3. Pay yourself first.
Always take out some part of the amount you are getting paid and save it; ask your parents to help you make a bank account, and add some amount of it monthly.
4. Learn self-control.
Every time you want to buy something, wait for three weeks, if you still want to buy it
after three weeks, do so, but please look around, find the best price, negotiate and always
consider purchasing a cheaper version of what you want.
5. Have fun, but save the bill.
Having fun doesn't mean only going out to expensive restaurants, holidays or hotels. You can always have fun and let that not hurt your pockets simultaneously.
- Go on picnics to parks, pack some sandwiches and find a great spot to spread a blanket.
- Try to limit your junk food and coffee orders.
- There are free groups you can join. Get a library membership, join a book club, or become part of a nonprofit like ours!
- Gather your friends and play games like badminton, basketball, volleyball etc.
- Running is free, climbing is free. If you live near a body of water, swimming is free.
Most importantly, remember to spend more time with your family and friends. Money doesn't have to define happiness or excitement.
Written by Ritika Soni