Finance

How not to go bankrupt as a student: following the “Head & Tails” tips

How not to go bankrupt as a student: following the “Head & Tails” tips.

Students have to master financial literacy while maintaining a balance between purchases related to food and household chores, and entertainment. But the catastrophic lack of money is out of sync with the energy and plans of young people and has become a real challenge during the pandemic.

If you, like us, perplexed how the host of “Heads and Tails” with a backpack and a hundred dollars in his pocket conquers Singapore or Wellington, let’s look at what you can save. And not only on trips to Russia or foreign countries but also in everyday life.

01 – Lifehack

How not to go broke as a student: follow the TV show “Head & Tails” tips.

Oksana Igoshina November 10, 2021 12:35

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Photo: Westend61/Getty Images

Students have to master financial literacy masterfully while trying to strike a balance between food and household purchases and entertainment. But the catastrophic lack of money is out of sync with the energy and plans of young people and has become a real challenge during the pandemic.

If you, like us, perplexed how the host of “Heads and Tails” with a backpack and a hundred dollars in his pocket conquers Singapore or Wellington, let’s look at what you can save. And not only on trips to Russia or foreign countries but also in everyday life.

2 – Supermarkets are a help.

Saving food is possible and even necessary. But only within reasonable limits. It is better not to go for cheap fast food to sacrifice their health in favor of frugality.

For example, visit chain stores, where you can find not only the ingredients for making soup or a hot meal but a complete ready-made meal. Now it is not inferior in quality to the restaurant, and it costs many times cheaper.

And you don’t need to look for specialized outlets. They can be found in the stores “at home” and in supermarkets and farm shops. Pay attention only to appearance, date of manufacture, and expiration date. Lifehack works both abroad and in Russia.

If you calculate, on average, each week to buy food, ready meals, and small household items, students can go from 1500 (if mainly not to swell) to 3000 rubles. In general, the amounts may be small, but even they can be reduced if you approach the process of shopping wisely. For example, take advantage of special offers from retail chains, where you most often buy.

Such offers already exist in “Pyatyorochka” and “Perekrestok.” This is the so-called “Package” subscription, where for a fixed fee per month, you get extra cashback from each purchase on your loyalty card.

That is if the cost of everyday goods is on average 60-70% of all student spending (assuming that you live without parents), then with the “Package with Perekryostok,” for example, 10% of them will return points to the card loyalty network, and with “Package with Pyaterochka” – 5%. And the issues then quite easily be able to pay for the next purchase or part thereof, which will significantly reduce the cost of food.

And if you’re a fan of fresh pastries, it will be even faster to collect points because it will already return 20% on the card, and a hot drink (coffee or tea) will go at the expense of the retail chain. A good student’s tip for cheering up before morning classes and not spending anything.

We calculate the benefit: if you spend 6000 rubles a month in grocery stores and 1500 rubles on coffee outside the home, the subscription will help you save about 2100 rubles.

A nice bonus is the opportunity to reduce your spending on streaming. Partner offers give you free access to music listening services and an online movie theater. And that’s at least 600 rubles more in savings per month.

03- The power is in the student card

A student ID is not only your ID but also a discount card. Many people forget about it or are embarrassed to show it unnecessarily where it would help save money. For example, with a student ticket, you can visit the Tretyakov Gallery, the Pushkin State Museum of Fine Arts, and the State Museum of Fine Arts. A.S. Pushkin and the Moscow Museum of Modern Art.

And get a discount will be in the Bolshoi Theater, Zoo, Museum of Modern Art “Garage” and many other places. Students will be happy, and paying the total price for a good time spent will not be necessary.

There are offers from cinemas and chain cafes. Check the details quickly on the website of the institution, the website of the university, or in your student union, if in your educational institution it still exists. By the way, and for intercity travel there are good discounts for students, sometimes up to 50% for the train fare.

So never forget to bring your student ID while you still have it.

04- Use aggregators

Experienced travelers use aggregators to find bargain tickets. This approach applies to saving on purchases in everyday life, for example, with the help of Yula, an ad service for buying and selling goods. You can track multiple offers in the desired category and choose the best deal.

There are entire communities, such as “Moscow Free” – in them you will find information about free entertainment and cheap but exciting places. Thanks to this, you can save money without denying yourself the pleasures. On the contrary, there will be more activities and less spending.

05- Learn to plan your budget, as long as you can rely on your parents

On “Eagle and Tails,” the presenters could travel with different budgets. Sometimes you might get lucky and be able to rely on your parents for support throughout your training. But keep your future in mind: it’s better to lay the foundation for financial literacy while still a student.

To do this:

  1. Start keeping a budget.
  2. List all of your sources of income, including scholarships, part-time jobs, and help from your parents.
  3. Keep track of your expenses, from transportation, housing, and food to entertainment.
  4. Try to set aside a small “financial cushion.”

At the start, keeping a budget may seem like a tedious task. But notes can take no more than fifteen minutes a day, and you will feel the result (and draw conclusions) after a month. Try to find a comfortable way to keep track of your expenses and income – a notebook, a simple Excel spreadsheet, or mobile apps like Zen Money or Money Lover.

For example, you spend 6000 rubles a month on food, 4000 on entertainment (streaming – subscription bonus), 1000 for communications and Internet, 1500 for coffee outside home, 2000 for public transport and cab, and 5000 for other expenses.

Savings at the end of the month will be 2,700 rubles (14%). Assuming, of course, that you have a “Package” subscription.

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