How to be a frugal student entrepreneur

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How to be a frugal student entrepreneur

December 20th, 2007 0 comments

Almost all student entrepreneurs – whether struggling or stable – feel the pressure to make ends meet and stay afloat not only as students but also as entrepreneurs.

Although every student entrepreneur has styles to buff up finances (like for instance, presenting to mom and dad the only good grade you got to get a bigger allowance), nothing still beats frugality when rough times get rougher. Here are a few tips to be frugal:

Know your expenses and prioritize. You should know which things you need and must spend for. Forget about frivolous expenses for a while and save the least for last.

Spend wisely. If you’re still getting allowance from your parents, don’t depend on the thought that you can beg them for additional. Don’t lose count of how much money you have. A buck spent is a buck lost and wasted, unless you got back something worth spending for.

Save time. Although you’re not a stock broker or a business tycoon yet, “Time is gold” already applies to you. Time may not always translate to money for you, but time wasted surely can make you spend more. Do what you can do now as things go wrong when you least expect them to.

Use a planner or organizer. This is to remind you of what you need to do when. Unless you’re sure your memory is 100 percent fool proof, you better make sure everything’s on track by having a list of all your duties.

Be sure of every decision. Think at least a hundred times before you decide, whether for business or academics. That’s of course an overstatement – but if you can, do so. It wouldn’t hurt to be 100 percent sure of what you’d do, especially when you’re in a financial strait.

Record your progress. Some people do this publicly or privately. Of course, if you’re going to blog about your financial situation, don’t give too many details for security purposes. I blog about my finances/frugality ideas at Pinoy Money Talk, but try not to give away too much. It works for me because my goals are so out in the open I’d be embarrassed not to go through with them.