Since saving money as a student is difficult, we have compiled some money-saving tips for students to help them spend less and save more.
It is hard to save money, especially when you are studying. Being a student means you cannot join an office or company as a full-time worker to earn more, but you still need to spend thousands of dollars a year in terms of buying books, tuition fees, and food, etc. All these things make it hard for you to manage your money effectively and save some bucks too.
However, you can become smarter about how you spend your money. How you are spending your money is key to financial success as a student. Since it is mentioned above that saving money as a student is difficult, we have compiled some money-saving tips for students to help them spend less and save more.
Create A Budget Plan And Stick With It
Budgeting is one of the best ways to save money as a student. When things get measured, get managed properly. Keeping a proper track of what is coming and going out of your pocket, allows you to focus on your spending and you start saving money as a result. Before cutting down on costs, you need to understand what they are. Just compile a list of your expenses including study costs, accommodation, utilities, food, transportation and medical, etc. and then list the sources of income down too. It will provide you a clear picture of your incomes and expenses to create a realistic budget plan. Thanks to the advanced technology, a variety of budget apps and solutions are available that you can pick up as per your individual needs to make the budgeting process easier and effective. Once you have a budget plan on hand, stick to it and cut the costs wherever you can.
Buy, Swap & Sell
It is for everything, from textbooks to room furniture, and other educational essentials. You may need to spend money on a mountain of books each year that can cost hundreds of dollars. Instead of buying new books, try to find course books on sites like StudentVIP (formerly TextbookExchange), Sell My Text Book, etc. It can help you save more than 50%. At the end of the semester, sell those books on the same platform. You can do the same to many other things you use in student life.
Don’t Buy A Personal Vehicle
Buying a vehicle is one of the major expenses in day to day life. Not having your own vehicle can help you save a lot of bucks in many ways. Cycling is the best wat to reach your college even without spending a penny. If it is a longer trip, consider local public transport on discounted fares for students. You can also save a lot of bucks by sharing your taxi with a fellow student or any other individual with the same destination as yours.
Cook Your Own Meals
Instead of ordering food from the expensive restaurants in the town, make your food yourself. Go to the market and buy the necessary ingredients for cooking to save time and money at once. Be an early riser and make sure to ear breakfast on time before you leave home for college.
Use Your Student ID
Student ID is not just a ticket to enter college. But it is a great money-saving tool for students. From restaurants to clothing, entertainment, and other day-to-day essentials, your student ID can help you save a big deal of money daily. Almost all retailers and brands offer attractive student discounts, so always visit the market with your student ID to save money while shopping.
Cut Out Unnecessary Subscriptions
It is one of the vital things to consider when you are creating a student budget plan. Get rid of all subscriptions and plans that are unnecessary for you but are consuming a big part of your monthly budget plan. Keep a regular check on your subscriptions and cut them off before they cost you a lot of dollars. You can also consider cheaper alternatives if any. For instance, instead of buying an expensive gym membership, you can go for a morning walk or jogging to stay fit and healthy. Go prepaid with your network instead of renewing the monthly postpaid contract.