Attention all students! Are you tired of constantly being broke and surviving on ramen noodles? Well, it's time to say goodbye to those money woes and hello to smart saving techniques. Saving money as a student may sound like a daunting task, but it is not all doom and gloom. Get ready to put those penny-pinching skills to the test and learn the ins and outs of becoming a savvy saver.
Buy second-hand products
Buying used goods is a great way to save money as a student. It is because the prices are usually much lower than for brand-new items. You can visit stores such as goodwill or other charity stores, and you will be amused to find out such good bargains there. Thrift shopping as a student is also one of the best answers to how to save money as a student.
Avoid buying books
Avoiding buying books is possibly the smartest answer to how to save money as a student. Books can be one of the major chunks of your expenditure. Since they are an important aspect of your education journey and finding a way to eliminate or reduce this cost is necessary. Alternatives for buying course books or even novels, as a matter of fact, can be downloaded cheap books online. There are many sites that provide free pdfs to students, which makes us scream hallelujah as they help us save a lot of money. You can also get your course books from your university library card for free! (one of the few times unis coming to our rescue).
Cook your meals
We bring you another one of the tips on how to save money as a student. Eating out is one of the most expensive things you can do, especially if you live in a city with expensive restaurants and cooking your own meals will help you cut down on this expenditure. Limiting the number of times you eat out each month can help you save a significant amount of money. Cooking healthy food for self can be a great way of self-care and staying healthy too.
Don’t give in your impulses
Impulses surely do get the best of us. If you want to learn how to save money as a student, you need to stop submitting to your impulses. No! You do not need a glow-in-the-dark phone cover or those expensive heels put out for 50% off. Don't make rash purchasing decisions without considering the consequences.
Avoid using credit card
Taking out a credit or debit card is usually the easiest way to pay a bill without having to face the reality of the price. Credit cards tempt many students to buy now and pay later, but this bad habit can lead to overspending or massive bank debts at the end of the month. Avoid this method of payment; keeping track is much easier with cash!
Find free entertainment sources
Many people believe that having fun entails spending a lot of money on things like movies, parties, clubs, theme parks, and other local attractions. In fact, there are numerous forms of free entertainment available in any city; all it takes is a little extra effort and dedication to finding them. The university itself will have plenty of inexpensive entertainment options, and joining student clubs will often entitle you to additional discounts.
Use public transport
Public transport can be one of the best tips on how to save money as a student. Using public transport or carpooling with your friends can help you burn lesser holes in your pockets and reduce your expenditure. Many cities and countries have railway cards or bus cards, which help you save extensively while you are travelling. They prove to be much cheaper than taxis.
Exploit student discounts
This is undoubtedly the best part about being a student. Your student ID is your greatest strength and one of the best perks. This card not only entitles you to discounts in a wide range of retail stores, restaurants, and cultural institutions, but it can also get you substantial discounts on tech products from Apple, Adobe, and Microsoft. If you use your discounts wisely, you can save a lot of money.
Ps- if you are a student in the UK, you can our best student discounts in the UK blog.
Use freewares
As a student in the 21st century, technology has become an important aspect of your university life. Your world revolves around docs, excel and PowerPoint. Freeware is a low-cost alternative to costly software. Many popular apps and software are extremely expensive, making them unsuitable for a student's budget. Fortunately, freeware allows you to have the best of both worlds. Download free office, antivirus, image editing, and audio editing software!
Become a resident advisor
This is one of the tips on how to save money as a student if you are living in university dorms. RAs typically receive free room and board. As a RA, you will manage and assist students who live in your hall or on your floor. In exchange, many universities will let you live on campus for free. Visit your school's housing department to see what options you have.
Get scholarships
Tuition fees are more or less the main culprit for your extensive expenditure list. If you want to know how to save money as a student, scholarships are the ships that’ll save you from drowning in debt and the state of being broke. There are many scholarships in the US and in the UK such as the Chevening scholarship can help you pay for some of your tuition. A scholarship, award, or bursary of any kind is an excellent way to reduce tuition costs. You can look through your school's website to see what types of scholarships are available.
Get a part-time job
If you don’t want your bank account(s) to cry, part-time jobs can be your knight in shining armour. There are a lot of benefits of a part-time job such as getting a part-time job is one of the best ways to save money fast, and you also wouldn’t have you sacrifice your outings. A part-time job will also help you clear your student loans early. Money-making apps also help you earn those extra bucks so you can save.
Create a monthly budget
Making a monthly budget is the first step toward financial management as a student. Budgeting as a student will provide you with a big-picture view of your money, allowing you to make more informed spending and saving decisions. It can help you reduce your debt after you graduate. Create a budget that includes both your educational costs, such as classes and books and your living expenses. This way, you won't overspend on specific categories!
Track your expenditures
Tracking your expenses entails keeping track of your monthly expenditures. It's a necessary activity that you should ideally perform every day of the month. It helps you adhere to the monthly budget you have created. Tracking your expenditures may also help you identify where you spend most of your money and help you cut back on unnecessary expenditures.
Share your accommodation
Living in a shared house, or student accommodation that lets you share rather than living alone is one of the best ways to save money in college. You'll save a lot of money each month if you split your rent with a group rather than paying it all yourself. Furthermore, you will be able to split utility bills as well as the cost of any shared furniture, saving you even more money each month.
Cancel the automatic subscriptions and memberships
Examine your monthly subscriptions. There could be a service you forgot about or something you no longer use or require. Cut the cord on any unnecessary subscriptions, whether it's cable, magazines, newspapers, or anything else. This tip will help you save money as a student.
Use coupons
Coupons can be your saviour when you wish to save money as a student. You can find coupons in newspapers and pamphlets. You can focus on finding coupons that will help you with your daily life, such as paper towels, produce, canned goods, toiletries, etc. If you are a regular customer of a store, you can also opt for their loyalty program. This will help you to collect points and redeem extra discounts.
Shop in the evenings
Many supermarkets hold a clearance sale in the evenings, where any food that is about to expire is sold at a reduced price. Bread, seafood, and dairy products are on sale, and many vegetables, fruits, and other fresh produce are marked down. These are fantastic deals for students because the foods usually don't expire for another few days. Next time you go grocery shopping, go a few hours before the store closes and compare prices.
Learn to understand your wants and needs
Knowing how to save money as a student becomes easy if you can differentiate between your wants and needs. Realising what you want might not be what you might help you save money as a student in the long run. Maybe the cool polaroid picture printer you really want might not actually be something you need right now.
Buy in bulk
The more, the merrier stands true also for how to save money as a student. Buying in bulk allows you to get the most for your bucks with each purchase. Make grocery runs with your friends and purchase family packs. Buying groceries, toilet paper, etc. in bulk helps you save a lot more than you can imagine.
In conclusion, being a student can be challenging, especially when it comes to managing finances. However, by implementing simple tips such as creating a budget, reducing unnecessary expenses, and finding ways to earn extra income, you can successfully save money and achieve financial stability. Remember, learning how to save money as a student is not about depriving yourself of the things you love, but rather, finding smart ways to spend your money and achieve your financial goals.
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