Broke To Boss: 20 Tips On How To Save Money As A Student

Attention all students! Are you tired of constantly being broke and surviving on ramen noodles? Well, it's time to bid adieu to those money woes and say hello to smart saving techniques! Apart from tuition, college students spend significantly on housing and food averaging $14,435 annually, books and supplies costing $413, transportation at $1,760, and various personal expenses. 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. So, in this blog, “you are going to learn how to save money as a student on housing, food and much more, let’s start without any further ado!”

20 Easy Money-Saving Tips for Students

The moment you start living on your own, dreadful money woes kick in. Whether you're figuring out how to spend less money as a student, buying all those essential things you need, or paying off the student loan early, the following budgeting tips will bring more peace to your life.

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1. Choose Thrifting

Buying used goods is a great way to save money as a student. This is because the prices are usually much lower than for brand-new items. You can visit Goodwill or other charity stores, and you will be amused to find such good bargains there. Thrift shopping as a student is also one of the best answers to how to save money as a student. By being mindful of your purchases and focusing on secondhand items, you'll quickly discover how to save money as a student while still getting what you need.

2. Avoid Buying Books

Avoiding buying books is possibly the smartest answer to how to save money for students. Well, you didn’t see it coming, right? Let us break it down for you! With everything online now, make PDFs and ePUBs your new BFFs. There are many websites for cheap textbooks available that will make you scream hallelujah as it is one of the best money saving tips for students. You can also get your course books, thanks to your university library card, for free!

3. Cook Your Meals

One of the easy ways to save money is to bring fresh produce from the farmer's market and cook! Eating out can put a dent in my pockets while figuring out how can I save money as a student and manage my lifestyle. Learning how to save money as a student involves making smart choices like cooking at home. You will find plenty of easy recipes for college students and make delicious dishes without breaking your funds. 

4. Don’t Give in to Your Impulses

Impulses surely do get the best of us. If you want to learn how to budget money as a student, you need to stop falling for your impulses. Ask yourself if you really need another shiny notebook. You do not need a glow-in-the-dark phone cover or those expensive heels put out for 50% off, either. Don't make rash purchasing decisions; after all, you can ace your way to financial success by learning how to save money as a student.

5. 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. However, one of the simplest ways to save money in college is to keep your credit card at home. For students wondering how to save money as a student, this can be a particularly effective strategy. Credit cards lure many to buy now and pay later, but this bad habit can lead to overspending or massive bank debts at the end of the month. 

6. 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. If you want to find the answer to how to save money as a student without working, find other alternatives. Multiple free forms of entertainment are available in any city; all it takes is a little extra effort and dedication to find them.

7. Get a Part-Time Job

If you want to know how to save money as a student, part-time jobs can be your knight in shining armour. There are many benefits of a part-time job as a student, from shaping your CV to leading the lifestyle you want. If you are still wondering how to save money as a student, consider becoming a resident advisor. Many schools pay resident advisors an hourly wage, along with perks such as a laundry stipend, single-room occupancy, or meal plan credit, which can significantly ease your financial burden. Not only does this opportunity address the question of how can a student save money, but it also allows you to bond with students living in the same hall or floor as you. You can also try money-making apps like Pawns.app.

8. Use Public Transport

We understand the answer to how to save money as a student is not easy to find because everyone has a different lifestyle. However, public transport can help you save big! Utilising public transport or carpooling with your friends can help you burn fewer holes in your pockets. Many cities and countries have railway cards or bus cards, which help you save while you are travelling.

9. Exploit Student Discounts

One of the easy answers for how to save money at university is to get the best out of your college ID. 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. You can further use the student ID on different websites like WeThrift, which offers exclusive deals tailored for students.

10. Use Freeware 

How to save money and also make a killer presentation? You can use an array of freeware applications that are low-cost alternatives to paid applications. Many popular apps and software are extremely expensive, making them unsuitable for a student's budget. Thankfully, freeware allows you to have the best of both worlds. Download free Office, Antivirus, Image Editing, and Audio Editing software!

11. Apply for Scholarships

Tuition fees are more or less the main culprit for your extensive expenditure list. Scholarships are the ships that will save you from drowning in debt and the state of being broke. Whether it is a bursary, scholarship, or award, you can reduce the tuition fees and save money as a student. 

12. Create a Monthly Budget and Track Your Expenditures

Making a monthly budget is the first step toward financial management as a student. Once you go through the ultimate guide to budgeting for students, you will understand how to make more informed spending and saving decisions. In your quest of how to save money as a student, you cannot go wrong with tracking your expenses. It's a necessary activity that you should ideally perform every day of the month. You can come up with a monthly budget that you can stick to. Tracking your expenditures can also help you identify where you spend most of your money. In no time, you will find out how to cut back on unnecessary expenditures.

13. Sell What's Not Needed

One of the best ways to declutter and learn how to save money in college is by selling items you no longer need. From unused textbooks to old gadgets or clothing, countless apps like eBay, Facebook Marketplace, Poshmark, OfferUp, and Depop make selling easy and hassle-free. Not only does this free up space, but it also provides extra cash for your expenses. By adopting this habit, you’ll quickly realize how to save money as a student while staying organized and financially smart.

14. Share Your Accommodation

Living in a shared apartment or student accommodation that lets you share rather than living alone is one of the best money saving tips for students. You will save a lot of money each month if you split your rent with a group instead of paying it all by yourself. Plus, you can split the bills for utility or shared furniture, which is another answer for how to save money as a student.

15. Buy Group Subscriptions

The easiest way to get started on how to save money as a student is to buy Group subscription plans on entertainment websites and save a small amount of money, but the yearly numbers reflected in your savings account will be a happy affair. Platforms like Netflix and Amazon Prime Video subscriptions are some of the websites offering group subscriptions you can share with friends or family.

16. Use Coupons

Coupons can be your saviour when you wish to save money as a student. Plus, you will find coupons on a myriad of things, such as paper towels, produce, canned goods, toiletries, etc. Some stores have their loyalty programs, paving the way for an answer to how to save money as a student. Moreover, knowing how to save money as a student can greatly impact your financial stability both now and in the future. 

17. 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. If you want to know how to save money as a student and stay healthy, visit the local markets. So, the next time you go grocery shopping, go a few hours before the store closes and compare prices. 

18. Know Your Wants & 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 your current necessity. By bringing a balance between your wants and needs, you can save money as a student in the long run. Perhaps the cool Polaroid picture printer you want might not be something you need right now.

19. 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. 

20. Choose Summer Internships over Vacation

Opting for summer internships instead of vacations is one of the practical tips to save money in college while gaining valuable experience. Internships not only help you earn extra income but also enhance your resume, making it easier to secure better opportunities in the future. By utilizing your summer break effectively, you can cover some expenses and reduce financial strain. Learn more about making the most of internships in this guide to summer internships in the UK and discover how to save money as a student while building your career.

Being a student is a challenge, especially when it comes to managing finances. By implementing simple budgeting tips, you can achieve financial stability. You can use the best money-saving apps for students and stay hassle-free throughout. 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, benefit from essential student services and achieve your financial goals.