There are so many activities that can make you spend your money as a student. Since you cannot work full time because of your studies, the most important thing to keep in mind is the amount of money you spend and how you can save on the little that you have.
Spending too much can make you accumulate a lot of debt. These seven student money saving tips can help you get started on your journey to financial freedom.
1. Make a budget
Start making a budget. When you follow what is coming in and going out of your bank account, it automatically makes you focus on your purchase and start saving money, making it one of the best student money saving tips.
The good thing is, technology has made budgeting easy. You no longer use a lot of time filling out spreadsheets. Many budgeting apps can automatically link to your bank account and start following your expenditure.
2. Cook at home
Eating outside is the most expensive thing you can do, especially when you study in a big city where restaurants are costly.
By shopping in bulk and making your meals, you will save a lot. Try and cut down on consuming outside your home as much as possible.
You can also pack your meals for the day; it will save a lot of money.
3. Buy second-hand goods
Buying second-hand goods can be a good student money saving technique since prices are mostly lower than brand new items.
Spend time at your charity shops near your university and look for second-hand things; you can be surprised with the high-quality clothes, ornaments, and books you can find- all for a bargain price.
4. Reduce spending on entertainment
Most people think entertainment means spending a lot of money on parties, movies, and clubs. There is so much free entertainment you can find in any city; it only requires a little effort to find them.
You can use the internet to find them. Remember, most clubs and cinemas offer discounts to students. Joining a student club can be the best idea!
5. Negotiate on bills
Rich people and big companies sometimes bargain. If you are an excellent tenant who never misses a payment, you can ask your landlord to lower your rent.
It can be the best student money-saving tip. You can also revisit your plan for phone and cable bills and contact your provider. You will be surprised to learn that you can get the better service for less money.
6. Live near the institution
Living near the institution is another student money-saving strategy. Transport costs can eat much of your budget. Living near the institution can help cut off this cost and save more than 20% of your money.
Also, there are many cheaper services you can get in an institution that is expensive outside.
7. Look for free money
While we all know it is difficult to get free money, there are so many places you can get it for free. What you have to do is apply for bursaries and scholarships. Many scholarships do not receive a lot of applicants, so it’s worth the try.
Student Money Saving Tips - Conclusion
In conclusion, It is hard to save money as a student since there are so many ways to spend it. Luckily, if you can use these seven student money saving tips, you can save a lot of money without any struggle making your stay friendly and memorable!
Why not take a look at our Master the Art of Money Book? its essential reading for any student looking to save money.