As a student, it is always nice to have more money left at the end of your month instead of living pay check to pay check, or allowance to allowance.
Find some of the best tips for saving money as a student below.
Keep track of your spending
Write down every purchase you make, no matter how small. This will help you to see where your money is going and where you spend more money than you need to.
Make a budget
After you have looked at how you are spending your money, set up a budget to curb the areas where you know you are wasting or spending more than necessary.
Be smart with food shopping
Food is one of the categories that people are most likely to overspend on. Take a hard look at your eating habits. Do you tend to eat out more often than not because it is fast and convenient? This could be a money pit.
Try to cut down on takeaways, plan the week’s meals in advance and prepare your meals at home. When you go grocery shopping, buy only what you need for that week’s meals. You can also plan your meals around what is on special that specific week. For example, if the chicken is marked down, try and incorporate that into the week’s meals.
Make your own coffee
We know that as a student, more often than not you need that shot of caffeine to get you going and keep you going, but buying a cup of coffee every day can cost a pretty penny. You’d be surprised how much money you could save just by making your own coffee.
Don’t overpay for transport
Try using public transport to commute to school or get a lift with a friend. If you have your own car and prefer to drive, form a lift club to help cut down on gas costs.
Take advantage of student discounts
You can get discounts on items like books, stationery, and even clothes just because you are a student, so take full advantage of it while you still can.
Buy course books second hand
You do not need to buy brand new course books. You can buy second-hand books that are in good condition for only a fraction of the price.
Keep your savings in a (student) bank account
Keeping your savings in a bank account will keep you from dipping into it when you are running low on cash or went over budget. Student bank accounts also have interest rates and cheaper banking costs, saving you even more money.
Cut down on impulse buys
Before you buy anything, ask yourself if you really need it.
Get a part-time job
Another way to save more money is by making more money. So get a part-time job or turn one of your hobbies into one. Photography is popular, but you can also do babysitting, editing, writing, etc.
Cut down socializing or find inexpensive ways to socialize
I know it is important to socialize, but how you do it can ruin you financially. Instead of cutting socializing out completely, try to compromise by finding inexpensive ways of doing it. So instead of going out to eat, cook a meal at home with friends. It can turn out to be quite an enjoyable evening.
Reduce risky financial behavior
Everyone has certain activities that they enjoy that may not always be easy on the pocket. Some of us buy designer clothes on credit, others gamble. But there is a way that you can save money and still do what you enjoy, for example, commit to saving up for those designer items instead of racking up debt, or if you are into online gambling, take advantage of special offers. Looking at an example such as Novibet online casino, you grab a £250 welcome bonus when you sign up and claim several free bets offers as a regular member. This way you don’t spend so much of your own money but are still able to enjoy the games.