Tips on Saving Money as a Student
By Anabel Kim
Introduction
As a student, saving money can be a challenge. It’s easy to get caught up in everyday expenses and lose track of what you’re spending. But with the right tips and tricks, you can make a budget and start saving money. In this blog post, we’ll explore some of the best savings hacks every student should know. From taking advantage of free activities to finding discounts, we’ll provide all the advice you need to help you save money as a student.
The importance of saving money as a student
As a student, it’s important to understand the value and significance of saving money. While it may be tempting to indulge in expensive meals and leisurely activities, developing good financial habits will set you up for success in the long run. Saving money promotes independence and self-reliance. It allows you to have a sense of control over your own financial situation and empowers you to make wise spending choices. Relying on an allowance can be challenging, and it’s important to learn how to budget. Finally, saving money as a student can help you develop valuable skills in budgeting, financial planning, and discipline. These skills will serve you well throughout your life and can lead to financial success in the future.
Set a budget and stick to it
One of the most important aspects of saving money as a student is setting a budget and sticking to it. Creating a budget allows you to have a clear understanding of your income and expenses, and it helps you make informed decisions about your spending habits. One helpful strategy is to write out categories of different expenses. For example, ¼ of your money can go towards eating out and food delivery, ¼ can go towards savings, ¼ can go towards leisure, and ¼ can go towards maintenance such as gas for your car and supplies for chores. Sticking to a budget creates a habit of not only tracking your money, but also knowing exactly how you spend it.
Opt for used textbooks or rent them
One of the biggest expenses for students is purchasing textbooks for their classes. However, there are ways to save money on this essential item. One option is to opt for used textbooks instead of buying them brand new. Used textbooks are often significantly cheaper and can be just as useful for studying. You can find used textbooks online through various websites, or you can check with your school's bookstore to see if they have any used options available. Sometimes used textbooks have annotations, which can be helpful for the class you are taking. Another option is to rent textbooks instead of buying them outright. Many online platforms offer textbook rental services, allowing you to borrow the books you need for a specified period of time at a fraction of the cost. This is especially beneficial for classes that require textbooks that you may not need to reference in the future. If you do purchase your own textbooks, you can also find a way to resell them at the end of the year, either back to your school or to the site you bought them from.
Take advantage of home cooked meals and limit eating out
One of the biggest drains on a budget is eating out. While it's tempting to grab fast food or dine at restaurants with friends, these expenses can add up quickly. That's why it's important to cook meals at home and limit eating out as much as possible. Cooking and eating at home not only saves money but also allows you to have control over what you eat. By planning your meals and helping with grocery shopping in advance, you can ensure that you have healthy and affordable options readily available. Plus, cooking at home can be a fun hobby and skill to learn.
Consider meal prepping, which can save time. By preparing larger portions and dividing them into individual containers, you can have meals ready to go throughout the week. This reduces the temptation to order takeout when you're feeling too tired to cook, or are short on time.
When it comes to limiting eating out, it's all about finding a balance. While it's okay to treat yourself occasionally, make it a special occasion rather than a regular habit. Not only will this save you money, but it will also create memorable experiences!
Find a makeshift job
Looking for ways to make some extra money while in school? Consider finding a makeshift job that fits into your busy schedule. A makeshift job is a flexible, part-time job that allows you to earn money while still going to school and participating in afterschool activities.
One popular option is to babysit or do chores for people in your community. Babysitting in particular can be a fun and rewarding way to make money fast.This type of job can be done on your own time, and there truly is no age requirement.
If you have a particular skill or talent, such as art, photography, or cooking/baking, consider selling products in your spare time. Many people are interested in buying locally, and this can be a great way to practice a hobby and make money from it.
Remember, a makeshift job should be something that you enjoy and can easily fit into your schedule. It's a great way to earn some extra cash while still focusing on your studies.
Consider carpooling or public transportation
Another great way to save money as a student is to consider carpooling or utilizing public transportation. Owning and driving a car can be a significant expense, with costs like gas and maintenance quickly adding up. By carpooling with classmates or friends who have similar schedules or destinations, you can share these expenses.
Public transportation is another cost-effective option to consider. Many cities have reliable bus or train systems that can get you where you need to go at a fraction of the cost of driving. Not only will using public transportation save you money on gas and parking fees, but it can also help reduce your carbon footprint and contribute to a more sustainable future. Some bus systems are even free for students! When deciding whether to carpool or use public transportation, it's important to consider factors like convenience, travel time, and accessibility. For some, carpooling may be more convenient if you have a flexible schedule or live in an area with limited public transportation options. However, if you have access to a reliable bus or train system, using public transportation can be a stress-free and economical choice.
Conclusion
Saving money can be difficult and it can be difficult to create good habits and more importantly, stick to them. But with the ways provided, your money can be efficiently managed and allow you to have a clear sense of how you are spending and saving money.
