Most students only allocate a certain amount of budget for their everyday needs which includes food, transportation, and other school supplies. Because of the limited budget, saving money is hard. In fact, other students opt to work so they can earn extra money. Money can quickly come and go, so financial success depends on being aware of how you’re spending your money.
So here are some money saving tips for students and working students like you so that you can maximize your money on hand and still save some for future expenses.
1. Keep track of your expenses.
It will be wise to keep a record of all your expenses. Take note of all regular your expenses like rent, transportation, food, mobile phone contract, and others. You also need to consider your income whether it is from working part-time or an allowance given by your parents. Using this information, you can foresee how to budget your money. Also, make sure that you limit your spending and buy only what is needed. It is imperative to stick to your money limit. Remember the saying, “live within your means.”
2. Be smart when it comes to food spending.
Yes, food is one of the most important things that people need. Because of that, it takes a considerable part of your budget. Due to lack of time or the inability to prepare your food, you tend to buy outside or you opt for ready to eat food. Being a student is hard due to the busy schedule making it impossible for you to cook. But did you know that you can actually save more by cooking? Here are specific ways to reduce your food spending:
- Buy some supermarket value products rather than a well-known brand. It may seem that the difference with the cost is just very little, but if you add it all up, it will be a tremendous amount that you can use to save or buy other kinds of stuff.
- Try to prepare your meals at home. Making your meal is healthier, safer, and cheaper as compared to buying outside. It is also helpful if you plan the food that you like to eat for the week, so you can estimate the time and effort that you need to do to prepare it. It can also be cost-effective to bring your lunch or snacks at school to reduce the tendency for you to buy food at the cafeteria or coffee shops. It will also enhance your skill when it comes to cooking.
- You can also try to make some food with a friend so that you can split up the expenses for the groceries.
- Try to limit the number of time that you eat out in a month.
- Don’t shop if you are hungry or you might end up buying a lot of food.
3. Take advantage of school discounts.
Fortunately, students get special discounts from most shops, food stores, gyms, and transportation. It is best to take advantage of this privilege. Most of the time, all you need to present your ID. It is also wise if you wear your ID all the time so that it is easy to identify that you are a student. You can also avail some staff discounts from where you are working.
Although these discounts are not really huge, it can already help you save a lot of money. By doing this, you can allocate other amount for important expenses. Whether the discount is big or small, you have to be thankful that you can actually slash out some amount from your expenses. This money saving tips for students is very easy to follow. Also, this will no doubt make you happy that you earn discounts while in school.
4. Be smart in choosing your school resources.
As a student, you need books and other references for your studies. You would need to spend money to buy books, workbooks, worksheets, and others. However, books can be quite expensive if you always buy new ones. You can be resourceful by going to the library. You can also borrow books from the library or from friends. If you need your own copy, look for second hand textbooks which will be way cheaper compared to brand new books.
Don’t buy books that you will only use for a short time. See to it that you will be able to use it for years or at least you can use it as a reference for your future classes. Aside from borrowing books from the library, you can check if there are available free downloadable versions on the internet. Yes, there are so many ebooks on the internet that you can download without a fee. Most of them can be very helpful for students. This way, you don’t need to buy your book, and you can save up some money.
Aside from free books that you can borrow from libraries, you can also take advantage of their special offers for some fun activities like discounted tickets to art galleries or museums. You can also join some events hosted by the school library without the need of spending any money.
5. Pay your bills on time.
Whatever fees you need to pay, it is still best to pay on time to avoid late charges.
Always record due dates. You can save these dates on your phone so that you can be reminded. This way, you can save money for your bills and you won’t be spending it for other expenses. Bear in mind that your bills are very important. Hence, see to it that you prioritize your monthly bills.
6. Open a savings account.
Even if you are just a student, you can open a savings account where you can put your extra money from work or your allowance. This way, you will have savings for the future. This can also help you avoid buying unnecessary things. Many savings accounts give a high interest that you can choose from.
Check your local banks for their requirements so you can prepare it. Saving a small amount regularly can help you get a good amount of money for emergency expenses. This is also a good training for you in your “adulting” years.
It may be a struggle to save money while in school but this is possible. If you follow these money saving tips for students, you can definitely set aside from money. Doing this will save you from hard days wherein you might not get enough allowance or earnings.
Earning money while studying is a good way to help your parents. At least you don’t have to ask for cash all the time. This is also a good training for you to be responsible in the future.