As a student, saving money would seem like moving mountains. If you want to attain financial success, then you need to keep a track on your expenses and put an end to the bad habits. I’ll talk about money saving tricks for students today.
In the student phase, we all have fine wine tastes on a cheap beer budget. Don’t worry; it’s quite normal if you are on the same verge. Most of the college students either live on a budget or prepare to fall in the trap of debts.
It won’t be as fun as spending like a spree but once you learn the knack to control your spending then your future can be financially secure. The ultimate motto for financial success is to know where you’re spending your money.
“A penny saved is a penny earned!” ~ Benjamin Franklin
38 Money saving tricks for Students
- First & foremost important thing to do is track down your expenses (there are various apps available to track your expenses).
- Create a budget– weekly, monthly or quarterly.
- Look for options beyond dorms to save on rent.
- Shared accommodation for shared utilities and other benefits.
- Cheapest & best means of transport: Public transport, rent a bike or walk.
- Never skip your classes; ultimately you are paying for it and skipping it would mean like wasting your money!!
- Utilize your breaks (summer or spring) for any internship programs or part-time job opportunities related to your field of study. This way you can earn some experience along with money.
For the shopaholics:
- A strict “No” to impulse purchases.
- Make of list of items you need before you go shopping so that you have an idea of what to buy when you are at the market.
- Don’t step out for shopping when hungry! You will end-up buying anything that was never on the list.
- Buy what you need and not what you want every time!
- Rent a dress for a party, you don’t have to buy a new dress for every occasion.
- Don’t shred your money on expensive brands when you can get similar stuff in any generic shop.
Recycle & reuse…..
- Buy or rent books and sell it once the need is over.
- Lend books from the library which you need for a short period.
- Track the library book due date and return or renew on time to avoid due date charges.
- Sell the stuff like used clothing, furniture, which you no longer use or need.
- Don’t invest in stationary supplies instead use technology for notepads, reference materials etc.
Cut down where possible….
- Quit these expensive and terrible vices: Smoking & binge drinking.
- Choose the cable option that suits your budget.
- Set specific days to eat out and limit the number.
- Avoid late payment charges for your bill payments.
- Choose wisely on the phone packages with unlimited texting and free incoming calls.
- Consider the college meal plans that fit your budget and also fills your tummy.
- Look for volunteering activities or social events during summer or spring breaks and cut down on unnecessary trips. It will give you an opportunity to learn something new.
- Stop spending on the expensive coffee shops when you can make your own coffee.
- Don’t buy unwanted drinks when you’re thirsty; water is all you need.
- Cook your meals whenever possible with your room-mates and cut out on dining out often.
- Share the grocery bills with your roommates so that you don’t end-up paying for the things you don’t even consume.
- Stop spending on music when you can get it for free through many websites and apps like Spotify, Pandora etc.
- There’s a way to get free room & board – how about becoming a resident advisor?
- Skip the option of taking unnecessary loans (except for education) to get stuck with EMIs and over-burden yourself.
- Having a pet would be a costly affair at this stage especially for the veterinary bills, food supplies etc. If you love pets so much, then opt for volunteering at animal shelters.
- Clear off the credit card (if you have one) bills as soon as possible to avoid a bad credit score.
The attractive words for any student: “Deals”,”Student discounts”, “Grab your free…”
- There are lots of shops where you get a good discount for students. Choose wisely and get the best out of those shops.
- Some gyms offer discounted or free membership for students.
- Utilize the deals that your campus offers like any free activities instead of spending on movies.
- Use the cash back offers on everything you buy.
Student life teaches you a lot of things that would help you become responsible in future such as handling your finance well. Start by following few tips initially and see how it helps to save money.
About the author: James Paul is a personal finance blogger who writes at Basic Finance Care covering everything about personal finance management and frugal living.