It is not actually easy for one to save as a student taking into consideration that, you need to handle student loans, class registration and other fees. Do not worry yourself since there are a lot of ways you can spend less without making any drastic changes to your lifestyle.
If you are a student and in search of ways you can reduce cost and save more, then this is the right article for you since I will show you several ways you can save money as a student.
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Ways to Save Money As a Student
Being a student often means you are living on a tight budget. However, by putting in place the right habits, students can save money and develop smart financial habits that will go a long way helping them.
1. Make Your Own Meals
As a student, you need to develop that habit of not eating out whether it is at upper-class restaurants or simply fast food chains. The cost of eating outside is actually greater than making time to cook your own food.
- You cannot totally stop eating out but you can limit eating out to special occasions like birthdays and anniversaries.
- If you must and in a rush, then you can consider fast food places since they are budget friendly and several fast food offer salads, wraps and low-calorie versions of their more popular entrees.
2. Make Your Own Coffee
Do not stop by your local coffee shop on daily basis. Though it is not bad to support local businesses, daily coffee runs can really take a portion from your wallet. Instead of buying coffee everyday, you can purchase a cheap coffee maker, alongside some coffee beans or ground. Put your home made coffee into a travel container and then bring it with you to school.
Let us do this simple mathematics, if you spend $3 on coffee each day. By the end of the school year, you will discover that you have spend as much as $600 during the school year.
3. Download Freeware
If you are student in a course that requires some paid software, then trying to find free versions of these software can help you save big. With respect to what you need, antivirus, image editing, audio editing, etc you can find free versions of these wares online.
- Like for example, we have Google Docs, sheets and Slides which is a free substitute to Microsoft Word, Excel and PowerPoint respectively.
- You have Avast and AVG that offer free antivirus programs.
- You got GIMP and Fotor which are free editing programs, while Audacity is a free Audio editing software.
ALSO READ: How to Make a Monthly Budget Plan: A Step-by-Step Guide
4. Do not Let Slide Any Student Discounts
With respect to your location, there are a lot of stores and businesses that offer student discounts. Even if you have not seen any student discount made public, simply show your student ID at the checkout while you are shopping - as you could obtain a small percentage taken off your total cost.
Students can enjoy discounts from clothing stores, electronics shops, restaurants, and media companies. It is just left to the student to find the specific store that offer discounts at a given time.
5. Buy Or Rent Used Books For Class
Buying new textbooks at full price can be expensive, so I advise you check your university campus bookstore and take into consideration the available options you got and also if you can purchase any new books. More to that, you can check sites like Amazon, Craigslist and Kijiji to find potential discounts on your books.
Also, you can try to find out if your school has a Facebook group dedicated to used textbooks.
6. Apply For Scholarships
You can apply for scholarships in order to cover some of your tuition fees. Navigate to your school's website and try to find out which kinds of scholarships are available and also if you are eligible for it. If you are eligible for any or all, apply for as many as you can since you never know where your scholarship grant is coming from.
7. Unsubscribe From Unnecessary Subscriptions
Scroll through your monthly subscriptions and try to see if there is a service you forgot about or you are still paying for even though you no longer need or use it. You should not hesitate or think twice to cut the chain on any expensive subscriptions you do no longer need, whether it is cable, magazines, newspapers or anything else.
You can switch to a cheaper video streaming service instead of paying an expensive cable bill.
8. Become a Resident Adviser
As a Resident Adviser, you can get free room and board, your main role is to manage and assist student living on your hall or floor. In exchange, many schools let you live on campus rent free. Show up at the housing department of your school and see what kind of options you got.
9. Go Food Shopping Later In The Day
The essence of going food shopping later in the day is that, there are some stores that discount products later in the day like around 7:00 PM. Various stores mark down their products at different times, so at first, it might of course take a little trial and error method before your figure out your store's routine.
If you are a student in the UK, then you might want to know that Co-op stores mark down groceries after 4 PM. while Tesco marks them down after 7PM.
10. Make Value Purchases
When you out for shopping, you should shop for store brands instead of name brands. Generic brands actually tend to be cheaper than their well-known, name brand equivalents.
11. Visit The Library
Aside from books, there are several libraries that carry movies and video games too. You can stop by your local library before buying or entering a new movie or game.
- The good thing here is that you will be able to get a library card for free in most schools.
- With little chance, you can still find some textbooks at the library which you can come to read as often as you can.
12. Create a Monthly Budget
A monthly budget means you set aside money from for groceries, utilities, and other items you need. All you need to do is simply create a budgeting spreadsheet for yourself and make sure you include all recurrent expenditures such as rent, transportation cost, feeding, etc.
If you do not know how to go about this, here is a comprehensive guide on how to create a budget in five simple steps.
13. Sign Up For a Student Friendly Bank
Make proper research as a student and try to join a bank that has no extra fees. There are some banks that charge monthly fees for your account or include overdraft fees. Make sure you visit various bank websites and see what features they have to offer, some even go as far as offering rewards and benefits for student members.
- If you are a student in the USA, then you can consider Bank America since they have special student accounts with no overdraft fees.
14. Pay Your Bills On Time
It is of no doubt that Paying your bills late can often lead to late fees and more to that, late credit card payments can actually pile up your interest rates and take a toll on your credit score. The best thing to do here is to write down when your bills are due and then your sign up for automatic payments if you can.
Final Thoughts On How to Save Money As a Student
Saving money as a student requires discipline and planning, but it is entirely achievable. By budgeting wisely, taking advantage of student discounts, and cutting unnecessary expenses, students can reduce financial stress and focus on their education. Small changes in spending habits can lead to significant savings over time, setting the foundation for financial stability in the future.