Some students want to live the life of a rock star but can’t because they don’t have the money for it. Living beyond your means to look “cool” on campus is unhealthy and a road that will eventually leave you in huge debt when your class is over.
Colleges assign homework to students, and you’ll want to have some money set aside to hire a cheap essay writing service, for example, Affordable papers, when the going gets tough. Below are 10 money saving tips that will help students have extra money in their bank account.
Have a monthly budget
One of the best ways to save money while studying in college is to have a monthly budget. Students can sometimes get too excited when they see that they have a lot of money in the bank. Set an amount you want to spend per month and stick to it. Take a sheet of paper and write down all your monthly expenses, which should include food, books, transportation, etc. Spend no more than your monthly budget and track your spending.
Download an app that tracks your spending
Gone are the days of keeping track of your expenses via a piece of paper. We are very lucky to live in a world filled with so many applications. IOS and Android stores have apps like Pocket Guard and Mint, which will help you keep track of your ins and outs. You can also create budgets and set spending limits each month using these apps, which can be linked to your bank account.
Know the difference between what you want and what you need
To save the most money you need to know the difference between what you need and what you want. Avoid buying things just because all of your friends have it or because it’s a fashionable accessory. In other words, don’t buy things to earn brownie points with your friends. Make it a priority to buy the things you need on a daily basis.
Make a list
When you go shopping, make a list of the things you need. It helps you prioritize what you need and avoid unnecessary things that will only further drain your finances. Remember to never shop on an empty stomach as you will be tempted to spend more than you expect.
Consider renting instead of buying
Students spend a lot of money on books to help them with their expensive classes. Instead of buying new books that will only be used for a year or a semester, try renting or buying used books. There are many websites online that allow you to rent books for a small fee, like Amazon.
Public transport is your friend.
For students who don’t want a car, public transportation is a blessing in disguise. If you want to save money, take the train or bus to and from the university. These are great alternatives to hiring taxis or buying fuel. Many train and bus operators offer student discounts on weekly and monthly passes. Some students are not fans of the hustle and bustle of public transport. If that’s you, consider riding a bike. Buy yourself a good quality bike and cycle to and from college when you have lessons. It will also keep you fit and healthy.
Take advantage of student discounts
The majority of shops, museums, transport operators, airlines and more offer student discounts. To find out what discounts they have, just ask. Apple, for example, offers a student discount on its products. The same goes for Microsoft, Amazon, Audible, Evernote, etc.
Buy used items
Websites like Shpock and eBay are amazing for college students looking for good quality products at low prices. Sign up and save a fortune on thousands of items you order. The good thing about these sites too, not only can you buy articles, you can also say any of your junk articles for extra money. You can earn and save at the same time, giving you the best of both worlds. Don’t keep items you don’t need; put them up for sale.
Make sure all your bills are paid on time
As soon as invoices arrive, make sure you pay them on time as delays can result in late fees. Credit card companies, for example, have a habit of charging interest on late fees, and the longer you delay paying, the higher the fees you pay. As long as you plan your finances well, you have to pay the bills as they come in, saving you money.
Avoid take out or restaurant meals.
If you constantly dine out or order a lot of take out, it will drain your finances every month. It is much cheaper to buy ready meals bunk beds and keep them in the fridge, buy ingredients and cook your food at home as well as brew your coffee instead of buying it outside . Not only do you save money by doing this, but you also lead a healthy lifestyle.
The bottom line
Over 70% of students entering their first year of college are taking charge of their finances for the first time. No student will be successful the first time they try to save money. They will make mistakes, but learning from them will make a huge difference in their college life.
Learning how to save money while in school is a skill that can be adopted in a future career and can also be applied in personal life. The tips mentioned are the best possible ways for any student, even a beginner, to save money and manage finances effectively. Not all of the effective money-saving tips mentioned above will work for everyone, but every student should choose the right one for them.