Saving money as a student- impossible, right? Being a full time student is often one of the most expensive times in a person’s life. Money can slip through your fingers like sand so thinking about saving money seems pointless.
If you’ve given up before you’ve started, you may be surprised by these tips. Take a look at how you CAN save money as a student.
Make The Most of Discounts
As a student, you’ll be entitled to discounts on everything from food to clothing, and even days out. Make sure you sign yourself up for a student discount card at your college or university. You won’t be able to claim your discount without proof that you’re a student.
These small savings can add up to a significant amount each month. In some stores, you can slash your grocery shopping by up to fifty percent.
Know Your Income and Outgoings
One of the best ways to save money as a student is to learn how to manage your money well. This will require that you know everything you have coming in and everything that goes out. It can help to use a student loan repayment calculator if you’re already repaying your student loan.
When you know how your money is being used it will be easier for you to spot how to make savings. It could be something simple like canceling a TV subscription or cutting down on eating out.
No Impulse Purchases
Impulse purchases can make you feel good. Retail therapy can be a good way to blow off steam when you’re feeling stressed. However, as a student, these impulse purchases can result in further stress if they drive you into debt.
When your income is low, it’s vital that you avoid impulse purchases so you can keep track of the money you have. It’s better to put money aside for something you want so you know you have the money you need to buy it.
Make Money
Saving money isn’t easy unless you’re making money. As a full time student, your time will be taken up on attending classes and studying. If you do have spare time, there are jobs you can get to make extra money as you study.
For instance, many students find jobs in local bars and restaurants. If this doesn’t work for you, there are many jobs you can do remotely and online, like customer service or administration. These jobs can be done in your own time.
Buy Second Hand
Second hand doesn’t have to mean old. You can buy many items, like iPads and iPhones, that are barely used at a fraction of the price. You can also pick up books you need for studying second hand.
Explore charity shops for new outfits and furniture. You may even find a treasure that you would never find by shopping in your regular stores.
If these tips have helped you, why not take a look at the rest of the articles?