Being a university student is a fun experience. But that experience comes with a few price tags. With tuition, housing, textbooks and more, it can be hard for students to save money. Knowing how to manage money is important as a student. Here are seven tips to help with saving money.
- Buy or rent used textbooks
Textbooks are those items you don’t want to purchase but know you need. Instead of breaking the bank with purchasing new textbooks, look into getting used ones.
You’re most likely to use the book for one semester so getting a used textbook is a wallet friendly option. Another option is with renting the book. A popular place to buy or rent textbooks is Amazon because it has a wide selection and cheap prices.
- Take advantage of student discounts
You know that student ID you take around everywhere? It can actually be useful. Many places like restaurants, movie theaters and travel agencies offer student discounts. Showing your card is an easy way to gain reasonable discounts at these places. So be on the lookout for these discounts so you can start saving money.
- Limit eating out
If you’re a university student then you definitely know how important food is. A quick breakfast at McDonald’s and a late dinner at Subway adds up if you’re eating out frequently. It’s fun to eat out until you see how much it’s costing you. Never eating out is unrealistic so having a limit is the best option.
Instead of relying on fast-food, go to the grocery store to make your own food. This is a cheaper route. If you’re not a cook, that’s fine, there’s always easy ways to prepare food. Things like packing fruit and a sandwich to school can save money in the long run.
- Keep an expense budget
You can’t save money if you don’t know how much you’re spending. Budgeting is a great way to see where your money is going. Being a student, there’s a lot to purchase on going out, food, textbooks and more.
A budget can be as broad or specific as you want. All that matters is that you document your purchases so at the end of the day you know how much you’re spending. This allows you to see if you’re sticking to your savings goal. A budget is a real depiction of spending habits and is essential if you’re serious about saving money.
- Have several ways of saving
Most students want to save their money for something specific. This is when you can get creative on how to do that. Want to save money for a trip? Have a jar labeled “trip savings” and slowly start depositing money in it.
Another popular way is to open a savings account. Some banks offer programs that provide interest when you reach a certain amount in your account.
Using different methods helps you see the money that’s slowly accumulating. It’s also a good tactic to motivate continuous savings.
- Find a job
Having a small part-time job helps with earning extra money. The money you obtain from work can be used to buy important items and be put towards savings. Depending on the job, you might be able to receive an employee discount.
- Make your own coffee
Many students need coffee to start the day. Instead of buying coffee every morning, invest in a coffee maker. Now you’ll still have coffee and will be saving money in the long run.
No student wants to be classified as the stereotypical “broke university student”, so living within your means is important. These tips are here so at the end of the day, you can control your money instead of your money controlling you.