Saving money is probably the last thing you want to do as a student. By all means, kids these days would rather live in the moment while they’re young and still free from any quarter-life crisis. But, with rising college debts and living expenses, it makes plenty of sense to get a financial head start while you’re young.
Imagine entering the job market debt-free because you were able to pay off your student loans ahead of time. Instead of relying on everything on your parents, start saving today so that you could have enough for a down payment once you move out by the time you graduate.
We know. Making ends meet is quite challenging for someone whose expenses are high and profits are low, but it is doable with a little sacrifice. That does not mean you have to starve yourself in school – a few changes to your lifestyle can make a big difference. To help you out, we’ve gathered some of the most utilised tips and tricks for smart spending in school.
Walk or bike to school
You can save your allotted money for petrol costs by walking or biking to school every day. Not only do these exercises cut out your gas expense but they are also good for the body as well as the environment. If you live far away, you can find affordable housing that is close to campus or take public transits that offer student discounts. There are lots of transport alternatives out there — just don’t take your set of wheels to campus if you want to keep your pockets full.
Opt for used textbooks
New textbooks can be a major burden on a student’s finances. Instead of purchasing new textbooks that are surprisingly expensive, try if you can borrow old textbooks from your seniors or from the university libraries around you. If not, there are several online textbook services that offer books and rental options for less.
Cut out on non-essentials
Netflix and other cable subscriptions are probably what you need to survive dorm life and college stress, but you don’t need to pay plenty of streaming services at once. Opt for cheaper plans or ask your fellow dormers to chip in for a shared membership account.
You may not always notice it, but there are so many non-essential expenses you make without the need to. For instance, you can brew your own instant coffee instead of buying a standard cup from expensive bistros. Making your own food can also offer significant savings in lieu of placing food orders online and paying extra for home delivery services.
Maximise the use of available resources.
Most universities provide different amenities and services for free. Explore your campus and take advantage of what it has to offer like gyms, healthcare services, computer hubs and printing, haircuts from beauty schools, and other free activities that you should utilise whenever possible. Save your money instead of spending it on services that are offered for free in school. You can also join clubs where students can leverage perks of free food, summer camps, and T-shirts.
Hustle
Finding ways to earn while in college is perfect if you have a workable schedule. You can study and earn on the side by trading your skills and services with other students, considering a part-time job, getting paid for a blood donation or selling back, and renting out your old textbooks. College students can even start their own business endeavours in the school. Doing a side hustle can be a great addition to your savings. Just make sure it won’t affect your academics.