Practical Ways to Save Money as a Student

It is impossible to save money while you're a student. With a small income and a seemingly endless list of bills, such as tuition and everyday living expenses, it may appear that nothing is left over for saving. 

I know a student who practiced how to save money as a student. Seeing her live financially independently from her parent baffles me. Her name is Wayne Maiko. I interviewed her, and in this article, I will be sharing with you her practical, easy to save money as a student. 

Being on a limited budget does not exclude you from saving money, though. In reality, now is the ideal time to establish wise financial practices that will benefit you in the long run. Here are a few doable strategies to cut costs when you're a student. 

But first thing first, before learning this strategy, why do you need to save as a student? Hmmmmmm! (You must have been thinking, hell no. Everyone knows). You would have lots of reasons. But let's still take a glance.

Why it's critical for students to budget their money

The numerous advantages of saving money while a student can significantly improve your student life and your life after graduation. As a student, saving money is critical for the following reasons:

1. Financial Independence: Having enough money to live on your own is possible. It emphasizes the virtue of independence and lessens reliance on parents or guardians for financial support. You have the power to make your own financial decisions when you have savings.

2. Emergency Fund: Unexpected costs, such as medical emergencies, last-minute travel, or even unanticipated academic charges, can occur anytime. A savings account can serve as an emergency fund, enabling you to pay for these costs without having to take out a loan.

3. Reduces Stress: A major aspect influencing students' mental health and academic success is financial stress. Savings provide a financial cushion, lessening the stress of living paycheck to paycheck or worrying about upcoming needs.

4. Whether you want to go overseas to school, buy a car, launch a business, or invest in higher education, saving money can help you do it without getting into debt.

5. Financial responsibility is a skill that may be learned through practicing saving money. It instills positive behaviors such as spending priorities, planning, and budgeting, which are essential life skills.

6. Prepares for Life After Graduation: Having some funds after graduation can give you a good start. It might assist with moving costs for a new job, a down payment for a flat, or even act as a safety net while looking for work.

7. Opportunities to Invest: You may have the chance to invest if you save money while you're a student. Starting small and watching them develop over time could help you safeguard your financial future.

Early money management can help you establish a solid financial foundation and valuable skills and behaviors that will serve you well in the long run.

Practical to save money as a student easily (Tested and Trusted by Wayne Maiko)

She went ahead explaining the 11 major steps that helped her out. Let's move on!

1. Set and adhere to a budget.

One of the best methods to save money is to make and follow a budget. Here's how to get going.

Wayne Maiko “List your income sources first to "Identify Your Income." This could be money from your parents, money from part-time work, scholarships, grants, student loans, or any other source of income.

List all of your expenses next. Then, track them. Include everything, including your rent, school expenses, bills, groceries, personal care expenses, entertainment costs, and any debts you are repaying.” 

Subtract Expenses from Income: After listing your income and expenses, take the difference between the two. This can help you see just how much money you have each month to spare. 

Once you are aware of your financial situation, you can create attainable savings objectives. Having a goal can inspire you to keep to your budget, regardless of whether you're saving for a specific purchase or are just attempting to accumulate an emergency fund.

A budget is not a tool that you should set and forget about. Review your monthly spending to determine where your money went. Determine why you overspent where you did and make the necessary adjustments to your budget.

Use programs like Mint, You Need A Budget (YNAB), or PocketGuard to make budgeting simpler. You may use these applications to keep track of your earnings and outgoings, create budgets for various categories, and even receive alerts when your available funds are getting low.

2. Benefit from Student Discounts

Wayne Maiko further said that discounts for students are a great method for them to save money. Many businesses offer students hefty discounts on anything from technology to entertainment and travel. She gave samples of discounts she had benefitted from in the past.

IT Discounts: A lot of IT businesses give discounts to students. For instance, Apple offers discounted prices to approved and enrolled university students. Students and teachers can also get up to 60% off Adobe's Creative Cloud.

Student discounts are available in theatres, museums, amusement parks, and other entertainment venues. Ask whether there is a student discount available before buying a ticket.

Travel Discounts: Students frequently pay less for public transit. Additionally, websites like STA Travel specialize in offering airfare rates for students.

Student discounts are available at numerous eateries and retail establishments. Always make inquiries before buying anything.

Consider obtaining an International Student Identity Card (ISIC) to maximize discounts. It is accepted all across the world and can save you money on shopping, lodging, dining, and other expenses.

Keep in mind that when you're a student, every dollar matters. You'll be well on your way to a sound financial future by making a budget and adhering to it, taking advantage of student discounts, and applying the other advice in this article.

3. Purchase used textbooks or use copies from the library

Every semester, buying new textbooks can quickly drain your bank account. There are, however, less expensive options.

• Buying Used: Many former students sell their used textbooks for much less money. Used choices are frequently available for a fraction of the price on websites like Amazon, eBay, or Chegg. Furthermore, some universities have bulletin boards or buy-back programs where students can exchange or sell outdated textbooks. Ensure that the edition is still appropriate for your course.

• Renting your textbooks is an additional choice. You may rent textbooks for a semester or a year on websites like Amazon or Campus Book Rentals for less money than buying. Don't forget to return the books by the due date to prevent late fines.

• Check your local or university library whether they have the required books. A few textbooks are kept on hand in some libraries for students to check out. Ask about interlibrary loans if they don't have the book you need; they can borrow it from another library. The secret to using this strategy is to enter first before everyone else has the same thought.

4. Reduce eating out

While ordering food frequently can easily break your finances, eating out is undoubtedly easy.

Cook at Home: Making your own food is often much less expensive than going out to dine or getting delivery. Additionally, it may also be healthier since you can choose the components. 

Consider meal preparation if you need more time during the week. Set aside a few hours on one day every week (Sunday is frequently an excellent option) to make your meals ahead of time. If you do this, you'll always have something to eat and be less inclined to order food.

Potluck Dinners: If you miss the sociable nature of eating out, get your friends together and host a potluck meal. Everyone contributes a dish, which helps to divide the expense and lets everyone sample various meals.

5. Reduce Your Coffee Addiction

Daily coffee consumption can accumulate over time, especially if you enjoy specialty beverages.

Brew Your Own Coffee: You may save a lot of money by brewing your own coffee at home. 

Purchase a quality coffee maker, and learn how to prepare your preferred beverages. 

If you enjoy drinking coffee while walking to class or the office, consider investing in a reusable cup. This is not just beneficial for the environment but also for your wallet.

Make wiser decisions if you can't resist the allure of the coffee shop. Choose a plain cup of coffee rather than a specialty beverage, which is frequently marked up significantly. If you bring your cup, some stores will even discount you.

6. Utilize public transportation or rideshare

Many students must commute to college or navigate the local area, and your choice of transport can significantly impact your spending.

If you reside in a place with dependable public transit, this can be a budget-friendly and environmentally good option. Public transport removes gas, parking, and car upkeep expenditures, whether it's a bus, tube, or tram. Take advantage of whatever discounts you are eligible for since many cities even provide reduced rates for students.

If using public transportation is not an option, carpooling is another excellent approach to save money. This can entail collaborating with housemates or classmates who have comparable schedules. 

Gas and parking expenses can be shared, which might result in significant savings. Additionally, it's a fantastic method to lower carbon emissions, and in regions with carpool lanes, it might even shorten your journey.

7. Consider Your Phone Plan Carefully

Modern living has made cell phones necessary, but you should spend less on them.

Consider your current phone plan thoroughly as you Evaluate Your Current Plan. Are you making use of all the features you have access to? Are there any features you don't need? For instance, you might use less data than you're paying for if you frequently use Wi-Fi.

Many carriers offer plans created especially for students, so keep an eye out for such. These plans frequently offer the essentials at a lower cost. To find out if there are any more affordable plans, get in touch with your provider or search online.

Prepaid Plans: If you're considering switching to a prepaid plan, examine your phone consumption. With these plans, you can save a lot of money by only paying for the minutes, texts, and data you use.

8. Reduce Utility Costs

Even though your power payment can be a significant monthly expense, there are several strategies to reduce these costs.

Be Aware of Your Energy Use: Even small adjustments can significantly reduce your electricity bill. Turn off the lights, unplug any electronics, and use the heating and cooling systems sparingly when leaving a room.

Save Water: Pay attention to how much water you are using. To use water most effectively, take shorter showers, switch off the tap when brushing your teeth, and only run complete loads of laundry and dishes.

Consider a Roommate: Getting a roommate can be an excellent option if you're living off-campus and find that the cost of utilities is higher than you can afford comfortably. Utilities are much more bearable by sharing the cost.

Never forget that being a student doesn't need you to live in poverty. You can stretch your student budget further than you might expect if you put some thought into it, are a little creative, and are disciplined.

9. Prepare Your Grocery List

There is more to grocery shopping planning than merely making a list of what to buy. You may save time and money using this methodical food consumption approach. Here is how to go about it:

Meal Planning: To begin, schedule your meals for the coming week. By doing this, you can avoid wasting food by knowing exactly what items you need and in what amounts.

Create a grocery list based on the meals you have planned. Maintain strict adherence to it to avoid purchasing unnecessary items. Your food bill might rise dramatically as a result of impulsive purchases, which frequently involve unhealthy or unnecessary items.

Consider purchasing non-perishable things in bulk if you use them frequently. When purchased in bigger amounts, these items are frequently less expensive.

Look for Sales and Discounts: Several retailers offer weekly sales or discounts. Making use of this means organizing your meals around what's on offer. If your grocery store has a loyalty program, join it. 

Don't Shop Hungry: According to studies, shopping while hungry might result in impulsive purchases. Before you go shopping, have a snack to help you resist temptation.

10. Locate a Part-Time Job

There are several advantages to working a part-time job while you are a student. It not only offers a reliable source of income, but it can also help you gain skills and crucial job experience for your future career.

On-Campus Jobs: Many universities provide part-time jobs that can be accommodated around your academic schedule. These positions might be found in the administrative office, the dining room, or the library. These jobs are practical and frequently recognize the need for flexibility around exams and study time.

You can get a freelance job depending on your abilities. This might be anything from coaching in a subject you are an expert in, to graphic design. Being project-based, freelance employment has the advantage that you can take on as much or as little as your schedule will allow.

Many students choose to work part-time in the retail or hospitality industries. These positions frequently come with flexible hours; if you're lucky, you might even be eligible for discounts at the restaurant or store where you work.

Even though they are sometimes unpaid, internships can offer priceless experience and connections in the field. They can open doors for you with a prospective employer.

11. Open an account for savings

Wayne Maiko concluded by stating that a savings account is crucial for managing your finances. She shared some tips for making the most of your savings account:

“Not all savings accounts are made equal. Choose the right account.” Quote by Wayne Maiko

 

While some may offer incentives like a matching contribution from the bank, others may offer better interest rates. Investigate your options to select the best account for you.

Set a Savings Goal: Setting a goal can help motivate you to save money. Your objective could be anything from a spring break vacation to a car purchase. Knowing your goals can make it simpler to withstand the need to spend.

Automate Your Savings: Most banks allow you to set up a monthly automated transfer of a specified amount to your savings account. Saving can be made simple by setting this up.

You don't have to begin by setting aside a large sum of money. Over time, even modest frequent payments might add up.

Get in Touch with Us

While saving money as a student may take some imagination and self-discipline, it is definitely possible. By implementing these useful strategies, you may stretch your student budget further and lay a strong basis for your financial future. 

Keep in mind that every little bit you save will help you get closer to your financial objectives. To make saving easy for you, you can get in touch with us to check out our savings packages.