20+ Real Life Money Saving Tips for Students
We all have the desire to save money. From children to retirees, everyone wants to save money, but only a few actually practice money-saving. A few real-life money-saving tips for students can help them get rid of their perpetual worries about money. But wait! Sometimes, you lack the know-how, sometimes you can’t give up your toxic habits, or sometimes you’re unwilling to make a change in your lifestyle. That’s why you'll never be successful at saving money.
Don’t worry. Ninety-nine percent of people are like you. It’s only a matter of time before you start saving if you follow the below-mentioned ways. Do you have an appetite for champagne but only have the budget for beer? In other words, this means that you enjoy the best things in life, but you lack the economic means to support a better life. Herein lies the dilemma.
List of Our Money Saving Tips for Students
Not all of the points will be appropriate for you, and it’s not realistic to expect a student to follow the complete list. Please, find the most suitable money-saving tips from the list and try to make the best use of them to have a financially hassle-free life. If you gather all of your saved money, it will amount to a considerable sum at the end of the year, which you can use either as an investment or for buying essential items.
All potential money-saving tips for students are here for you:
1. Borrow or Buy Used Books
Buying new books is a waste of money considering you'll only have them to complete your course. Nobody will become bankrupted by buying books. I completely agree with that, and I’m not against buying books. Instead, to save a considerable amount of money, you could rent books or buy used ones, which you can usually resell, to save a considerable sum.
Calculate the total of all the books you will need per year; it will amount to a considerable sum. Many websites, like Amazon, or shops, like Coles, can buy or rent used books.
2. Stop Buying Food When you’re Hungry
Those who are not living at home, and are residing in a dorm, know about the hassle of cooking. It’s prevalent among students to remain hungry, hour after hour. I feel your pain, but don’t make the mistake of going grocery shopping when you’re hungry. The chances are that you will overspend.
3. Restrict Yourself From Frequent Eating Out
You have many friends, and almost every day you feel you have to join some, in a restaurant. I know your dilemma, but each time you eat outputs a strain on your monthly budget. Eating out is one of the main reasons students are always running out of money by the 20th of the month. To get rid of this unpleasant experience, you need to control yourself and stop going out to eat. Why not get together with your friends, with each of them contributing some homemade food? Or each of you taking turns hosting the group.
4. Cut Out Your Bad Habits
Get rid of your drinking, smoking, and other nonessential habits. There will be sufficient money for you 'til the end of the month, if and only if you cut out these micro but self-destructive habits. Put cutting out these habits at the top of your money-saving tips list. I have watched personal friends who can’t buy food for a proper meal because they wasted their money on drinks and/or smokes.
5. Never Miss Paying Your Bills
Just calculate this hypothetical scenario: Every month, you pay an extra 40-70 for late fees and interest. That's 480 to 840! Imagine what you could have bought with that or how much closer to your annual investing goal you would be! How much money does it add up to at the end of the year?
6. Avoid Consumerism
Another Instagram or YouTube ad pops up on your mobile screen. You get sucked in by the marketing strategy. Or there's a well-known brand with a 70 percent discount. So what? Don’t get caught in these traps. They indeed took 70 percent off the price of the shirt, but do you really need it? Maybe the 30 percent you spend on this shirt turns out to be a complete waste of money?
7. Respect your Credit Card
Undoubtedly, credit cards can be a lifesaver. But at the same time, it can be a nightmare if you miss the due date.
Whenever the credit score exceeds more than 50 percent, you have to meet the higher interest rate. Why do you need to take this extra hassle both financially and mentally?
8. Best use of Public Transportation
Have you read the money mustache? If you don’t, kindly read his blog. He gives you decent reasoning to use public transportation and will show you countless approaches to reach your financial goals.
The point is, maintaining a personal car is a hectic process, especially for the students. You have to buy regular fuel, service it and pay parking fees and other unnecessary troubles for you.
Instead, using public transportation is beneficial for you both financially and mentally.
9. Rent out your Apartment
Living space is one of the most significant pieces of your monthly expense. On average, it accounts for almost ⅓ of your total expense. But you can manage it like an intelligent guy.
You can rent out your apartment. It’s pretty common among the new generation to rent out apartments to Airbnb.
Even I saw many videos and read articles about students earning a whopping amount of money by taking apartments and renting them out. It becomes their full-time profession.
10. Better to cut off Cable Package
I think we hardly use cable networks nowadays. Actually, after spending a lot of time on social media and the internet, it is tough for us to allocate time for watching cable networks.
So, don’t hesitate to cut off your cable package. Whatever money you can save from here, it will mount a lot of yearends.
11. Opt-out for the expensive meal plans
It would help if you had a healthy meal plan. Not all expensive meal plans are healthy at all.
Find a suitable one for you according to your culture and food habit. You will get many balanced meal plans over the internet. Then cut out the expensive meal plan and save money.
12. Grab Discount Opportunities
If you’re into freshman year right now, set up your mind to go for discounted deals for the next four years of your life. As a student, you have to utilize all of the discount dills best.
But keep in mind that, don’t buy things just because they give you a discount. Instead, decide for yourself the essentials items and search to get the best deal for that particular product.
13. Best utilize of your institutional gym
Almost all of the colleges and universities have gyms and swimming facilities. And the good news is they include the gym fees into the tuition fee or charge a reasonable amount for the gym facilities compared to the commercial gym.
Why not avail of this facility and stay healthy and fit.
14. Selling Unnecessary Stuff
As a student, you should practice using second-hand items. Similarly, sell off your unnecessary items. It will help you free up your space and gain financially.
You may not get a good amount of money. But think this way. If you’re not using these items, they will consume your space and bring hassles. Please get rid of them from your living space.
15. Make the best use of college or university facilities
It’s exam week, and you’ve yet to read the books. Alright, don’t panic and buy a brand new book. Use your library materials.
Schedule a booking for the coursebook and take it before the exam week. Don’t always wait for the last moment of the exam. Otherwise, you won’t get books. The stock will be running out as everyone will rush out for a copy.
16. Say no to expensive trips and tours
It’s your summer break, and you can’t resist yourself for the overseas tours. It’s completely okay to go for tours as you will have invaluable experiences about cultures and people.
Currently, many travelers groups visit countries on a tight budget. Opt for those groups and cherish your wishes to travel to different cultures.
17. Go for home coffee
I’m preaching to stop going to Starbucks. There will not be a game-changer if you regularly skip Starbucks or other popular coffee brands.
Suppose you have enough time other than spending unnecessary online content. In that case, it’s the best usage of your time and money to make coffee at your home.
18. Avoid Frequent Drinking
Avoid going to pubs and bars regularly. It’s not only deteriorating for your health but also your budget. It’s okay to go there during weekends. Also, restrain yourself from buying bottled water. This is not healthy either.
19. Open a saving account
Student time is the best time to start practicing money saving. One of the ways to save money is through saving in a bank account.
It will help you to understand the financial system and make better investment decisions later in your life.
20. Say no to Branded Items
Nobody will judge you based on the outfit brand you wear. Even if they judge you, it will give you pleasure for a micro-moment. The person and you both will forget about it later.
Usually, branded shops will cost you 20-30 percent more than the regular price. Why would you pay an extra amount when you can get the same products at a lower price just because of few signs.
There will be no end to money-saving tips and tricks. You can spend an entire day getting ideas about money-saving ways. But avoid analysis paralysis. What I have mentioned above is not rocket science.
Suppose you prudently observe your buying patterns and regular life activities. In that case, you will find your creative ways to save money and make money.
The chances are that the above-stated 20+ tips won’t be applicable for you because of your particular type of upbringing.
The tips might be appropriate to other people. But that doesn’t mean they are useless. I can assure you that you will hack the money-saving tricks if you look closely at your daily life.
But the issue is whether you are inclined to hold your nerves to an impulsive discount and buy that unnecessary product. Before anything else, try to practice holding your nerves. It will solve all of your issues.
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