After taking on some feedback from you guys, this year I will be focusing more on posting original content and giving (hopefully useful) advice.Â
As requested, here are some tips I myself and other students have found useful, in keeping on track financially whilst studying.
10 Tips to Stay in Budget as a Student
One key way to keep track of your spending as a money-conscious student is to set a budget each week or month and stick to it (as best as possible - itâs okay, we all make that naughty McDonalds trip occasionally). Make a list of all your known expenses - such as rent, utilities, public transport costs, food and Netflix - as well as your income or savings. You will then be able to allocate/put aside money towards treats, travel and social outings based on how much you have left to spend in surplus.
Planning your food shopping around whatâs on special at the supermarket can save you a generous amount of money in the long term (think of all treats and travel the savings can go towards!). Stock up on non-perishables and household supplies if you notice theyâre on sale or try to incorporate some supermarket specials into your weekly meals. Itâs also a good idea to consider meal planning, so you go to the supermarket with a premeditated list and avoid spontaneous purchases which can put you off budget. While specials can be great, be careful not to fall into the trap of buying things you donât need or overstocking - this can lead to unnecessary waste.Â
If you find that your current monthly/weekly income isnât quite covering everything you need it to, there are plenty of options you can do to earn some extra money. You could babysit a couple of nights a week or pick up some work tutoring other students at your uni/college. I recommend also selling old textbooks and study guides to new students, it clears up space and provides some quick cash - you could have some serious money lying around!
4. Make Use of Student Discounts
Make use of student deals as often as is possible - whether itâs at the movies, sports games, events, stores, the bank or on public transport. These discounts may only save you a few dollars, but it all adds up eventually. When in doubt, ask your uni/colleges student services team on what discounts and offers are available nearby for your educational facility, and how to access them.Â
5. Seek Alternate Transport Methods
If you find yourself spending a lot of money on petrol, parking fees or public transport, consider walking or riding a bike to close destinations (if possible). While this may require you to leave a little earlier, it will both save you money and provide a great exercise opportunity - while lowering your carbon footprint!
6. Limit/Substitute Expensive Outings
While a uni social life is great, it can also become very expensive if you find yourself heading out numerous times a week. If youâre starting to run out of cash, try some alternatives to your usual activities. Instead of going to a restaurant, you could cook your own feast at someoneâs house/dorm. Instead of going to the cinema, why not have a movie night at home? - Netflix has a plethora of films and genres, everyone is sure to find something to watch.
Rather than heading out on a weekend, try getting a group together during the week (you may be tired the next day - but itâs worth it). Restaurants and bars often have cheap food and drink specials on weeknights, which may see you pay half the price you would on weekends. You could even make it a weekly tradition with your friends.
Making your own lunch in the morning instead of buying it each day will save you a lot of money weekly. Try to bring leftovers from the previous nightâs dinner or making something simple like a sandwich or wrap. Save bought meals for a treat or a once a week occasion to leave it as something to look forward to. You could also try making a coffee or tea at home and bringing it with you in a travel mug.
9. Buying Second-Hand Saves
You can save money on a wide range of things by looking for second-hand options - from textbooks, clothes and electronics to cars and furniture to deck your room out with. You can do your shopping at garage sales, markets and second-hand stores, or try online on Facebook or eBay to snag some great deals without the guilt.
Money is most likely going to be limited while youâre studying - so be realistic about what you can and canât afford, especially when it comes to things like rent or a car. If you really want to save money, youâre going to have to be prepared to make some sacrifices, but donât completely give up things that bring you joy! Simply cut down on the number of times to do that/buy that thing that provides joy - otherwise, youâll regret it later when you look back on your uni/college years.
