Saving when a student can seem really tough. It can feel like there is no money coming in but a constant stream of money going out. Welcome to student life. It doesn’t have to be so bad though. Follow our advice and you will be able to make the most out of a tough situation.
Get a job
If only it were so easy, right? While your studies are the most important thing right now try to look at your schedule and see how many hours you can spare for work. This may be a weekend job in a grocery store or bar but it may be less. In the past, people who didn’t have at least a weekend to donate, couldn’t work. Today you can jump on a freelance website and offer your services for as many hours as you have free.
Don’t get a credit card
The moment you step onto a university campus there will be people standing at the gates giving you free things. The joys of week one. Many of these people will be from banks. Banks realize that if they sign a student up they often have them as a customer for life because no one enjoys changing bank. While you should sign up with a bank and start a savings account, resist the temptation of a credit card. It will cause you more trouble than it is worth.
Pay for things upfront
Whether you have a credit card or not, never let debt build. Debt is dead money and is something you should afford. If you can afford it, buy it. If not, stay away from it. Debt can spiral out of control and you can find yourself in a lot of trouble if you are not very careful.
Get a bike
A lot of students think they need a car. They don’t. Public transport is a great way to get around and if you need to go to more obscure places that public transport doesn’t serve a bike will do perfectly. Get fit and have some freedom. Jump on a bike.
The best tip for saving is to budget. Whether you have a job, are on an allowance, or are making it by on some savings you need a budget to make things worse. Dedicate a budge to fixed costs, variable costs, and discretionary costs. If you are working try and save a small amount of money so that when an unexpected expense comes along, you can deal with it.
There are some benefits to being a student, student deals is one of them. Watch out for discounts and special offers that students avail of. While the cinema is expensive, it can be pretty cheap for a student. So take advantage of the activities that you can do for less.
There are many types of college students and if you get caught up with a crowd that has money you may find yourself in bars three nights a week spending every dollar you won. Be cautious with social spending. There are cheap and expensive ways to have a great time and you don’t always need to choose the expensive option. Play cards at home and cook for friends once in a while.
Depending on how you were raised you may never have stepped foot in a thrift store before. You should. There are incredible bargains to be had. You should also be shopping at online auction sites for college books and other items you need. Don’t pay full price for a new durable item that someone is selling second hand. However, you must also be wary of buying second-hand goods that could be fake or damaged. This is a great way to save money but you need to be careful.