While you are studying it can be a financial struggle to live on a small budget; however many fail to do so. Here are some easy money saving tips for students on a budget to enable them to spend their money wisely and ensure that you have enough money
left from your student expenses.
- Save money on rent – Rent is the biggest expense of a student living out of home. Staying at home during study is definitely a better choice but if you have to live out of home then these tips will help you to save money. Try and find out a university provided accommodation or student accommodation, these facilities are often subsidized for students and definitely cheaper than your own arrangement. If you have to live off the campus, try to find a flatmate and you can save money by sharing your rent.
- Save money on entertainment – You don’t have to spend big money on entertainment; you can still have a great time while being money conscious. Check out the campus events for live performances and theme parties which are free to attend. All the mates can have few pre drinks at your own place before heading for a night out, it will help you save money on expensive drinks. You can avail of discounts on movies by showing your student ID cards.
- Save money on transportation – While you are still a student, you should use the public transport more often. Avoid using your car or bikes …walking and using public transport will not only help you save money but keep you fit as well. Your student ID card will get you good discount on a bus or train. If you live in a student accommodation, you can find a flatmate and start carpooling to share transportation expenses.
- Make a budget – Prepare an estimate at the start of the month that how much money you will receive and the expenses you have to make to meet the requirement. Remember the golden rule – “Don’t spend all what you have earned”
- Track all your spending – Track your expenses by keeping a record of all your expenditures. Good records will help you to stay within budget and identify your spending patterns.
- No credit cards - Many students indulge into impulse buying when they have the credit cards and end up blowing money on the stuffs that they don’t need at all. To avoid spending money irresponsibly, stop using the credit cards.
- Save money on text books – There are many websites selling second hand textbooks, before buying check eBay, Amazon or Google, you might find huge discounts on the cover price of the books that have been read only once or twice. Books with soft covers are much cheaper. You should also check out the university library before spending your money on a book or CD…you might get it free of charge. Find a flatmate who is pursuing the same course and you can share the books.
- Find bargains – Look for the clearance items or bargains while shopping, you may find a bargain every time you go for shopping….don’t hesitate to ask for a student discount. You will be able to save good money which can be used for other activities.
- Buy machine washable clothes only – While you are still a student, you should avoid spending big money on the dry cleaning bills. Buy clothes that you can wash yourself. If you have clothes that require dry cleaning, wear them on limited occasions only to avoid frequent dry-cleaning.
- Save money on food – The best way to save money on food is to make your own meals. Buying food from the campus will not only cost you a lot more but will not do any good to your health as well. Find a flatmate and you can save good money by buying the foodstuff in bulk.
Use these simple tips to live on a tight budget and even save money for your tomorrow. When you graduate, you will be glad that you did. That’s not all folks…more tips coming next week.