Saving is an important skill, especially for students. Being young and having lots of ambitions means that at beginning of the month you realise you are already are out of money. Therefore, we have decided to present seven of the most important steps each student should take to save money and avoid getting into massive debt while studying.
Steps to save money for students:
Say no to things that are not important in his life.
For instance, revise your household habits. It is always a good idea to switch the lights off when leaving the room or unplugging your chargers once you are done using them. Just look around: you might be paying for things just left switched on.
Moreover, things like eating at a restaurant with friends are good for special occasions like birthdays or holiday celebrations. However, try spending most of your time eating at home. There are tons of recipes for busy people like you, so it won’t take too long to prepare a meal, but it will help you keep your pockets full.
And while still on this topic, consider working out at home. You’ll be surprised at how many awesome videos there are on the Internet where well-known coaches teach how to work out at home. Using these free resources will save a significant amount of money on monthly basis.
Acquire new essential habits.
The first habit we would recommend to acquire is that of creating lists of thing you need to purchase before going to the supermarket. It is commonly known that this simple habit can save you much money! And the next one is quite similar to this: if you are going to buy food for the next week, consider eating before heading to the supermarket. Even if you are not a heavy eater, if you go to a shop without a square meal in your stomach, you will end up purchasing more food than you actually need.
Another habit you should develop is taking water from home when going out with friends as well as to the classes. Tap water is significantly cheaper than bought bottled ones.
Finally, our last example of useful habits that will be of great use to your pocket is getting a bicycle. Riding a bike will not cost you anything unlike trains and any other kinds of public transport. If you have a car, but you do not have to cover long distances every day, switch to a bike at least in warm seasons. You will cut your expenses and will get you in better physical shape.
Spend money wisely.
First of all, try to avoid spontaneous purchases. Remember that lists of things you need are your best companions now. Do not buy things that are not on your list.
As an idea, you can consider getting clothes, books or any other household goods at secondhand or charity shops. You will get at least fifty percent off the original price, and the quality of the products will be pleasant for both your eyes and your pocket.
On top of this, spending wisely also applies to paying your rent. Consider splitting the rent expenses with fellow students or rent a room in a flat to cut costs. Just think of the money you’ll save if you move in with your friends! You will find better ways to use those money than on rent.
A part-time or holiday job can give you that extra bit of cash to tide you over in times of need.
Get a job.
There are tons of opportunities for you both to dedicate enough time to studying and provide for yourself. Among the best jobs for students are tour guides, swimming instructors, nightclub part-timers like waiters, bartenders, promoters; you can also consider working in catering business or delivery.
You can also volunteer in different organisations or trade your talents with students like you.
Start writing your budget down.
Get a special notebook for all your expenses and income. Once you get paid, make sure to write it down; save your receipts from the places you visit or after each shop to be aware of how much money you spent and what you are left with. Gaining a better understanding of your financial situation is the key to spending wisely and saving more than you spend on regular basis.
There is a number of apps that you will find useful when maintaining your personal budget. Check out Expense IQ, Fast Budget, or Financisto. Alternatively, create a regular spreadsheet to enter all your expenses into. These apps or manual spreadsheets are great as they also show you where you are spending all your money, and you might be surprised where some of it goes. Knowing where it goes is the first step to cutting it down.
Get a savings account.
Every time you get your salary, consider putting at least one twentieth of it in your savings account. This sum will be quite small at first, but in six months it will get significantly bigger; so don’t hesitate to start saving up. Just make sure that you do not use this money for spontaneous purchases. Make a deal with yourself to only spend them on a particular purpose or after a specific time period.
Be accountable to someone regarding your expenses.
Knowing that someone will ask you about your savings account or the purpose of a purchase you have made will keep you at a safe distance from buying things you don’t need. So ask your parents or close friends to ask you about your financial situation every now and then to keep yourself safe from living with empty pockets.
In conclusion, just remember that these tips will ensure you are doing well financially. They are very simple and tremendously useful. Give them a minute and consider applying them to cut your expenses and save money for a good cause! If you’ve got any good tips as to how to save money at uni, please let us know!