As a student, you are often challenged with busy schedules and even tighter budgets. As tuition rises and costs for textbooks and living expenses impact budgets, finding smart ways to stretch every dollar you can is important. Luckily, there are many simple ways to save money as a student without compromising quality of life. Here are 10 easy and practical ways you can save money as a student.
1. Create a budget and stick to it
When you create your budget, track the amount of money you earn and how you spend it. Start by writing out a plan for how much you want to spend, where it is going, and when. Consider using some of the popular budgeting apps available today, such as Mint or YNAB (You Need a Budget), to view and plan out your spending monthly. Following a budget keeps expenditures in check and leads to smarter use of your finances.
2. Buy used or digital textbooks
Textbooks each semester can be a big load to carry for a student budget. Try to find a used version, rent a book, or opt for a digital version, which are all usually cheaper than new books. Websites like Chegg and Amazon or locking into lower-priced versions from your campus bookshop all have options for students.
3. Utilize Student Discounts
Many retailers, eateries, and subscription services provide student discounts. Always ask if there’s a student discount, and always take your student ID with you. Many services, like Spotify and Apple Music, and even some clothing stores, have significant student deals.
4. Cook at Home vs Going Out
Going out to eat can quickly drain your resources. Cooking from home is not only cheaper but often healthier too. Learn to cook a few easy meals and buy food in bulk in order to save even more!
5. Use Public Transportation or Walk
Having your own car can quickly become expensive in gas and insurance, not to mention wear and tear. When you can, walk, bike, or use public transportation at a student’s rate. Many college campuses have free or discounted transit.
6. Use Your Credit Card Sparingly
While a credit card can be a valuable tool in building your credit, it can also put you in debt. Only use your credit card when necessary and always pay the balance in full to avoid interest charges. Additionally, you should not buy something on your credit card simply because it has a reward program.
7. Buy in Bulk and Split
Buying household essentials (or groceries) in bulk can create huge savings. You can split the costs with your roommates or friends, which will save you all a little money and help to cut down on waste.
8. Go to Free Campus Events
Almost every campus has plenty of free (or low-cost) entertainment in the way of movie nights, concerts, workshops, and fitness classes. Take advantage of these free events so you can have fun without spending any extra money.
9. Use Campus Services
Instead of paying for a gym membership or printing at another location, use your campus’s services. Many universities have free access to their campus gym, computer lab, and library (all of which are free for you as a student).
10. Seek Out Part-Time Jobs or Freelance Work
Extra money is a good way to relieve financial stress. Look for part-time jobs on campus or remote freelance work that accommodates your class schedule. Just be sure your work doesn’t infringe on your academic obligations.
11. Benefit from Student Discounts
There are many places, including Spotify and Apple Music, clothing retailers, and streaming services, that offer student discounts. Whenever you are about to make a purchase, ask if there’s a student rate—there are many places that do.
12. Avoid Impulse Buying
Before you purchase something, ask yourself if you really need it. Prevent emotional spending by establishing a 24-hour rule; anything that isn’t essential must be put on hold for a day before you buy it.
Final Thoughts
As a student, saving can be easy and does not require monumental changes, just a little planning and awareness of your choices. By using the ideas above, you will be able to better manage your finances, lower your overall stress, and even have the possibility of starting a savings buffer for your future.
