Making money has become an essential part of student life, as the need for extra income to cover rising tuition fees and living costs grows. However, improving your bank balance isn’t always about finding new ways to add to it, but also about finding new ways to save money in college.
So, without further ado, let’s look into some of the best ways in which students can cut back on monthly spending. Oh, and don’t forget to let us know about any of your own ideas too!
1. Draw up a student budget
It may sound a little boring and long winded and the majority of students dread analyzing where their money is really spent. But drawing up a student budget is the best start you can make to saving money.
You can go into as little or as much detail as you like but at a basic level you want to find out where you are leaking cash. After this it’s up to you to plug up these leaky holes (with help from the tips below).
2. Find student discounts
One of the best benefits of student life is undoubtedly the student discounts. Being a student can get you money off almost anything, from a new clothing purchase to a trip to the movies.
Whenever you make a purchase you need to check if there are any student discounts on offer. Even if you don’t see anything advertised there’s no harm in being a little cheeky and asking. But do keep in mind that just because something has a student discount, this doesn’t mean it’s always the cheapest option!
3. Use comparison sites
There’s an amazing thing out there called the internet and you should be using it to its full potential when looking for ways to save money. There are plenty of price comparison sites where you can compare the cost of all kinds of items across different retailers. It’s so easy, there’s no excuse not to save money this way.
4. Allow a cool-off period
Impulse purchases are something everyone suffers from. If you are susceptible then you need to work on some tactics to cut down on these spending binges.
One simple tactic is simply to sleep on it. Take some time out before making any big purchases on things like electronics, clothes and holidays, in order to decide if you really want it. If you leave it a couple of days and still find your life lacking, chances are it will be a good purchase
5. Do the research before buying or renting textbooks.
“Always always always Google your course/school to find out if past students actually used the textbook BEFORE you buy. I often found reviews saying the teacher never taught from or referenced the “required” text.”
6. Shop for food and cook smart.
“I would cook for myself and hardly ever eat out once I moved to “apartment” style dorms. I hardly ever bought any prepared foods and ate almost entirely freshly prepared food because a pound of pasta and a jar of sauce (or making your own) is cheaper than the pre-packaged “quick meal” type stuff like Rice a Roni. It’s also a lot healthier. I’d buy bulk and freeze stuff to keep costs down (particularly meat).” — Rachel Maxam, Facebook.
“Don’t go shopping for food when hungry.Always bring a pre-planned list. Stick to the list!”
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