For most students, financial management at school is one of those daunting experiences, especially during these years when tuition costs, textbooks, and living expenses have gone up. Money-saving tips for students are important to keep up with academic life.
Whether one lives on campus or commutes, there are many ways one can practically adapt to help stretch their dollars further.
However, take a deeper look at many ways to save money, narrowing down the search to some key techniques that are particularly suitable for students.
Types of Expenses Students Face
Before dealing with the ways of saving money, it is necessary to consider what kinds of expenses students face:
1. Tuition and Fees: Of all major expenses a student has, tuition is one of them. Besides that, lab usage fees can be expensive, as are student activities fees and campus facilities fees.
2. Textbooks and Supplies: Textbooks, notebooks, and software materials are quite expensive too. Most of the students are also expected to have a laptop, calculator, and any other special equipment related to their major.
3. Housing and Utilities: This often consumes a large chunk of the budget when one is living off-campus, paying rent and utilities. On-campus dorms may be cheaper; however, to survive, you have to be very frugal in your spending.
4. Transportation: Whether this is to and from school or for internships, fuel costs, transportation costs, and parking fees tend to start adding up.
5. Food and Groceries: Daily meals, snacks, and drinks either purchased on-campus or made at home make up a big chunk of student expenses.
6. Entertainment and Socializing: That’s quite all right that you balance your academic life with your social life, but in the same way, it strains your budget, too.
Fast Money-Saving Tips for Students
Being financially savvy as a student is all about making wiser decisions about where your hard-earned cash is going.
1. Create and Adhere to a Budget
First, budget your income against your expenses. Be strict, and set your limits on certain categories. There are so many free budgeting applications out there that make managing finances a whole lot easier.
2. Buy Used or Digital Textbooks
For books, get second-hand copies or rent your books from Chegg or Amazon. So many of your academic resources are digitally available online at cheaper prices, some of them even free. Many other libraries have course materials that are free and accessible, even e-books.
3. Use Student Discounts
Many retailers, restaurants, and services offer some form of student discount. It is well worth getting into the routine of having a student ID on your person wherever you go and asking, “Do you have any discounts available?”
Many well-known brands offer special pricing for students. If you take full advantage of your student discount, you can save quite a bit over time.
4. Cook at Home
Snacking from the vending machines and eating out add up fast. Thus, plan and prepare your meals at home and save the money.
Save money by buying groceries in bulk and cooking your meals; this does not only save money, but it guarantees that you will eat healthier.
You may want to consider batch cooking and freezing so that you won’t have to spend extra money ordering takeout.
5. Public Transportation or Walk
Save money on transportation by taking public transit wherever possible. Many universities offer reduced-transit passes for students. If you are close enough, you can walk or bike to campus and avoid parking fees or gas.
6. Free Resources on Campus
Your campus probably has a lot of free resources available, everything from the gym and library to tutoring services and extracurricular activities.
Make full use of these resources to enhance your academic experience, and to help keep overall costs low.
Can You Save Money in College?
You can always save, but most of the time, only if you carefully plan it and are disciplined enough. Savings, even from time to time can amass big amounts and act as a cushioner in case of any unplanned expenses or any post-graduation plans.
Having money-saving strategies such as budgeting, using student discounts, and keeping within one’s means already puts one ahead despite the meager student budget. It is all a question of consistency, and every little indeed helps.
About how you should save a student, there is no set amount to saving that applies universally across students. A good rule of thumb to use would be to save at least 10-15% of any income that is earned.
For instance, if you work part-time and you earn $500 monthly, you set aside $50-$75 in savings. If you have scholarship or financial aid money, you can attempt to save some of that money for future expenses.
The good thing about this savings habit you are trying to develop now is that it’s going to help you after you graduate and go into the workforce.
7 Things Students Should Save for
While there are other things that students need to spend money on, there are key places where savings need to take precedence. Let’s look at seven relevant areas:
1. Emergency Fund
Having a small emergency fund will cover some unexpected expenses due to medical bills, car repairs, or sudden travel. Aim to save at least $500 for an emergency fund.
2. Tuition and Fees
Save in good time, well in advance, for tuition and other required fees at the start of the semester, as long as you do not have scholarships or any other forms of financial aid that could cover such. You will, therefore, be ready to address whatever deadlines such payments fall due.
3. Rent and Utilities
Housing is usually the largest expense that a student will face. Whether you will be off-campus or in residence, setting some money aside for rent and utilities will help to ensure that you can cover your living expenses with minimal stress.
4. Textbooks and Course Materials
Save in advance rather than scampering around for textbooks and major course materials when the term has already begun. Be it a bus pass, gas, or maintenance for your bike, plan every beginning of a term according to what your course may require.
5. Transportation
Whether this is through a bus pass, gas, or maintenance for your bike, transportation is one of the most common student expenses that you should budget regularly. Having money reserved for commutes helps you not overspend in other areas.
6. Social and Entertainment Budget
While saving is paramount, you still have to have some college fun. You can budget a little money to go out for social events, go out with friends, or do extracurricular activities. You will be able to have fun and not overstep your means.
7. Savings for the Future
It therefore behoves even a student to plan and look toward long-term financial planning. Save for studying abroad semester, pay off student loans, or start up a retirement fund-saving a little money habitually will help build habits to save for the future.
Conclusion
The students’ money-saving tips will make all the difference when it comes to managing money at school. Learning to budget, taking advantage of discounts, and prioritizing your savings in key areas is how one can have better control of money while having the full college experience.
You are not only graduating with a lot less debt if you establish these habits now; you will be building a good foundation so that you can take control of your finances for life. Smart financial decisions will go a long way in serving you both during and after your student years.