Being a student and managing all the expenses and desires is very difficult. Sometimes students spend money on the areas on which easily money could have been saved. To save you from such situations, here are nine money saving tips for students
1. Collect Discounts
Being a student, you are entitled to many discounts that you might not be aware of. You can always ask the helpdesk whether there are any student discounts available with them like a £30 16-25 Railcard can bring your travel expenses down to a third.
2. Creating a Budget
Creating a budget beforehand is very important, by this you can always limit your expenses and also save for anything big that you are planning to do. You should start with a certain amount of money and then divide the money into different expenses that you are going to incur in the month, also keep some money reserved for some unexpected expenses. In case, by the end of the month, you didn’t have any extra expenditure then this reserve money will be your savings for that month. Planning everything in advance will also give you a state of mental relaxation which will increase your concentration and efficiency.
3. Using Public Transport
It is a lot easier to save money by using public transport. Going by private cabs spends a lot of extra money that would have been saved by using a cheaper alternative of a bus or train. Look for such cheaper ways of travel before planning your journey. If you are a frequent traveler on a certain route then definitely consider making a monthly pass that will save a lot of money. Ask the customer care executives for the availability of such passes. Using public transport is also very good for our nature and by using it we are also promoting a greener tomorrow.
4. Plan Your Meals
Creating a meal plan in advance ensures your physical as well as financial health. You can cut out extra expenses that you are making by making a meal plan and save a good amount of money. Going to a restaurant and ordering your favorite food sounds really fun but it costs you a lot of money that you would have saved by either checking the rate list of the restaurant or by going to the restaurant in off-peak hours.
5. Student’s Bank Account
There are many students who don’t even know that banks offer different schemes to students and a student’s bank account is one of them. Student’s account is very handy for students because of the extra privileges given by the banks to the students in terms of lower or no maintenance charges, higher interest rates compared to regular savings accounts, lower interest rates on student loans, etc. Being a student you can also get special financial advice from your bank which can help you in saving money.
6. Student Credit Card
There are many banks that offer special credit cards to students which they can use to get cash back on the money that they spend. By setting a specific limit on their cards students can get a huge help in creating a budget. Also, they can get 0% interest on the bills if they pay the bill every month. There are also some travel benefits included in the credit cards, sometimes.
Students should never share their card information with others, otherwise this can result in huge financial losses, if someone gets access to their bank accounts.
7. Using Second Hand Books
Generally speaking, as the complexity of the subject rises, the price of the book also increases. That’s why students can opt to buy second-hand books from the market and save money on their books. If you are having a well-established library in your university or school then rather than buying books you should definitely lend them from there. You can always put book requisitions in the library for the books that are not available in the library.
8. Become a Pro at Supermarket Shopping
Buying from a supermarket is always cheaper than buying from an express shopping outlet. That’s why you should buy the items required, well in advance from the supermarket to save time and money both. Also, look out for different sales and offers in the festive and holiday seasons, they can definitely save you money. They are always some good deals going on some off-season items, don’t miss them.
9. Doing a Part-Time Job
If you have a decent amount of free time and are willing to work in that time then you should give the part-time job a serious thought. There are many part-time jobs available for you out there. You just have to start exploring yourself and some online classifieds website. Remember, if you are good at something they never do it for free. Part-time jobs will help you earn a decent amount of money and manage your living expenses.
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