Essential Money Saving Tips for Students
It is easy to get caught in the rush of things when you are in college. In the midst of studying, part-time jobs, socializing and extracurricular activities that you have, you are most likely to forget one of the most important things, which is straightening out your finances.
Here are some tips on how you can save money as a student:
1. Plan ahead.
If possible, do this even before you move into your dorm room.
Check if you are eligible for scholarships and other grants before signing up for any form of student loan.
Construct a cash flow. First, where do you expect to get money from? Make a list of your ?income?, be it from your parents, your student loan or your part-time job.
Then forecast your expected monthly or weekly expenses for food, books, etc. Once you have set aside a budget, be strict with yourself and stick to it.
You will never know what unexpected expenses would come your way so it is better to have a downfall for financial emergencies.
2. Save on food.
One of the major expenses that you have as a student which you might have ignored when you were still living with your parents is your food allowance. Avoid eating at fast food outlets, as this is most likely to ruin your budget. Pack your lunch and plan your meals as much as you can.
3. Take full advantage of student discounts.
Those ID?s in your wallet are not just for show. Student ID?s and memberships in organizations are honored in several establishments which offer discounts.
Also, patronize a certain establishment regularly and you are bound to get bonus cards for being a loyal customer.
4. Use your cash as much as you can.
Since you already have a draft of the items where you will spend your money, it is easier to monitor your cash flow. Avoid using your debit card when you have cash with you. Use your credit cards or write checks only in emergencies. Having debit cards, credit cards and checks handy might lead you to overspend.
5. Keep yourself busy.
Join clubs according to your field of interest.
Keeping busy will let your mind wander and help you stay away from things that you are likely to spend money on when you get bored. Examples of these are snacks, movie tickets or game rentals.
You will be surprised at the amount of money that you will actually save by spending less on luxury items, following your budget plan and saving for financial emergencies that you are most likely to get as a college student.
You got a great top there. that is whati used to do in college and even now.. I did save up enough money when iwas studying and did start better business after i graduated, although i am running my business even i was still going to school.
I was always engaged in spending my money wisely and by the time when I reached 18 years, I started to earn money for my own pocket money but sometimes I used to ask money to my parents in some rare cases.
It would be advisable that the students should think about earning their own pocket money after they reach 16-18 years.
I always keep myself busy in order to keep saving my money. If i'm alone and not doing anything, i will go to shop and buy something to eat like ice cream or snack.
I only will use my money for some purpose only unless i cannot control myself like bored or frusted with somone. I hope i will never do something like that. Its involve my money and hard for me to save my money as student..:(
well the best way for a student to save money is to stop spending a lot of money in the clubs.usually when they go into a club they send all the money they have on them.if you like clubbing you should buy less...a juice or 2 would be enough and you`ll see that you`ll save a lot of money.
Jerlene,
That was great advice. My son graduates in May 2008 and his main method of saving money was to live at home and use his mom and I as his ATM machine. <g> In his defense, he did research and find every grant available so he wouldn't have to take any money out of his pocket to pay for school other than books. He found enough money so he never had to take a student loan either. His initiative were two reasons why we let him live at home while attending school.
He carried a full load plus worked full time as a bellhop in a local htoel/casino. Not everyone can live at home is a point I fully realize but if you can and your parents agree, do it. The money you save may allow you the luxury of taking your time in searching for the right job for you.
Something to think about at least...
One thing, avoid go to shopping and watch cinema always. If you do that every week and treat your girl friends always, no wonder you not have any cent to save. At least try to save 1 dollar everyday. I know its really hard. But try it first and no need to rush. After 1 year, you will get $365 right if you manage to safe 1 dollar everyday. If you do that for 10 years..so, maybe you already save $3650 in 10 years? How about if you put that money at Bank? You also can earn interest right? Thats what i try to do now. At least, keep 1 dollar everyday..
Thats been a very good tips from you, nowadays students are not using their ID's to the full extent. Everywhere students are allocated with some useful discount and cut-off price in their products. Even their study materials are also soled in discount manner and as a student we should be using our college library and all the available library to a very great extent and thus becoming member by paying some little amount for their membership and in turn it reduces our cost of buying our study books and materials that we need for our syllabus.
I agree with the last three of the five ideas almost fully, but the first two are problematic to some degree. Planning ahead in college can be difficult because a lot things that you do are spontaneous and if you plan ahead 100% you will miss out on some opportunties to do some things you might regret missing. The ability to think on your feet is a good one in this instance because you could substitute one thing one week from not doing something the next.
As for saving on food, a lot of schools force students to buy meal plans, and the meal plans limit the time that they can eat which makes it difficult for them to save on food. A lot of dorm rooms are not equipped to prepare cheap food, so expensive snacks are and fast food are often a resort students living in dorms.
The more I think about it though, these are good ideas for students who commute to school, but resident students have to think of more ways to be flexible with their cash.
Checking for scholarships though, is always a good idea.
