As a student, it’s usually essential to get used to living on quite a small budget as quickly as possible. When you’re at uni, you might be living off the amount of money that you get from your student loan, relying on your parents to send you a little bit of money each month, or earning some income from a part-time job – but most students will agree that studying and getting a degree takes priority over making money.
More so, when a student has taken a science or mathematics major. Not only would he be required to give more hours in order to grasp the concept better, but he might also need tutoring from experienced science or maths tutors. This can take a significant amount of a student’s time, and even if he desires, he might not be able to take out time for a part-time job in order to make some extra money.
As a result, students often need to get used to living without certain luxuries and learning budgeting skills to make the cash that they do have stretch as far as possible. We’ve put together some top tips that you might find useful to save money at university.
#1. Pay Into Savings First:
Opening a savings account while at university is a great idea – whether you’re saving up money towards graduation so that you’ve got some funds to fall back on when you’re looking for a job, or just saving up for any financial emergencies that you might find yourself in as a student. Having some money put away in a savings account means that you don’t need to worry as much if your student loan is beginning to dwindle or if you get hit with an unexpected expense. For instance, there might be a sudden breakdown in the heating or cooling system of your place. Honestly, the repair cost could be much higher than expected. Moreover, the Massachusetts fuel ban (if you are from Massachusetts) might make it more changeling for you if you use propane for house heating purposes. Therefore, it is important to keep a check on all these unexpected disturbances which might affect your daily expenditures and can put a dent in your savings. So, in such situations, emergency saving funds can help to take care of necessities that you are not prepared for. The best way to manage your savings is to work out how much of your student maintenance loan you can afford to put away and transfer this amount to savings first before you are tempted to go and buy yourself something nice instead or take on more credit.
#2. Learn to Cook:
Anybody can learn to cook – so even if your culinary skills aren’t that great, you can be making simple yet delicious meals in no time with a bit of practice. And when you’re at uni, knowing how to cook means that you’ll be less tempted to waste your money on takeaways and fast food, and you’ll be able to eat healthier, too. Plus, if you know how to make cheap yet tasty meals, don’t need to live off cheap instant noodles or beans when you are running low on funds you – you’ll be able to make meals you’ll enjoy at a low price.
#3. Ask for Student Discount:
One of the great things about being a student is that there are so many discounts to be had! So whatever it is that you need to buy, don’t part with your money until you’ve looked into how much money you could potentially save simply by showing your student ID. If you’re buying in-store then ask at the checkout before making your purchase, and if you’re buying online, apps like UNIDAYS are great for finding promotional codes exclusive to students that you can use for technology, fashion, travel, and much more. You can even get discounts on upskilling courses, such as English for beginners, IELTS preparation classes, etc., that can help you in creating better opportunities for your career. This can help you save money as well as open better routes to grow in your career and earn satisfactory wages later in life.
#4. Find Free Entertainment:
For many students, going to university is a time to have fun with their new-found friends – but all that entertainment can quickly add up and become super costly. The good news is that when you’re a student, you can take advantage of all the free or at least very cheap things to do on campus. Get involved with as many student societies as you can; they often hold regular meet-ups where members can take part in a lot of fun activities. And drink at the student union bar – it’s usually a lot cheaper. Additionally, if you have an internet connection (maybe from the best satellite internet provider), you can check out free websites to watch movies and TV shows in your free time.
#5. Buy Second–Hand:
Buying items second–hand is a great way to save money, whether you’re a student or not. Whether you need textbooks, a new computer, a new smartphone or something else, check out sites like Gumtree, eBay, and Facebook Marketplace first to see if you can find what you need preloved or refurbished at a fraction of the price that you’d normally pay for it brand new. Even when it comes to buying new clothes, using apps like Depop or shopping at local charity shops can be a great way to grab some bargains. Plus if you’re trying to be as eco-friendly as possible during your time as a student and beyond, getting into the habit of buying second-hand items whenever you can will help to significantly reduce your carbon footprint and reduce your contribution to mass production. And, don’t just stop at buying – you can make money from selling your unwanted items, too.
Many students are constantly looking for more ways to save money. If that sounds like you, then we hope these tips have provided you with some good ideas to use to make your money stretch further.
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