Being a student can sometimes be tricky, especially if you don’t know how to save money. However, I believe that saving money is the initial step towards financial freedom. If you have the wisdom to save money as a student, it will be a good sign of being responsible with money in the future.
Saving money has never been a walk in the park, not only to students but also to any other individual out there. That’s why I am here with this guide to help you start saving money as a student.
Now, there is something that you must try out as a student to start saving money.
Start a Side Hustle
Don’t lie that you are always in class for 24 hours in 7 days a week. I know that you usually have lots of free time whenever you are not in class. Do you know you can make that time to be productive money-wise?
Well, it’s possible. But what side hustles can you do as a student.
- The most convenient one is freelance writing.
Ensure you have a fast internet connection, a laptop, and guidance to start making money as a freelance writer. Most students are paying their bills using freelance writing. You have to spare 4-5 hours in a day, and you can make it.
- What do your fellow students wear?
I have seen multiple students selling classy outfits to their friends during their free time. So can you start something similar?
Alternatively, you can start part-time jobs at your lecture quarters, and you will earn from it. For example, let’s say something like washing their clothes, cleaning the compound, or even walking their dog around.
Now that you know how to make money while in school, how do you save money?
How to Save Money as a Student
Consider Photocopying Books
In most cases, lectures and tutors will send you to buy certain books, and you can consider photocopying the same book. It will be cheaper compared to the new book.
Another option is buying the books from your friends. In most cases, friends on the higher level could have the text that you need at your level. So what if you buy from them, it will still be cheaper than the original cost.
Use Meal Cards
I know with meal cards, you will access cheaper food in school than outside restaurants. But, remember, the bottom line is that you need to spend less to save the rest of the cash.
Consider Sharing Accommodation with your Friends
Let’s say that an apartment how’s for $100. If you share it with some other three friends, each of you will spend $25, which is cheaper than what you could have spent while alone.
Sharing apartments will also contribute to cheaper things like cooking a shared meal, which is more affordable than alone. You will also share some other things that you could have used more money to buy independently.
If there is a mutual agreement on what you buy as a group, you will find school life easier because you will have something to save.
Stop Impulse Buying—at all Cost
Suppose you go too small with your friends, and you see those buying things that you don’t require. Kindly don’t follow the wave and start spending unreasonably.
I would encourage you to carry a shopping list and only an estimated amount of cash you will spend on that day. They will discourage you from impulse purchases.
Use your Student Discount
Some shopping malls will see you with discounted prices, as long as you are a student. If you carry your student ID with you, you may end up getting the best deals while buying items in malls.
Not only in malls, but you can also still get discounts in bus parks or railway stations. Therefore, make use of that, and you will make it to save the extra cash.
Learn to Do a Budget
I know that budgeting skills are not for everyone. However, the earlier you learn to budget, the better. You can go with fast payday loans online if you are struggling to buy luxury in your college days. If you knew to budget the small cash you earn or get from your parents, you would have passed a challenging money exam.
Saving money should be the first thing to do after you get your income. Follow the 50:30:20 rule, and you will manage to pay yourself first.
Bottom line
It’s possible to save money as a student-only if you put in the required efforts. However, once you develop the saving money habit, it will still be easier to keep money in the future.
Remember, there is less you can achieve if you keep on spending all that you earn. And to add to that, you’re financial life will be in danger if you have no savings.