Going to university is an exciting period in our lives, but being a student is more expensive than it ought to be. Moving to a new city, finding a place to live, and adjusting to an intense school schedule is already tough as it is, so fitting in a part-time job can seem like a hassle – not to mention taking out a student loan early on.
Thankfully, the internet is your friend, and there are many money-saving tips and methods for earning extra cash online. So, whether you’re a high school student or a college student looking for ways to cut educational costs, we’re here with 11 different strategies for saving money!
The Art of Saving
If you want to save money in college, the first step is to cut out all unnecessary spending. This is an essential step and usually requires the most discipline. But for any starting young adult, this skill could take some time to achieve.
As an alternative, you could try easy ways to earn extra money without investing too much of your time. Take Pawns.app, a website that lets you earn for sharing your internet connection.
Who wouldn’t want to earn a little extra on the side, especially when they have school-related expenses to settle? And for additional earning potential, download the app to access paid surveys, or even play paid games with earning potential.
But if you’re looking for more than just saving money on school supplies, here’s a list of 11 money-saving tips you can try out right now.
1. Buy Second-Hand Clothes
To most of us, going to university is also where your social life begins to shine. Meeting new friends, spending quality time, and sharing ideas is a wonderful time! And a big part of this is self-expression through appearance and apparel.
But following the latest trends and fashions can seriously overthrow your monthly budget. Worry not! You’ll find some satisfaction in the gems at second-hand charity shops such as Octavia and Oxfam.
There’s obviously the bargain price as an incentive, and you may run into a rare treasure. What’s more, you know that the money you spend in these stores will go to a good cause as you’ll be substituting fast fashion to breathe new life into used clothes.
2. Leave Food Shopping for Later in the Day
Being mindful of your spending and planning your food in advance is a key method for saving money. While most people prefer to do their weekly or biweekly shopping activities at the beginning of the day, the truth is, that you might be missing out if you’re doing it in the first half of the day.
Most stores have clearance sales in the evening, where goods near their expiry date are sold for less than their original price. The best part is that these foods usually have a few more days left in them and won’t expire on you the very next day. Take your pick of dairy products, bread, and seafood, and save that extra coin.
3. Cook for Yourself
Responsible grocery shopping is just one side of the coin. It’s important to realize both the savings potential and the numerous health benefits of preparing food for yourself. Moreover, learning how to cook high-quality food is a vital skill.
Forgetting the fact that eating out is expensive, cheap quick meals aren’t good for your health. Sure, the ramen noodle pack has become a global staple symbolizing student life, but this should really be avoided.
Cooking at home is much healthier as you can control your fat and sodium intake. Plus, once you get used to it and find the best recipes for you, it becomes fun!
4. Hide the Credit Card
Credit cards are a great luxury, but they can also just as quickly lead you to more debt, especially if you have a student loan to carry on your back. The idea of buying something you really need now and paying can help in dire situations, but how can we decide what’s essential and what’s not?
If you already have a credit card and don’t know how to utilize it yet, the best thing to do is not use it in the first place. Remove it from the quick payment options on your phone, and place your credit card safely at home so your reach is limited.
5. Search for Free Entertainment
College is the time a lot of us remember as one of the best times in our lives. It doesn’t matter what your financial situation is, everyone can have fun without breaking the bank. One thing you could try is to check out your university’s event calendar for movie nights, concerts, art exhibits, or guest speaker events, which are often free for students.
Additionally, take advantage of your student ID. A lot of museums, cultural centers, and parks offer free admission days or discounted entry with a student ID. For outdoor activities, there’s always hiking, biking, picnics, and many more.
6. Create a Monthly Budget
A dedicated monthly budget is the backbone of any financial goal. It allows everyone, not just students, to effectively manage finances and avoid overspending.
One of the most popular budgeting methods is the 50-30-20 rule. This rule essentially divides your monthly income into three categories:
- 50% for needs (like rent, groceries, and bills);
- 30% for needs (like eating out, entertainment, or hobbies);
- and 20% for savings or debt repayment.
To help you stay on your budget, you can utilize apps like Mint or YNAB (You Need A Budget). These apps make it easy to track your spending in real-time and send out an alert when you reach a predetermined limit.
7. Cancel Unused Subscriptions
Netflix, Hulu, Spotify, and other popular platforms offer valuable luxuries, but unfortunately, they can quickly add up. But the problem with subscriptions doesn’t end here. With so many new and exciting apps being launched and advertised daily, offering all-too-comfortable free trials, you’d be surprised how many people subscribe to apps and services they don’t need and forget to use.
As a first step, check your active subscriptions on your phone settings and cancel any services that you don’t need. Additionally, make sure to check your bank statements to see all monthly payments like streaming services, gym memberships, magazine subscriptions, or even apps with recurring fees.
If there’s a service you really need like Netflix, consider splitting the bill with your friends or roommates. As a bonus, big platforms like these also offer special student discounts, so make sure to take advantage of those.
8. Leverage Public Transport and Discounts
A car is viewed by many as a necessity, particularly in the US. However, in reality – it’s a luxury. When you add up all of the basic costs of owning a car, insurance, and maintenance, it becomes something young families struggle with.
That’s where public transport comes into play. Some time back, it might’ve been less convenient than cars, but today, public transport has become way more comfortable and faster. Not to mention that getting a transport card is several times cheaper than owning a car.
Sure, choosing public transportation won’t immediately help you reach your financial goals, but it’s another step closer to saving valuable money for a student. Plus, most buses, trains, metros, and trams offer amazing fair discounts.
9. Use Free Software
Software, online tools, and equipment have become essential for any modern student. At the same time, these essentials are also expensive, especially if you’re getting everything at the same time.
For writing papers, creating presentations, and organizing group projects, Google Docs, Slides, and Sheets are great options. Besides offering all the basic features when compared to Microsoft Office, Google’s resources also allow you to easily collaborate with others.
For design needs like social media, posters, or others, Canva is one of the best free options out there. This also makes it easy to utilize tools like Canva to earn a bit of passive income in your free time!
When it comes to equipment, companies like Apple and Microsoft offer special pricing for students on laptops, software, and accessories. However, this could still be too expensive, so consider searching for second-hand laptops and other necessities.
10. Save on Rent by Sharing Accommodation
Roommate stories and adventures are there for a reason, it’s simply way cheaper to share an apartment with other students than to rent alone, since rent will probably end up being one of the biggest monthly expenses for any student.
Splitting rent and utility bills with roommates can lower your monthly expenses and free up money for other necessities. For example, renting a two-bedroom apartment and sharing it with a roommate is way more affordable than renting a one-bedroom place on your own. As a bonus, sharing a space can make it easier to divide costs on the internet, electricity, groceries, and good old Netflix.
11. Buy in Bulk
Finally, we have another simple method that has the potential to become a sustainable and long-term money-saving strategy. Buying items like groceries, cleaning supplies, or toiletries in bulk can be a great way to save money for students.
Look out for major discounts, talk it over with your roommates, and try to stock up on items with a long shelf life like rice, pasta, canned goods, and toilet paper.
Additionally, since you’ll be dividing the shopping costs with your roommates, the total price will go down even more, allowing you to save up more and use the money on something you need.
How Can Students Save Money?
There are tons of ways to save money as a student. You can shop later in the day for massive discounts, embrace homemade meals, rely on second-hand goods, avoid unnecessary credit card spending, be frugal with your entertainment options, or simply complete quick online surveys to earn a little extra.
Whatever you decide to try out, the key thing here is to be mindful, and understand your capabilities before engaging in any activities as you progress through your college years!
