Are you a student? I am sure then you must be wondering how students save money especially when most students do not have a revenue source, and yet there are many expenses. Even if your parents sponsor your education and living expenses, it is still imperative to be in complete control of your finances. So, How can students save money? It is all simple really. Here are our Tips on How to save money as a student. We at your rich freedom, believe that nothing is impossible. We are on a journey to achieving financial freedom and if you relate to this, join us on our journey. We recommend starting young by building the right mindset and building your financial literacy from the resources on our website. Let’s get back to how students can save money.
When I was young I was always dreaming about becoming rich and not having to ask anyone for money. Back then, the pocket money I would get was worth peanuts. However, I would use that money wisely and by that I mean, save it in my little piggy bank. Have you been here?
From a student perspective, I am sure the expenses are never-ending and most of the money is usually spent on food, transport, phone bills, and stationery. It is totally normal to live in the moment as a student. So, it is often hard to save. Saving is a choice one has to make if they want to be secure in the future. There are always ways you can save whether you earn enough or not. How? The answer is right here. Read below the Tips on How to save money as a student.
1. Earn while you learn:
Firstly, what is money?. Do you know the answer? Let me put it plainly. Money is defined as anything that you can use to buy goods and services. Don’t we all buy a lot of things? Some purchases are what we really need and some, the luxury of life. When you desire both, have you asked yourself which source of money to use? That is something we need to think and talk about.
One of the best ways to earn is by spreading knowledge to others. You can either take up tuitions or if you have a passion that you can monetize, try coaching. You can coach someone on a game, chess, art, computer software and so on. The possibilities are endless. You can also do several odd jobs such as being a helper, a writer, a dog walker, etc. I used to coach here and there as well as write for a blog while studying. This additional revenue definitely helped a great deal with my personal expenses and reduced my reliance on my parents.
2. Volunteer at NGOs:
There are several NGOs or social activity-related organizations where one can volunteer. Most of these NGOs pay small stipends or fees for the period of service rendered. Not only are you giving back to society in this way but you will be able to bear a part of your living expenses in this manner.
3. Sell online
With the presence of technology and social media, there are numerous ways one can sell their art or videos in any genre and make a living. You can try amazon affiliate, start dropshipping via amazon, start your own blog and become an influencer, or start your own eCommerce store. The options are limitless. If you have a skill that is in demand, for eg. copywriting, blog writing, web designing, you can always start selling your services on Upwork, Fiverr, etc.
4. Control Travel Expenses
Try to control your expenses on your travel by using public transport instead of cars/ bikes unless it is more cost-effective or can save you more time. We even recommend pooling your cabs. Uber has the carpool option which we use when we aren’t running late of course (hehe).
If possible, we even recommend walking. This way you can save a lot on fuel expenses, stay healthy and keep our environment clean.
Skip expensive spring break and summer trips if they don’t add additional value to you and your life. Instead of going out all the time for fun outdoor activities, learn what your campus has to offer in terms of leisure and activities. Most of the time, campus have their gyms, own museums, libraries, areas for recreation etc.
5. Use student offers to shop & avoid brands
Be aware of offers that are available for students either at your college or university or any shopping mall and grab the best one. Why waste a chance when you get one. Avoid making impulse purchases.
When you feel like you want something, we recommend delaying the decision to purchase to one week. At the end of the week, if you never needed it, you will not feeling like purchasing it anymore. However if you really need it, you will still feel the need for it and only then, we recommend making the purchase.
Also, these days, brand purchases have become a thing. Companies build brands to offer products or services at premium prices. If you don’t need something, don’t buy it. Remember you can get the same quality of products even if you don’t go after a particular brand. You are young now and studying and sacrifices will be only for a short while. If you sacrifice few things now, just remember, you will gain more later.
6. Control your rental expenses
Live with others so you can split rent and utilities. Some of you are lucky if your parents are paying your rent when you move to study in a different city. If you are still staying with your parents, well that is one cost down. you can do so till you are capable of moving out on your own.
7. Control your food expenses
As a student myself I was involved in a lot of activities including travel. This drained a lot of my energy. To recover my energy, I used to spend a bomb on buying food without worrying about what I was putting into my body.
If you are not staying with your parents, we understand that food is something that you have to plan for yourself. Splurging sometimes on food is understandable but try to avoid buying the most expensive meals, every time. Make dinner with your roommates or friends, and split the cost of groceries whenever you guys can.
Also, we love coffee, and I’m sure you do too, but trust me. Make your own coffee instead of splurging on Starbucks, Costas, or any other coffee brand out there. It saves you a whole lot more money, which can be invested in better areas.
8. Cut out unwanted subscriptions
We are in 2021, and highly-priced cables are so out of the picture. In case you have cables, try switching for Netflix. We understand that an internet connection has become a basic necessity for everyone by now. When going for phone packages, avoid going for high-end packages that you may not even fully use. Purchase as much as you need only.
Also when it comes to music, avoid buying music. I use youtube for my music needs. You can also use Spotify or if your mobile service provider has a music app, go for that one because they are mostly free. I use airtel music and it is completely free for its mobile line subscribers.
9. Avoid unnecessary tuition & book expenses
I personally, used to spent a lot on books as I loved reading. And Stationery? Don’t get me started. I was always purchasing everything I thought I needed, even when I did not. I always needed to have every stationery in my pouch. Can you relate?
We recommend if you don’t really mind going for used textbooks, purchase them. Don’t buy unnecessary school supplies like me. All stationery looks fancy and it can get tempting, but buy only want u need.
Also don’t buy books you will only need for a short period of time. Try to get an offline copy or even an online copy if you are comfortable with using your laptop or tablet. Try to sell off anything you don’t need.
10. Open a savings bank account
Open a savings bank account and keep the little amount you earned in the account cause money saved today is better than tomorrow. The benefit is you will gain interest in your savings bank account and learn the power of compounding money. Even if you don’t have a lot saved up, it will build the discipline of saving. Remember that building a good habit takes time and can go a long way into the future.
These are just some small tips which we can think of while you are pursuing your higher studies. There are several other ways on ‘How to save money as a student’ which we at your rich freedom will tell you in the upcoming blog posts.
Overall, these are various ways you can save money as a student, hope you enjoyed reading this article on Tips on How to save money as a student.