Living as a full-time student, away from parents, with limited money and a lot of needs is not an easy task. There are unlimited ways to spend money to have fun, buy books and stationery but the money you have as a full-time student is never enough.
Unless you have a job or investment that pays you well regularly, as a full-time student you will have to manage your money carefully.
Here are some tips on how to save money as a full-time student:
Have a Budget and Stick With It
The most basic budget is quite simple: write down how much you have, how much you spend on what every month, and stick with not spending more than what you’ve planned. Here is a post about how to build a budget with a spending tracker.
Share Accommodation
Living alone is, of course, a luxury, as you can do whatever whenever you want. But the cost will most likely be too high for your budget. Therefore, sharing accommodation is your best option.
You may want to have a list of what you want and don’t want from sharing a house with friends because nobody wants to get stuck with, say, a psycho or a super weird one.
Friends who like smoking, alcohol, drugs, and parties may have to be in your ‘no’ list if studying hard is your main priority.
Don’t assume that everyone is an angel. Vigilance is a must.
Don’t Eat Out
It’s tempting to check out all the delicious food in your student cafeteria. You can even afford to eat at the cafeteria every day, five times a week. But why spend, say, $10 per meal if you can bring your own lunch which costs just $3-5 per meal? Here are 100 ideas for meals under $5.
Always Have a Bottle of Water in Your Bag
Some universities don’t have clean drinking fountains. Bottled water costs at least $2. So rather than buying water, why not bring it from home and have it always ready in your bag.
Use Your Student Card
There are plenty of services and places, like movies, cafes, gym, and public transport, that give discounts to students. Always bring your student card whenever you’re out and don’t hesitate to ask if they offer student discounts. It can save you heaps.
Buy Second Hands
Always go for second-hand books when possible. Unless the lecturer wants you to get the latest edition, you should always aim to buy second-hand books instead of brand new ones as the price can differ a lot, often more than half price.
Another option is, of course, borrow books from the library, especially if you only need two or three sections of the books.
Shop with Cash Back Option
Websites like Rakuten offer cashback options. It means you will get some cash back after you purchase from that website.
Buy from eBay
Websites like eBay often offer lower than retail prices as many sellers don’t have to pay for extra employees or hire expensive locations in the city to sell their merchandise. The downside is that sometimes the delivery take days and even weeks. So whenever possible, if you’re not in a rush, always buy from eBay.
Don’t Borrow Money
Never take out any unnecessary loans that are not related to your education or jobs/businesses. For this, you’ll need to know the difference between wants and needs. Here is a post about “How to Tell the Difference Between YOUR Wants and Needs”.
If You Do Have Extra Money
You may find a way to earn extra money while being a student. Instead of spending it all, try to save at least 60% of it for future use, from buying stocks, starting your own business, to spending on things you’ve always wanted like a holiday, the latest gadgets, or gifts for your loved ones.
Be aware of how important it is to have financial freedom by understanding what it is and how to get there. For further details, read “Financial Freedom: What Is It and How to Get There” post here.
