Essential Money Saving Tips for Students
are most likely to forget one of the most important things, which is straightening out
your finances.
Here are some tips on how you can save money as a student:
1. Plan ahead.
If possible, do this even before you move into your dorm room.
Check if you are eligible for scholarships and other grants before signing up for any
form of student loan.
Construct a cash flow. First, where do you expect to get money from? Make a list of
your âincomeâ, be it from your parents, your student loan or your part-time job.
Then forecast your expected monthly or weekly expenses for food, books, etc. Once you
have set aside a budget, be strict with yourself and stick to it.
You will never know what unexpected expenses would come your way so it is better to
have a downfall for financial emergencies.
2. Save on food.
One of the major expenses that you have as a student which you might have ignored when
you were still living with your parents is your food allowance. Avoid eating at fast
meals as much as you can.
3. Take full advantage of student discounts.
Those IDâs in your wallet are not just for show. Student IDâs and memberships in
organizations are honored in several establishments which offer discounts.
Also, patronize a certain establishment regularly and you are bound to get bonus cards
for being a loyal customer.
4. Use your cash as much as you can.
Since you already have a draft of the items where you will spend your money, it is
easier to monitor your cash flow. Avoid using your debit card when you have cash with
you. Use your credit cards or write checks only in emergencies. Having debit cards,
credit cards and checks handy might lead you to overspend.
5. Keep yourself busy.
Join clubs according to your field of interest.
Keeping busy will let your mind wander and help you stay away from things that you are
likely to spend money on when you get bored. Examples of these are snacks, movie
tickets or game rentals.
You will be surprised at th