5 Effective ways of saving money as a student
If you are a good spendthrift, you must be probably looking for a means of saving money as a student. Then this post has lots of amazing tips to help you save money as a student. Most college students live well above their wallets, if you are among those students, then here is your chance to learn some money-saving tips.
Some students find it hard to save some money, some even go as far as getting what they don’t need. The good news is that there are lots of steps you can take to help you cut down on unnecessary expenses.
These steps are simple, easy and work fast, in this post are the most effective means of saving money as a student.
How to save money as a college student
To be frank saving money as a student in college is not easy but it’s worth the stress, time and commitment. If you are interested you can make use of some of this useful tips on saving.
As a student in any college, you can follow these steps to help you Save some money.
1. Think Twice before shopping
As a student, you may feel the need to join the trend with some of the latest wears, and gadgets and will even be suffering from the shop a lot rather than saving a lot.
One of the first things you should do before shopping is to make a list and make your needs a top priority. Never count the wants as what you do need. Buying everything that comes to your mind, will eventually cause a hole in your pocket, wallet and even your bank account.
2. Get a part-time job
If you don’t want to go broke as a student, then you should get a part-time job. This will help brighten your bank account a bit. One of the most effective ways of saving money as a student is by getting a part-time job.
A part-time job will help you get a clear student loan and even help you earn some extra bucks to save.
3. Avoid using credit card
Paying with a Credit card is a sure way of spending recklessly since you won’t feel the price of the item. Also with the features of buying now and paying later, this will lead to bank debt and even overspending.
Avoid using your credit card to make payments instead use cash, since it helps you keep track of your spending. Buying with cash is one of the effective ways of saving money as a student.
4. Create a monthly budget
This can go a long way in saving you some bucks as a student, as it’s the first step towards financial management as a student.
Read: Best student car loans for
Creating a budget will help you keep track of your monthly income and how you should spend it. This in turn will help you learn some good saving habits. So if you want an effective way of saving money as a student then consider creating a monthly budget.
5. Track your expenditure
Tracking what you spend your money on will go a long way in helping you save more as a student. This is what you should be doing daily for every month.
Tracking your expenses will help you heed your monthly budget. Making an expenditure graph will help you know why you spend most of your money and how to cut down some of these unnecessary.
6. Learn to differentiate your wants from your needs
Sometimes we confuse our wants to be our needs, which in turn can hurt our pockets, wallets and even our bank accounts.
Realising what you want from what you need will help you save a lot of money in the long run. You know getting a brand new phone when you have an old one won’t help your saving.
Consider this when making a purchase, do you need them?
7. Buy in bulk
Have you heard of the saying the higher the quantity the lesser the price, this also stands true for effective means of saving money as a student.
Buying in bulk comes with a lot of discount and difference in prices than when buying in pieces. So to save money as a student consider buying some of your provisions, grocery and household items in bulk.
Frequently Asked Questions (FAQ)
Below are some of the most frequently asked questions on how to save money as a student.
How do I start saving
Some students don’t find saving money natural, some find it hard to pay for some essential needs. So you need to know how to save, cause knowing how will help you live off debt.
If you don’t know how to save, then you can make use of the steps listed here to help you save your money.
- Make saving automatic
- Keep a separate account for saving
- Make saving automatic
- Set specific goals for saving
- Always budget your savings.
How to create and stick to a budget
One aspect of saving money as a student is knowing how to stick to a budget. Budgeting plays an important role in saving, so you must make good use of your budget to maximise your savings.
How much money do I need to start saving
There is no specific amount you need to have before starting your savings, always ensure you save a reasonable amount of your money. At least 20% of your money should be for saving, 50% for your needs and the remaining 30% will be discretionary items.
Conclusion
Saving money as a student will help you live off debts and even assist you in paying off your student loans.
Keeping your budget, tracking your expenses and getting a part-time job is a sure way of saving money as a student.
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