A student’s budget is notoriously tight. The costs of studying combined with a limited or casual income mean every cent counts. Whether you are trying to stretch your dollar further, needing to balance the books, or hoping to set some cash aside, these seven tips can help you save money while studying.
1. Write It Down
To gain a clear idea of how much money you have and where it goes each week, keep track of your expenditure. This isn’t a profit and loss statement akin to an annual shareholder’s report here, just a thorough note of where your money goes, including all spending – yes, even impulse purchases.
There are apps available to help with this task, but a simple notebook will do the trick as well. This way, you get a real idea of what your essential weekly spending is and any money that can be saved.
2. Accommodation
Accommodation and utilities are the greatest financial outlay for any student, so they should be investigated and factored in at the outset.
There are some great affordable options when it comes to where you choose to live. For example, if you’re looking for student accommodation in Sydney, there are organisations such as Iglu that include rent, utilities and internet in one weekly package at purpose-built student apartment buildings.
3. Groceries
A solid place to cut costs is your grocery bill. Seasonal produce, bulk buying and purchasing items when they are on special can save huge amounts each year. Whether you find a good local grocer or shop at the chain stores, seasonal fruit and veg are cheaper than packaged foods, so eat well and enjoy the benefits of a healthier diet.
4. Cook
It’s a myth that students need to live on two-minute noodles and takeaway. In fact, it’s more affordable to take that fresh fruit and veg and cook it up yourself.
Learn to whip up a few great meals like stir fry or pasta, then cook in bulk and freeze items for convenience. Buying bulk meats also cuts the cost, so buy up, cook up and enjoy later.
5. Pay Upfront
It’s easy to incur extra costs such as credit card fees and late payment charges, but this is an unnecessary hit to the budget. Try not to use a credit card and, if you do, ensure the debt is paid off monthly to avoid interest charges. Also make sure you anticipate your utilities bills and pay them on time.
6. Pre-Loved
From used text books to opp-shopping, there are some real savings to be made by buying pre-loved items. Those savings can extend to second-hand furniture and even the car you drive. Just ensure the car is mechanically sound so there are no nasty mechanical expenses down the track.
7. Student Deals
Transport providers, museums and even some restaurants and shops offer student rates so take advantage of them. Your student ID can save you huge amounts each year.
Studying may mean the budget is tight. But with a little tracking, planning and cleverness, you can still enjoy the lifestyle without breaking the bank.
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I think there’s an assumption that student housing is the affordable living option and it can be totally false. It was cheaper for me to get my own NYC apartment than stay in a dorm on campus.
Stefanie @ The Broke and Beautiful Life recently posted..Leveraging The Latte Factor
I remember those days… One thing we used to do regularly was organise to eat together with everyone throwing in a few dollars for ingredients. It was usually a meat free meal but we’d eat well and there’d be left overs for everyone to take home. It was fun, too having a dozen or so people crammed into a small space. Social bonding and good food. All for a couple of dollars. Now that’s value!
diane @smartmoneysimplelife recently posted..How to Grow Your Own Food, Even If You Live in an Apartment
Students shouldn’t forget that they can sell textbooks. Not just to bookstores, but on eBay, Amazon, etc. They’ll get more money back that way, which helps pay for the next round of gently used textbooks.
Abigail @ I Pick Up Pennies recently posted..New number, who dis?
You can even rent textbooks now for less than you can buy them used. My wife did this when she went back to grad school. The best part is that the books are returned when you are done using them…so you don’t get stuck with them cluttering up the bookshelves.
Brian@luke1428 recently posted..7 Popular Work at Home Schemes and How to Spot Them
Those are all some excellent tips. After my freshman year in school I never purchased new school books again. I saved so much money with used ones.
Jason B recently posted..10 More Things Every College Freshman Should Have In Their Dorm Room