For any student studying in college, saving money is important and a smart move. There are many expenses that a student incurs. Studying in college itself costs much, which is further burdened with regular day-to-day expenses.
Art of Saving
Imbibing and practicing a savings mentality helps a lot to a student. It shows you to be smart with your money and expenses. It allows you to learn how to adjust your expenses in all areas of life.
This benefits you to reach your big financial goals. Imbibing the mindset and practices early in your life helps you to maintain your financial goals throughout your life. Especially with people who have taken loans with no guarantor or from a direct lender.
For example, while you start cooking at home and reduce the expenses of eating from outside. Purchasing second-hand items also help you to save some money during your student phase.
The economic mindset helps you to start savings, though smaller amounts, but a huge amount of money in the longer run.
This also means that you do not need to be uncompromisingly strict. Living life is also essential. Do not limit yourself that much that you stop enjoying life.
If such a thing happens, you lose interest. It is much more likely for you to get back to earlier spending habits. Maintaining the right balance is the key.
And there are a few ways you can save some money. This will at least help you with regular expenses. And will also help you to cut down on the debt that you might accrue while studying.
1. Check for student discount
Student discounts are one of the significant perks a student can avail. Many outlets, be it food, utilities, or personal items, stores give away student discounts.
The only thing that you need is your ID card. This card of yours entitles you to many discounts across various retail stores and restaurants. Not only this, but it can also avail you discounts on technology gadgets of brands like Apple, Dell, Adobe, Microsoft, etc.
As a student, you must avail these discounts and help yourself to save some money.
2. Consider shared living houses
While studying, often you need to stay close to the college or the university. For that, you either take a hostel, or you take a house on rent nearby. Living in shared apartments is one of the good ways to save money during your education.
While studying, you need just a space of your own to live and study. There is no need of owning a full apartment for yourself. Splitting your rent with others lets you save significant money every month compared to living alone and paying the full rent.
Living with someone also proves to be helpful in other ways. You can divide household chores, study together, etc. Even the other utility bills, food bills, expenditure on furniture, etc., get divided and don’t burden you solely.
3. Purchase second-hand items
Expenses on textbox are one of the unavoidable expenses for a student. As a student, you are required to buy the textbooks at the start of each semester.
There is an option to buy these textbooks second-hand. These are the books which are often in good condition but have been previously used by other students.
This lets you save a lot on textbooks compared to buying a new one. Once the semester is finished, you can resell them also.
This will also help you avoid taking payday loans for the unemployed and with bad credit for your daily expenses.
The same thing can be done with clothes and furniture stop there is good quality furniture clothes and other utility items which are available to be purchased.
It is cheaper to buy second-hand items and hence let you save a lot of money. The only thing required is a keen eye and patience to find a good item and deal.
4. Repair and Use
One of the other ways to save money is to look after the items you own. Do not throw your items with small wear and tear. Instead, get your items repaired and use them for a longer time.
This will refrain you from unnecessary buying of new items while you can use the old ones. This will save you a lot of money.
For example, consider getting it repaired at a much lesser cost rather than throwing away your laptop and buying a new one.
6. Save on utility bills
Another way to save small amounts of money e is all your regular utility bills. Become conscious of the electricity that is being used in your household.
Do not leave your thermostat on, or your device is on standby, or other electronic gadgets running a necessarily. This will reduce your bills on electricity, and as an add-on, it will also increase the life and efficiency of the appliances.
8. Cook in bulk and freeze
Like buying in bulk is usually cheaper, the same rule can be applied to food also. It is good to cook or rather a half cook in large quantities and freeze it.
You can take out the required quantity and prepare the meal whenever needed. This way, you can continue using the frozen food over several days.
You can do this with various soups, curries, and half-cooked vegetables. These are all excellent meal ideas which you can re-heat or prepare a meal whenever required.
9. Reduce eating outside
Eating food outside is accessible and attractive. Any student would love to eat outside every day. But it costs you much more than cooking at home.
Cutting down on unnecessary outside dining will help you to reduce the expenses of food. Not only this, but it will also help you to discipline your eating habits. And will also help you to focus on your health.
As an add-on, a student with cooking skills can get popularity amongst the peer group. Hence it is free popularity too.
The art of saving is an important skill to learn, especially for a student. It helps you cut down on your expenses, hence saving a little. There are more minor ways by which you can develop the habit of spending less and eventually save.
This habit of saving will help you throughout your life. Eventually, it will become a skill to control and cut down your expenses to save a little extra.