Today we’ll be featuring a guest post from hopeark who will be sharing some money saving tips for students. Enjoy!
It is easy to get caught in the rush of things when you are in college. In the midst of studying, part-time jobs, socializing and extracurricular activities that you have, you are most likely to forget one of the most important things, which is straightening out your finances.
Money Saving Tips for Students
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 income , 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 food outlets, as this is most likely to ruin your budget. Pack your lunch and plan your meals as much as you can.
3. Take full advantage of student discounts.
Those IDs in your wallet are not just for show. Student ID s 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. More on Money Saving and Money Saving Tips.
9 responses to “Essential Money Saving Tips For Students”
Just out circle surfin’ with LBP. Have a great week end! Christina
These are great tips. I wish I could get my son to follow them.
Jennifers last blog post..TV is educational – Study shows audience retains health info from Grey’s Anatomy
Nice post! Saving money is not that big a deal. I wrote a little article on how to save some money and would love for you and your readers to read it. I am leaving the URL here and would LOVE some feedback!
Oh and also, I am not trying to spam your blog or something. Found your site on Google and thought of sharing my article with you guys! 🙂
Hi, This is a good advice. I used to do some of your advice when I was in college. We are very poor and three of us went to college at the same time.
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very good tips for college studetns.. good article thanks.
Thanks for the excellent financial article. It has given me a lot to think about. I will have to show this to my wife. Thanks once again!
There are a lot of ways to save money as a student, budgeting is certainly the key, but taking full access of the hardship fund is a must. Most universities have a quota of money they need to get rid off and with the correct statements showing how poor you are you can easily be eligible for hardship funds.
.-= rick´s last blog ..Saving money – Its a Tricky Old Game =-.
The best money saving tip that i learned from college was to learn how to cook. I was spending alot on eating out everyday. I just started buying groceries and cooking pasta, grilled cheese, and making alot of sandwiches. This saved me about $10 per day which really adds up after a while.
Cooking certainly can save money when compared to going out to eat every night. Beans and rice will last a long time 😛
Thanks for the comment Ross!