22 Smart Ways to Save Money as a Student

A student that is carrying a book ready to invest for her future by saving money
March 25, 2023

You can adapt many more things and concepts to save money as a student. Every step and sacrifice you make will increase your value over time. Limiting your budget for the next four years and earning financial freedom after graduation is better.‍

Do you know that education is expensive? The need for more money is why many of us cannot go to school for higher education. However, do you know that education, on the other hand, is a wise investment? Yes, it is an investment that never depreciates and increases its value over time. Being educated as an investment is the single reason why parents push their children to get an education.

Some parents require a long time preparation to finance their children's education, and some work extra to send their children to school. There are some students as well who look for ways to support their education. Most students live on a tight budget, but being smart about spending money can be the key to your financial success.

Below are ways that students can take to save money.

1) Walk, Ride a Bike, or Use Public Transportation

Transportation is essential to the life of students and can eat a significant portion of your student budget. It always feels good to enter the gate of school riding your car. However, remember that gas consumption and car maintenance can be expensive. You may be surprised that walking the streets and going to school with your classmates will be more fun. The cost of using public transportation is cheap than the expense of your car. Another alternative is riding a bicycle, and you will find that riding a bike will positively impact your budget, health, and environment. Limiting the use of personal cars going to school will help you save more money, and you can allocate those savings to other school expenses.

2) Don't Buy Books When Possible

Books are required every semester. Buying a book that you will use for a short period is not wise to spend hundreds of dollars. All schools have a library where almost all needed books are available. You can maximize the library to access the books you need. Or, if the book is necessary, consider buying a used version from online stores.

3) Attend Your Classes

You are paying for every unit of your courses. Skipping classes is like throwing your money into the river. Remember that you will need to retake the lesson until you pass. Every retake will require you to pay your tuition. So better attend your class, and give every possible effort to pass the course.

4) Discipline Your Purchase

You might see many exciting things your classmate possesses. Not because your classmate has, It doesn't mean you need it too. Some things are not worth buying during your student years. Make a careful assessment before you purchase. You do not want to ruin your budget and be in debt because of overspending.

5) Plan Your Meal

Food can be tempting. You need to eat, but you need to be careful about spending. Plan your feed so you will know what to buy in the grocery store and prevent buying junk foods and hot drinks.

6) Pay Bills on Time

Rent, tuition, book purchase, and many more late fees. Most late fees are 10-15% of your total bill, so you want to avoid paying extra because of paying late.

7) Refrain From Vices

Cigarettes, alcohol, and gambling are common. As a student, refrain from being involved in those kinds of activities. Those are addictive and can destroy your finances. Once you are addicted, you will start to have poor decision-making, which can cause you to suffer financially.

8) Minimize Your Water and Electricity Bill

As a student, you will be in school most of the time. If you live alone in your apartment or dormitories, turn off electric appliances you don't need while at school, like air conditioners, lights, and televisions.

9) Choose Essential Technologies

Cell phones and computers greatly help with studying. However, you can use high-end technologies to support you in learning. Keep your gadgets under your budget. Most basic devices are cheap and contain the required app for your study.

10) Find Stores That Honor Student Discounts

Schedule a time to go around and find stores that observe student discounts or sell products at a lower cost. The next time you need something, you already know where the store is and can use a student discount or lower price.

11) Limit dining out

You will find cooking exciting. Try to wake up early and prepare your meal. In addition, prepared meals are healthier than those offered in fast foods.

12) Attend school activities

If you love going out, check your school calendar and attend campus activities. Through this, you can schedule recreation with minimal cost.

13) Choose Generic

The hidden cost in our purchase is the brand cost. Buying generic brand items will cut your expenses.

14) Set a Savings Target

Actual target savings will help you be a more sustainable student. For example, you plan to save $10 on your budget meal, $15 on transportation, and $4 on dining out on your weekly budget. You will notice that you can save money over time if you adjust.

15) Choose and Join a Club

School organization will help you use your time wisely. School clubs will help you develop yourself for free. For example, joining a mathematics club will help you better understand math with the help of club members rather than paying for a tutor.

16) Check the Government Platform Often

Government platforms offer many opportunities for a student, like providing student aid, scholarship, and accessible textbook access. Get on hold with government officials and check what possible scholarship or help you can receive.

17) Create a Spending Tracker

Money can be quickly gone. You can have better budget allocation next month if you list your spending this month. Through this, you will know you are overspending and can do better the next month.

18) Know Your "Needs and Wants."

Knowing and differentiating your wants and needs will help you rationalize your budget, and you can prevent overspending. If you save money by buying what you need instead of what you want, it will give you more flexibility on your next decision.

19) Prepare Your Coffee

Only visit the coffee shop sometimes to buy your coffee. Buy your coffee beans and coffeemaker, and make your coffee. Buying a $50 coffeemaker plus a coffee bean is costly. However, if you spend $8 per day in a coffee shop for your coffee, you are paying $1600 every school year.

20) Live With Your Friends

The idea is to split up your utility bills like water, electricity, groceries, and rent.

21) Review Your Monthly Subscription

It is essential to review your monthly subscription. There may be a service that you no longer use, like magazines, newspapers, journals, or tutorials.

22) Download Freeware

Most software is expensive and unsuitable for a student's budget. There are lots of freeware that you can use while studying, whether for documents, image editing programs, antivirus, and use for research.

You can adapt many more things and concepts to save money as a student. While doing the above tips, please do not feel less fortunate. You need to squeeze your pocket and create many budget adjustments to sustain your goal of pursuing your education. Remember that education is an investment. Every step and sacrifice you make will increase your value over time. Limiting your budget for the next four years and earning financial freedom after graduation is better.