Counseling Education

10 Money Saving Tips For Students

As a student, one of the most important habits you must start learning is saving money. Learning how to save money will not make your time in school smooth sailing, but will also prepare you for life after school. Here are some 10 money saving tips for students:

1. Find a source of income

You can only save money if you have some coming in. Search for part-time jobs on campus, at the library, department offices, cafeterias or hostels. Alternatively, you may look for other off-campus jobs, such as babysitting, waiting tables or look for internship programs that pay. You can earn some decent cash from these jobs and save a good percentage of it every month.

2. Get a student’s saving account

Once the money starts coming in, get a separate savings out account start putting a portion of it there. Financial experts advice that we should save at least 10% of our total income. This should apply to you also as a student.

3. Use Public Transportation or Walk to School

Ditch your car and start using public transportation more often, particularly if you stay far away from school. Fueling a car every day is too extreme for a student’s budget. And if your school is within walking distance, take a walk. It is healthy and you will save money.

4. Buy your supplies in bulk and prepare your own food

Do your shopping on semester/term or monthly basis. Buy non-perishable foods that will last longer, such as pasta and rice. Moreover, learn how to cook your own food in lieu of purchasing fast foods from supermarkets or restaurants. Cooking your own food is a rewarding experience and it not only cuts costs but is good for your health as well.

5. Ask for student discounts and offers

Most retail stores and other service providers offer discounts and other special offers for students. Just remember to carry your student identification card whenever you go out shopping. You will be amazed by the amount of money you will save with this simple tip.

6. Invest in a Printer

As a student, you require a lot of printed materials time and again, from term papers, job application letters to class notes. This is why it wise for you to get your own printer and do the printing on your own, other than paying someone to do it for you. What’s more, you may charge your friends a small fee for printing and earn some money from it. Also, go for cost-effective accessories for printers and get machine reliability and precise performance.

7. Party at home

Partying has always been part of school life. Unfortunately, most students end up spending most of their cash in bars and other merrymaking activities. What most students do not know is that they can have their fun and still save a significant amount of cash. A good idea would be to organize small parties at home with 3 or 4 friends on a round robin basis. Buy your drinks at the supermarket and enjoy the night at home, rather than going out.

8. Buy second hand goods

When looking for items for your college room, go for second hand goods. Items such as televisions, computers, furniture and cookers can be obtained at incredibly cheaper prices from various sellers. For instance, yard sales in your neighborhood are a good place to get things on the cheap. You might even get a few things for free.

9. Use Libraries

Before going to a bookshop or Amazon to buy a book, visit your local or university library to find out if they have it. Only buy a book if you are going to need it for more than one month.

10. Stop using credit cards

Use credit cards only during emergency situations, and limit their use. Remember that building a poor credit score while in school will follow you even after you finish.

Lastly, you need to have the right mindset always. There is no point of saving your money devotedly and ruin it by buying 52 inch LCD television.

Article written by Romeo Demes from Artonery. He is business expert and author of various productivity and how-to articles published all over the Internet.

Image:  StockMonkeys.com on Flickr