When studying, it can be difficult to balance finances as well as have all the resources you need, but by taking advantage of campus resources and buying necessities second hand, you can have everything you need without emptying your bank account. Though this will take time when compared to buying it directly from the university, it will save you money in the long term that can be used elsewhere. In this article, we are going to give you some insight into ways that you can begin saving money as a student to better your finances and remain financially stable until the day you graduate.
Keep Track of Spending
Keeping track of your spending is one of the best things you can do as a student and it is a lot easier than you may think. With a number of apps on your phone, you can connect it to a student account and help you to track your spending in real-time. This will allow you to stick to your set budget and ensure you have enough saved for the weekly food shop and other expenses.
Make A List
When doing the weekly food shop, it is vital to make a list. Whether this is on your phone or written down on paper, this will help to ensure that you do not forget anything when you are shopping. This is beneficial to help you save money as you will only buy what you need and save money as a result – this is ideal for you as a student as you will then not overfill the cupboard and fridge space! It may also be beneficial to buy long-life items when you are food shopping as this will help you to save money; whether this is pasta or pot noodles, this can all be stored in the cupboard and made quickly giving you the perfect hearty meal without too many ingredients.
Pay Rent on Time
When you receive your student loan, it is important to prioritise your rent before paying for anything else – this is because the price of the rent could increase the longer that the payment is outstanding. By paying your rent and all bills at the beginning of the month, you can then ensure that you have the money to last you until your next instalment. This is beneficial for budgeting as you then know how much disposable income you have.
Borrow Books from The Library
If you are unable to afford brand new books, there are a number of alternative options such as visiting the library or buying your books second hand. With a number of second-hand books available from past students as well as a library on campus, you can get specific books for your course without spending too much money. Alternatively, you can also gain your books from a sibling if they attended your university. This could provide you with additional notes and extra knowledge if they wrote in their textbook, allowing you to have the best possible chance at success.
There is no denying that saving money as a student can be difficult, however it is not impossible and with forward planning and simple money-saving tactics, you can save money and keep yourself financially stable throughout your time of study. Which of these will you be implementing?