5 Money Saving Tips for Students

students money saving

We all know how hard it is in this time of economic downturn, everyone does not have enough money to do what they want.

This is an especially hard time for students as they already do not have enough money to pay for tuition etc. let alone doing so in this crisis.

Below are five simple tips that students can apply in their daily life to save some money.

1) Don’t eat expensive food – This didn’t use to be a problem with living with your parents, but now that you have to buy your own food, avoid eating at flash restaurants every day. Try making your own lunch to bring to school instead. Making your own packed lunches is a more healthy and a lot less expensive alternative to fatty, greasy fast foods.

2) Plan everything you do beforehand – This skill is essential later on in life. Plan everything beforehand by checking if you qualify for any special student grants or scholarships before signing that student loan form. Setting aside a sum of money for emergency purposes is also necessary as you never know when you will need that extra couple hundred dollars to pay that hospital bill or when your car breaks down. Remember that if you fail to plan, you plan to fail.

3) Take advantage of student discounts – Many stores and services offer special discounts simply when you show them your student ID. This is very useful to get discounts on the bus or in some stores as the couple dollars you save each time adds up and allows you to have that extra bit of cash.

4) Stop using your credit cards – Try and pay for everything by cash only. With a credit card, it is too easy to overspend. Only use cash unless it’s for an emergency as it allows you to manage your finances a lot more easily.

5) Avoid temptations – We all know how hard it is to combat your temptations to buy that new pair of jeans that are on sale, or a ticket to that latest blockbuster movie. An easy way to do this is to get occupied with something that would not be as costly, an example would be joining some local clubs at your school or neighborhood which allows you to have lots of fun without spending a dime.

After putting all these five steps in place, you should be one step further in living a more financially-secured student life.

This is important especially in a time like this when you never know what’s going to happen with the economy.

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