What are effective ways of saving money as a student?
Start saving from Day 1
The day never comes when you have spare money to save. This is my personal experience. We always think to spend first and then save if we are left with some amount.
This habit puts us in a position where we are left with no money and hence zero savings.
Let’s take a challenge of saving 10% to 30% challenge
Even if we are students we get some money from our parents as Pocket Money. We should always create a habit of saving at least 10% to 30% of our monthly pocket money.
Take the 1p saving challenge.
If taking a 20% to 30% saving challenge looks a big commitment for you then you should take 1p challenge.
What is the 1p Challenge?
The premise is simple: on day one, you save 1p. On day two, you save 2p. On day three, 3p (and so on). After 365 days have passed you will have 66,795₹
Do this for the entire year, and by the 365th day (that’s the 31st December, to you and me), you’ll still only be putting 365 ₹.
Run from overpriced gym membership
Opt for any of the big fancy fitness chains and you can expect to pay anything up to 2000 to 3000 ₹ a month. Whilst that may incentivize you to actually go, there are lots of ways to lose a few pounds for fewer pounds.
Your university is likely to offer most facilities for a fraction of the cost, with no lengthy contract. Or you could check out Hussle for hundreds of pay-as-you-go or no-frills gyms popping up all over the country.
Don’t pay for software
This does not mean We’re not talking illegal downloads here, but from writing to image editing, there’s a free alternative out there – some good enough to pass for pro products costing £70 and up.
Go with cash on nights out
Plastic money(using credit cards or debit cards) are in trends nowadays. I like people who spend using their credit cards smartly but most the people fall into the trap.
Even the strictest, most money-conscious of us are a little free-spirited with the old debit card once we’ve had a few drinks. If you only take cash with you on a night out, you’re sure to never go over budget.
25 bonus tips for students
- Get video subscribed with a group of people like Udemy.
- Buy or rent used textbooks and sell last semester’s books back.
- Don’t make impulse purchases.
- Never go grocery shopping when you’re hungry.
- Limit the number of times you eat out monthly.
- Cut out vices – smoking and binge drinking are terrible for you and expensive.
- Always pay bills on time to avoid late fees.
- If you have a credit card, pay it off as quickly as possible. (It’s good to establish credit, but a bad credit score follows you everywhere.)
- Walk, use public transportation or ride a bike instead of having a car.
- Live with others so you can split rent and utilities.
- Cut out expensive cable packages you don’t need.
- Consider more basic phone packages or plans that include unlimited texting with free incoming calls
- Don’t buy the most expensive college meal plans. Figure out what you actually consume and get the correlating package.
- Shop where they offer student discounts. There are so many places that offer discounts to students with a school ID.
- Look into a campus gym versus a gym in town. Many colleges offer memberships for free or at a reduced rate for students.
- When planning meals, make dinner with friends and split the cost of groceries. Often times, you’ll be cooking too much for one person anyway!
- Sell what you no longer use or need. There are plenty of stores and web sites, like Poshmark and Craigslist, where you can sell your used clothing, furniture or tech items.
- Don’t buy unnecessary school supplies. Why buy cumbersome notebooks when you can type on your laptop? It’s better for the earth anyway!
- Don’t buy books you will only need for a short period of time – check them out from the library instead.
- Take advantage of what your campus has to offer in terms of activities, rather than spending money on going out. Many campuses have an array of museums, offer movie nights and other social events for cheaper or, sometimes, for free.
- Skip expensive spring break and summer trips – look into alternatives, like volunteering, instead.
- Wait to get a pet until after college – a pet can become very expensive. Not only do you have another mouth to feed, but veterinary bills are costly. If you love animals, there are plenty of shelters that need volunteers.
- Go to class. You’re paying for it and skipping is like throwing money out the window!
- Drink water. It’s free and better for you, anyway.
- Make your own coffee. While coffee shops are convenient, they charge hefty prices that really add up over time.
Have some more tips add in the comments. Happy to add them in above list.