Being a students Save Money. Many people agree that it is one of the most crucial experiences in modern times. Who hasn’t huddled around a water fountain discussing a weekend game on Cox cable and internet with friends! Who hasn’t taken over a specific table in the school cafeteria with a group of friends! We form some of our earliest and strongest connections during the student part of our lives. But it isn’t all beer pong and football games.
Being a student often comes with its own drawbacks. students Save Money For most of us, the biggest one is typically never having enough savings. Or conversely, spending too much and not having enough left over for when you really need it. Of course, as a student, you’re likely not going to earn a C-level executive’s salary anyway. But there are still some measures you can try to make your dollar last longer. Ensure you spend less and save more, with the tips that follow below:
Start Budgeting Your Income and Expenses
Learning budgeting skills during your student years can really pay off in later life. Start by understanding how much you have to spend each month, what you spend on, and how much you spend. Then, work on creating a budget for the month based on this information. student Save Money A budget gives you a better idea of what your most essential expenses are and the spending you can do without. Keep track of cash inflows and outflows against your budget to make sure you stick to it.
Sell or Swap Old School Supplies
Don’t just skimp on spending. Actively look for ways to stretch your dollar as far as possible. For example, your old school supplies may not necessarily be sunk cost. Let’s be honest, course books and recommended reading don’t come cheap. But you can always sell your old ones for a lower price. This will usually attract several student buyers. And you can use the proceeds to buy your own school supplies. Instead of buying new books, you should also look around for someone selling slightly used ones. And once you’re done with the semester, you can sell them off again.
Going a step further, once you graduate, you’ll probably move away to a different city or state. Students Save Money But you don’t have to drag your dorm room furniture across the country with you. Simply sell off things like your old beanbags, tables, chairs, and other furnishings. You may be graduating, but younger students are coming up behind you. You can be sure they will be only happy to buy essential stuff from you.
Put a Hold on Leasing/Buying a Car
Buying or leasing a car while you’re still a student is typically a bad idea. If you have a trust fund that pays out a sizeable allowance, by all means, go for it. But if you’re just an average student like the rest of us, you already have enough on your plate. Student debt is a serious enough crisis as it is. Don’t add a financial obligation for as much as $7,000 each year (or even more) to it. A car can be a serious financial liability, one you don’t need until you’ve started making more money.
Of course, you may have to get a bit more creative on dates or road trips. But consider how much money you’ll save. And once you get a degree and start a career, you’ll be in a better position to buy a much nicer car.
Make and Freeze Meals in Advance
The general view is that student life is all about partying and fraternities. But, like it or not, even a student has to eat. Food and groceries can typically be just as significant an expenditure as rent or utilities. If you eat fast food takeout or order in deliveries, you’re spending irresponsibly. Not only is it expensive to eat fast food every day, but it is also very unhealthy.
Fast food typically has none of the nutritional value of homemade food. Start buying ingredients, prepping meals, and freezing them. That way you have enough food for the week and all you have to do is defrost and reheat it. Save money, and get better nutrition in the process.
Don’t Take on The Responsibility of a Pet
A pet, like a car, is a financial responsibility most students can’t afford. A pet is not just an accessory. Like any living organism, it requires care, attention, and sometimes even a vet. Getting a golden retriever may seem like a good idea now. But you’ll have to make sure you feed it, groom it, walk it, and take it to a vet from time to time. All of this costs, money, and you can’t skimp on some of it. A sick pet needs medical care, and if you’re not in a position to afford it, you’re just being cruel to the animal. Save yourself a lot of heartache and financial woes, and get a pet a little later in life.
Let Go of Subscription Services You Don’t Need
Learning how to cut costs comes with the territory of being a student. If you’re still looking for ways to save money, have a look at the services you subscribe to. Sure, YouTube Premium has no ads. But it still has the same content as the free version. Surely you don’t need to pay that much simpler for an ad-free version of the same service?
Or what if you and your roommate both have a Netflix subscription? Wouldn’t it just be easier to share a single one? Subscriptions don’t seem too expensive every month. But they can add up to hundreds of dollars a year. Imagine all the ways you could have spent that money, instead of on a service you can easily do without.