8 Money Saving Tips for Students
Summer is over and now you’re here, trying to figure out how to make school and life work all while not making silly money decisions…RIGHT? I hope so.
School is hard, school is expensive and not only that but being a student can sometimes feel like your drowning, in more ways than one. Drowning in assignments, tough decisions, costs, fees and of course...Debt. Don’t worry; when it comes to your precious coins, I’m here to help! Below are my 8 helpful tips for money management while in school.
Make a budget.
“If you fail to plan, you plan to fail”.. Sorry if I triggered any anxiety with this one lol
I know I always say it but I say it because it works. Making a budget lets you know how much you can afford based on income, expenses, and savings and of course the important part… what will be available for spending money. In other words it helps to keep you on track.
I know tracking your budget while balancing your lectures and assignments (and squeezing in some time to binge watch your favourite shows) sounds like a lot but since we’re living in such a tech-savvy generation, we might as well use technology to our advantage. For example, mint.com has a great app which can help you stay up-to-date on your budget, spending habits as well as your financial goals. It connects directly to your accounts, has great visual charts, alerts you on overspending and most importantly it’s safe and easy to use. It’s definitely worth checking out however nothing beats the good old fashioned pen and paper.
2. Get a part time job or side hustle(s)to increase income.
“A simple fact that is hard to learn is that the time to save money is when you have some.” —Joe Moore
This is pretty straightforward but unless you’ve just won the lottery, you’re going to need a job. Of course as a student you’re going to need something flexible with your classes. One option you can consider is a work-study job available on-campus. Outside of that there are the usual jobs that often operate outside of the typical 9-5 hours. Great options for students include: retail, restaurants, after-school programs, etc. (Heads up! The holiday season is around the corner! In other words peak hiring time! - Brandesha)
If you’re already employed but could still use some extra cash to make ends meet the way you want, look into a side hustle or an additional side job. Things like Uber, Lyft, Askatask, tasker or baby sitting are all really flexible options which allow you to make your own schedule therefore putting you in control. Can I hear a “Cha-ching!”
3. Stop paying Banking Fees.
As a student, most mainstream banks offer free student accounts which can include unlimited transactions in other words #savings. Usually all you have to do is show your bank proof of enrolment (a letter or a timetable) and they’ll have you set up within seconds. It only makes sense to take full advantage of