Student life can be one of the best times in a young adult’s life, with some of your best memories and first taste of freedom. Being a student can also be one of the most challenging times financially, such as managing a monthly budget and the infamous loan debt. These 6 tips will help you save money and use it efficiently.
1. Make a Budget
First you need to be aware of how much money you have and what are your expenses. Doing a budget will help you track all of your finances to be sure you won’t over spend on things you don’t need. You’ll be able to track at any specific time how much money you have left and how to use it efficiently. It’s easy to learn how to do your monthly budget and very simple to keep track of it.
2. Use Your Student ID for Discounts
Your student credential has greater advantages than access to your classes. It is a master key that opens the door to an endless number of special discounts for students. You can have discounts for your gym membership, purchase of electronics, entertainment, cars, restaurants, etc. Keep in mind that discounts will not always be advertised but it's always worth asking.
3. Avoid Eating Out
Eating out can be a time-saver but it can eat up your budget very quickly. It doesn’t matter where you go, it will most likely be more expensive than cooking at home. Try to eat at home as much as you can and start packing your meals, you can save time by cooking a big meal at night and saving your leftovers for the next day. Try to limit eating out to special occasions.
4. Get a Roommate
Living alone when you are a student is one of the biggest expenses you can have. Especially when you know that there are many other students in the same situation. You can save a lot of money by renting an apartment and dividing the rent between two or more people. It is important that you choose roommates that are responsible and trustworthy so you can fully enjoy this experience.
5. Pay Your Bills on Time
Remember that late payments will generate penalties that will come out of your budget. Try to link your debit cards for the payment of your monthly bills so you don't forget to pay on time. If you live on campus your rent will probably include the utility bills, but if you’re living by yourself or with roommates try to keep the bills low and share the bills with your roomies.
6. Free Entertainment
Fun is one of the most important needs of a student's life as it serves to give a healthy balance to a hard life of study. There are several ways you can have fun without giving all your money away that will keep you and your wallet happy and entertained. Outdoor music happens more often than you can imagine so take your time to enjoy a free concert; go tour the library and give some use to all those movies and video games they store; make sure to check out your campus community page and their calendar of events.