Living on your own as a student can be tough, especially when there are so many expenses that eat right through your allowance. It’s almost a rite of passage, as a student, to feel the dread of checking your bank balance at least once and being slapped in the face with that little minus symbol. Saving money as a student is easier said than done, but there are ways to ensure that you don’t have to face that dread every month and live a little bit more comfortably.
- Plan Ahead
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A budget is typically the first thing that comes to mind when one thinks about saving money, but a rigorously strict budget is not for everyone. The mistake that most students make is thinking that they can draw up a list of expected income, allocate funds to expenses and all they have to do is stick to it. Making the list is easy; sticking to it is the hard part. Thus, it is best to start out small and consider it a process.
Start by writing down your fixed income for the month, and track each and every single expense, subtracting it from the fixed income as you go along. Be sure to categorize your expenses for efficiency. At the end of the month, you’ll be able to determine what is haemorrhaging the most money, and where you need to cut back. Based on that, you can create a loose budget to provide some spending limits, and eventually work your way up to something stricter. This way, not only can you track your progress, but you can also ensure that you have a little bit of money left at the end of the month, in case of emergencies. If you find that budgeting is a tedious process, don’t worry. There are many apps available that can do all of this for you.
- Food and Transport
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Food is one of the largest expenses for students living in non-catering residences or apartments. Most stores offer cards that require little effort to obtain. Though it depends on store to store, most stores have a system in which store points can be converted to cashback. Be sure to have a store card handy when you go grocery shopping. The more points you rack up, the more you’ll be able to get off your next purchase. Most stores also have a sales catalogue, whether it be in print or digital form. Keep an eye out for those catalogues and good deals.
Also, cut back on fast food purchases. Prepare meals that can last you at least until the next day, so that if you feel too tired to cook, you have something to eat and can avoid unnecessary takeout. Stick to ordering takeout only twice a month, no matter how tempted you may feel.
Next to food, transport also accounts for a large chunk of your monthly expenses. Even if you have your own car; if your educational institution provides free transport, utilize it. You’ll be thanking yourself when you save hundreds on petrol a month. If the free transport from your institution is not within your range, or it is not something you prefer, many students enlist in carpool services as an alternative. If something is within safe walking distance, ditch the Uber. Alternatively, find friends or peers that you trust who are headed to the same destination, and split the ride fare.
- Student Supplies and Shopping
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Student textbooks typically come at a hefty price. Before buying that brand new textbook fresh off the shelf, look into second hand bookstores for cheaper alternatives. Check notice boards at your institution: old students will advertise books that they are selling on there, and you might just score a deal. If you are in need of stationary, find out which stores allow student discounts.
Thrift stores have also become increasingly popular and they are a great way to be both fashionable and financially savvy. Similarly, consignment stores are a great way to get rid of things you no longer need, and get a little cash in the process.
Saving money can be a tough task, but it’s not impossible. It requires discipline, and it’s not always acquired overnight. Thus, remember it is a process and give yourself grace if you make mistakes.