20 Tips On How To Save Money As a Student
This post explains how to save money as a student without working. We know that you are in college primarily to study and get a degree. That means reading most of the time. But you need to think about money sometimes because without money your desire to get a degree will not be easy.
Also, you know that personal financial management is shockingly absent in modern education. So ask yourself this simple question. Do you have a budget? I do not need an answer from you because I can guess what your answer will be. Also, you know that a university is expensive with numerous things that you need to spend money on daily.
Well, this article will help you to make a few changes that will improve your money management skills.
How To Save Money As A Student Without Working
Below is how to save money as a student without working, according to Finanticum:
1. Make a Budget
Make a monthly budget if you want to be on top of your finances. A budget gives you power over your money. You know exactly how much is allocated to any expenses at any time. Making a budget is simply listing your income and expenses in an Excel spreadsheet and confirming which side is larger. If expenses are larger then you need to cut expenses or earn more money. It is as simple as that. But as a student who is not working then cut your expenses side.
2. Track Your Spending
Tracking your spending is the next tip on how to save money as a student without working. Write down everything you buy. Tracking expenses will help you to know the way your money moves. Then you can correct the mistakes you are making to save more money. You can use Budget apps like Mint, Wally, Mvelopes, and Goodbudget.
3. Differentiate ‘needs’ Vs ‘wants’
You must know what you need and what you want. Because to save money you must buy only what you need. Also, knowing this gives you more flexibility in your budget.
4. Stick To Your Budget
Another tip on how to save money as a student without working is sticking to your budget. Now that you have learned about Budgets and how to make one, that is good if you can draw it up. But the real test is in the area of implementing your budget.
You should also note that a budget is not in a solid state. You can update it anytime you want to change a few items in the list.
5. Look Out For Free Money
Money may not be easy to get but you can get it free sometimes. You can apply for scholarships, awards, and bursaries. Also, many scholarships do not receive many applications so it is necessary you put in the needed effort to get this free money and save yours.
6. Pay Your School Fees Smartly
Paying your fee smartly is the next tip on how to save money as a student without working. Don’t pay your tuition or housing fee with a credit card. Why? 1.75% is normally added to the Credit Card balance. So, if you were to pay a tuition fee of $3,000 the added fee is $30. Instead, pay your tuition using a bank transfer. This saves your money.
7. Don’t Waste Your Meal Plan Dollars
If you are living in a residence where they provide a meal plan, the smartest option is to use your basic meal dollars for eating regularly at the on-residence dining halls. If you do that you’ll get a 25% discount on every purchase.
8. Save Money On Textbooks
Next on the list of how to save money as a student without working, is saving money on textbooks. You can save money on textbooks by purchasing used textbooks from former students on Craigslist, Kijiji, or Facebook groups. Ask your university if there is one for used textbooks.
Also, find out from your university Bookstore if they have a rental program for some books. And you may visit Amazon for some good deals too.
9. Sell Your Textbooks
When you finish using a textbook, try to sell it back to the college Bookstore or Discount Textbooks. You may also try to find a new student who needs it. That saves you some money.
10. Cook At Home
Cooking at home to reduce meal costs is one of the smartest tips on how to save money as a student without working. You should reduce the number of times you eat out each month. And, if you do this, you will save big amounts of money.
Also, you can cook big meals and store the rest in Tupperware containers. And take the leftovers with you to school and heat them up to save money that you usually spend on meals. You can use the microwaves located all around your campus to reheat your meals.
11. Buy In Bulk
Buying groceries in bulk will give you the most value for any purchase you make. You can do grocery runs with your friends and buy family packs. And then split food into plastic bags and put the extras in the freezer for use later.
12. Plan Your Meals
If you need another method on how to save money as a student without working, then plan your meals. Also, you can plan your meals in advance for a week. This plan will let you know the exact ingredients you must buy.
Moreover, this list will help you to shop strategically so you buy what you need only. Ans this method will enable you to reduce the waste of food at the end of the week.
13. Make Your Own Coffee
Make your own coffee instead of buying a cup of coffee at $3 per cup daily. If you go outdoors, you would pay $600 for a year. Just buy coffee beans in bulk and make it yourself. And then buy a travel mug to keep the coffee warm and take it to school daily.
There are many grocery coupons you could use to save money. So, lay your hands on as many coupons as you can, and use them to lower your grocery bill. And also using Coupons is in this list of tips on how to save money as a student without working.
15. Resist Impulse Buying
Don’t buy any item on impulse. Think about the consequences of any purchasing decision you want to make. Also, separate between the things you need and the things you want. But if you are tempted to spend money on a ‘want,’ first check your budget and second confirm if you can afford it.
16. Shop At Discount Stores
Getting a discount is a popular tip on how to save money as a student without working. So, look for shops where they give discounts when you are shopping for household goods, school supplies, and other things.
Also, you can go to economy stores to buy used clothing. Search for them in your neighbourhood.
17. Buy Generic Products And Avoid Name Brands
Whether you are buying food, medicine, toiletries, or household products, select the economic basic option. Don’t buy the top brands. At any grocery store, buy the home brand products and save a dollar or two. Your savings will add up over time.
18. Ask About Student Discounts
Using student discounts to save is the next tip on how to save money as a student without working. Inquire from a store employee. Ask for student discounts from any store you want to shop because many stores that offer discounts to students, may not advertise them. But make sure you have your student card ready.
19. Choose Social Activities That Don’t Cost Money
If you want social activities select the ones that will cost you nothing like hiking, cycling, sightseeing, or walking in the park to see nature at close range. This will save you some money.
20. Join a Club
Social spending could cost you a lot so joining a club is wise. And that is why it is on this list, of how to save money as a student without working. Join a university club to get to meet and relate with other students. Confirm from your college campus because there are thousands of clubs at even the smallest university and they host social events regularly.