Being in university is thrilling and fulfilling, but poses the problem of money management. As a student, it’s understandable how tight your budget could be, and knowing ways to save money will certainly help you. Here’s a thread on how you can save eye-watering amounts of money during your university years without changing your lifestyle too much.
Start Budgeting
One of the first steps to saving money in university is ensuring that your spending is tracked. Budget your every penny to understand where your money ends up at the month’s end. Make sure to include appliances, tickets, meals, car fare, and even certain hobbies as categories. Making use of apps like Mint or YNAB (You Need A Budget) can make things easy for you.
Try and Minimize The Amount You Spend On Food Takeout
It’s quite easy to be lured by campus food and delivered food, however, you will soon find your wallet significantly lighter. It is much cheaper and healthier to prepare meals with homemade ingredients. Investments like pasta, rice, beans, and some vegetables will last you long, and cooking them in bulk will save even more time and money for you. To ensure that that you won’t be tempted with convenience food, prep meals ahead for the week.
Leverage On Discounts As a Student.
Tons of local vendors as well as websites offer student discounts like Amazon Prime and more. These discounts are provided primarily due to the availability of a student ID. You should signup at websites such as UNiDAYS and Student Beans as they provide discounts related to fashion and technology.
Rely On Public Transport.
Consider using public transportation if your reside in an off-campus housing. A lot of universities offer their students free bus passes. Even cycling or just walking is cheaper than paying for gas and parking. If you have to drive, Car rental services such as Zipcar offer rentals per hour instead of a whole day.
Purchase or Rent Textbooks Either Used or New.
Buying textbooks usually costs a lot, though not all the time. Check out online websites like Chegg and ThriftBooks or visit your campus bookstore for used books. If you are planning to use a textbook for a short duration, then I suggest renting it. Also, check out Amazon for cheaper versions in PDF format.
Share Housing Costs
Housing alone can be quite costly. Think of getting a roommate or sharing a rented apartment so you don’t have to pay the entire rent or utility charges by yourself. This will help you financially and also serve as excellent opportunity to make new friends while in college.
Avoid Credit Card Debt
Credit cards tend to be overused frequently which might damage one’s credit score. While these can prove to be useful during tight situations, make sure to use them wisely. Ideally, you should not keep a balance on the card as that leads to accruing interest. Additionally, never overspend on items that don’t truly hold value to you as this will put you deep into debt.
Take Advantage of Campus Resources
Make sure to utilize the aid your particular school offers such as free tutoring, career advice, gym access, and other available events. Always be on the lookout for free concerts, lectures, and activities in your school’s calendar. Additionally, many schools offer discounts for their students on concerts, theaters, and even festivals.
Be Cautious When Spending Money
Whenever shopping is necessary, attempt to look for bargains or discounts offered during holidays. Spending on clothes and supplies during off seasons can also help with saving money in the long run. Thrift stores as well as second hand shops can have clothing and furniture at very cheap prices.
Work Less Than Full Time
If it is possible to work concurrently with your studies, getting a part time job will surely help you financially. Many jobs on campus are designed specifically with students’ needs in mind, so there is always a way to work around your studies. You might also find some remote work or freelance gigs relevant to your field of study.
Free or Low Cost Leisure Activities
Free time does not necessarily require a lot of money. Most universities organize free or cheap events including movies and concerts. Consider using streaming platforms talk like Netflix or Spotify that provide subscriptions at a lower rate for students. And remember to find time to visit local parks, museums, and community events that are free of charge.
Laundry Costs
If you pay for the washing machines, laundry is another hidden cost for you. You can try to save on laundry by doing air-drying and fewer loads. Also, look for cheaper alternatives for detergent.
Scholarships And Grants
As tedious as it can prove to be, applying for scholarships and grants should requires your attention as it could save you a good amount of money even when you think you might not be eligible. Check your university external sources for grant opportunities as the funds are free money if you do get selected.
Impulse Purchases
Sometimes life at university can be overwhelmingly busy and in a rush, buying that extra coffee or grabbing a snack here or there can seem negligible. The essence of saving is to put off purchasing stuff that is not essential at that time.
Prioritize Personal Health
Stress and social issues can interfere with University studies and lead to further problems. Get enough sleep, exercise, eat well, and try to pace yourself. It’s also a good idea to utilize healthcare services provided by many universities as they are usually inexpensive. In addition to that, some schools offer mental services that are mostly free or available at a very nominal charge to students.
To Conclude
Cutting costs in the university is a matter of intentionality and slow but sure shifts in behavior. Developing a budget, outlining profit and loss accounts, and providing student discount options are some of the methods adopted. Like anything, college is an investment, and so is time, and managing funds should therefore be regarded with utmost importance and discipline.
What are some of your favorite budgeting tips in the university? Let us know in the comments below!
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