Saving can seem like an impossible and daunting task when you’re a student because university can be really expensive and you also don’t have an actual salary (unless you tutor or get a part time job!). There are also some big decisions to be made along the way, like do I buy all my textbooks or do I go out with my friends? 🤔. Trust me we’ve all been there and the only way to successfully enjoy and take advantage of being a student is to have effective money management skills to keep your finances under control. I know this doesn’t sound fun or easy but your future self will thank you!
Here are some tips and tricks to help you manage and save a bit of money while you’re still studying:
- Make a monthly budget
The only way you can keep track of your spending and save money is by drawing up a budget. You can start by drawing up an excel sheet and record the average allowance you receive on a monthly basis, as well as jotting down your expenses like your groceries, toiletries, Netflix subscription, entertainment etc. Once you have done this exercise, check your calculations to see if you have any money that you can put aside for your savings.
2. Buy second hand textbooks
The answer to the first question is to definitely buy your textbooks, but why buy them full price when you can get them for half the price. There are always book shops and students around the university selling second hand textbooks so you can always get them at a bargain. You can also find textbooks at the library, especially the ones you need for just one paper.
3. Don’t make impulsive purchases 💀
Now, this is something I personally used to struggle with, but the trick I’ve been practicing is – after I place something in my shopping cart I let it sit there and revisit it later. This helps me determine if I really need the item or if I was really about to make an impulsive purchase.
4. Be a Netflix tenant
Most streaming platforms like Showmax and Netflix allow 4-5 profiles which means if you have friends or family members with accounts you can always ask them for their logins or share subscription costs with friends - that way you save money.
5. Look into the campus gym
Many schools offer students a free gym service or a discounted price, so look into the gym offers your campus has before paying a hefty amount on a gym membership.
6. Know your discounts
You can save a lot of money as a student by finding discounts you are eligible for and trust me there are heaps. You can get 10% off on sneakers, clothing and accessories and sports equipment and Apple music also has a student membership subscription plan for up to 4 years just to name a few. When you want to purchase something specific, just google the item and type student next to it and you might find a few stores that are selling the item on a discount for students.
Saving money can be a very easy and rewarding task to do and with all that extra cash to save you can easily sign up for a Franc account and set up your goals and earn a return on your savings! #HealthySavingsBalance2022