Tips to save money as a student
This article is aimed towards those students who are always broke at the end of the month.
As a student, we have all been through the situation where at the end of every month we were broke. Saving seemed like a far-fetched dream, and even securing necessities often seemed difficult. This is all because of the limited budget, high expenses and lack of management skills. While it has been said that real life starts when you enter the professional world and start earning, today responsibilities are bestowed on people at a very early age. Even students often seem to sponsor their own studies and often take full responsibility for their living. In one way where it’s a good practice and makes them prepare for their future, it also makes them feel stressed, anxious and frustrated sometimes. And all of it starts and ends with financial problems. So, it becomes very important for especially students to manage their funds efficiently. And for that, the following steps may help.
Make a plan
For the execution of every successful mission, you need a proper plan of action. Similarly, if your mission is to save a bit of money at the end of a month, you have to plan your finances for the month. Start with the distribution of money, keep the money for your utility bills separated and untouched. Then keep aside your daily expenses in travelling and eating. Then divide the rest half into other halves for miscellaneous expenses and savings. In this way try to divide your money and try not to deviate from the plan unless anything urgent or any emergency comes up.
Share your living space
One of the good ways to save a lot of money is on accommodation as a student hardly stays at home. If you are living on your own try to share your apartment with your other friends or stay as a paying guest. If you have your college accommodation like a hostel, then that is fine otherwise share it with others. It is pointless to pay a bill for something which you don’t even utilize fully. Rather sharing it with other people will help you split the bills and also gives you company in the lonely times. It is best for both your pocket and mind.
Cook at home
Cooking at home is the best way to save money. It is also good for your health as you will be avoiding junk food outside. It may take a little bit of time but one of the best parts about home-cooked food is that nothing goes wasted, you can cook according to your appetite and can restore it unlike food from outside, which comes with a set quantity. Cooking food at home is both healthy and affordable.
If possible, work part-time
Although working along with studying is not that common in India, but outside India, mainly in western countries, a student can’t afford to study without a part-time job. Mainly the foreign students in the western countries are into part-time jobs to support their living there. It is a good way to save money, as you will get a taste of the professional world beforehand and also will afford to live on your own without getting too stressed about paying bills. It helps you to socialize, get professional and save money, all in all, it comes with a complete package.
Go for second-hand products
Buying second-hand products like books, furniture and appliances or gadgets is a good way to save money. As all of these things are merely temporary and you have to change them in some time. Investing too much into these products is pointless if you are going through a financial crunch. Just make sure you buy the products from trusted sources like known seniors or friends, so that you don’t get cheated, otherwise it is a very effective way of saving money.