Depending on your particular situation, saving money while studying can seem like an impossible task. If you are completing your studies on-campus, then you will obviously have less time to spend working in a paying job. Depending on your industry of your part time or casual job, it might be worth exploring the possibility of working within close proximity to your learning institution to decrease travel and hopefully increase hours spent working. On the other hand, some courses allow for online learning for particular units, so don’t hesitate to contact your institution and identify any possible opportunities. Less time on campus allows for more time getting paid! In this post, we will be sharing more practical tips of how to save money as a student!
So we’ve considered how to potentially make more money, but that doesn’t necessarily mean money saved. It is important to set up a budgeting system for yourself, however small your costs are. Consider your weekly or fortnightly costs, then identify whether you are living within your means. In other words, are you making more than you’re spending? If the answer is yes, then great! You’re allowing yourself the capacity to save, even if that spare amount is small. If the answer is no, then it’s time to address your finances. You’ll need to either make more or spend less money, most times the latter is the more achievable option.
Some ways students can save money
Potential saving opportunities could be what you eat and drink through the day. Home cooked meals as opposed to store-bought meals will definitely free up some cash for your savings account. Plan your meals for the week and cook in bulk to ensure you always have something ready to go. That way, in your busiest moments, you’ll ensure that you are well fed and adhering to your savings budget.
If you need that daily coffee to re-energise yourself for study, then be sure to go to your favourite cafe each day and redeem your purchases on a rewards/loyalty card.
Other ways to adjust your spending include examining your phone bill for it’s suitability to your needs. Are you paying for things you don’t need or use? Check those monthly subscriptions too as they can so easily build up these days with memberships to Spotify, Audible, Netflix, Amazon Prime, Stan, Disney+ and all the rest! Limit yourself to only what you need and use to keep your spending at bay.
Living costs can be tricky. If you have the option to leave with parents or similar, that’d be a good way to go as you can definitely save more if you’re only paying a relatively small amount of board, or in a lot of cases, paying nothing at all. If that is not an option for you, consider room-sharing or living on campus, both considerably cheaper options or living.
Regardless of if it’s $10 or $100 per week that you can save, you will thank yourself later, especially if a trying time arises and you suddenly need money for something, such as new tyres of a car, repairs at home or medical expenses. Whatever you can save is a great effort and will put you in a good saving routine once all the studying is over and you have a higher earning capacity!
Tips from Marie D.