Saving Money in Student Life: How to get started

  • by Renisha Jesvita Fernandes
  • 30-10-2021
  • 5 minutes
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Saving Early means earning more 

In today’s digital world, it takes a few seconds for an individual to enter their password on their digital payment apps and for the money to be debited. 

The majority of today’s generation are struggling with how to budget their money. Learning how to save money becomes very useful in this aspect.

There are countless methods to save money during your time as a student, and there is no reason for you to live paycheck-to-paycheck. Practice these new money-saving techniques to avoid the headache

 

1. Keep Track Of Your Spending

As a college student or a young person living in a new city, it is easy to spend a large sum of money in a week and not realize it. The best way to not let that become a habit is to hold yourself accountable. 

You can hold yourself accountable by creating an Excel sheet. If you have a mobile banking app, you will have all your monthly transactions over there. 

Enter all of that in your excel sheet and see how much you’ve spent. The first time you do this, you might end up a little shocked, and that’s okay. 

The whole point of doing this is to hold you accountable, and you will be more conscious of spending your money, especially once you realize that you are tracking it at the end of the month.

 

2. Don’t Make Impulse Purchases.

No, you aren’t the only one doing this. But you’ve got to stop doing this. One does not need to buy the first thing one sees. You will not be able to save money if you end up buying everything you like upon seeing it. Avoiding impulse purchases is challenging but not impossible.

The best way to avoid impulse purchases is to always look for better options. You see something on the market aisle. It might be nice, but there might be something better somewhere else and for cheaper, but if you get this, you won’t be able to get the better and more affordable product. 

The other way is to look for varieties. Often we see what we didn’t know we even wanted. So make a note of what you have seen, then go ahead and do your research on this product. Whether this product is essential or just an impulse purchase, you often realize that it was not necessary for you after you come home.

 

3. Have A Saving Account 

So many individuals think this is unimportant and just swing this idea with the bat to an alternative universe. No worries, I was like that, but now I am not. A saving account is beneficial to have, and you will only realize the importance of this later in life. 

A saving account gives you the stability you need. Whenever a critical emergency comes through, you don’t need to ask around for money, and even if you do, you wouldn’t need to ask a lot because the majority of it will be with you in your savings account. 

Saving accounts have several benefits over other investment options, including the fact that, unlike other investment options, they don’t invest your money but still offer modest returns. All you need to do is place cash into your savings account to begin taking advantage of this feature.

 

4. Limit The Number of Times You Go Out To Eat

Eating food outside is incredible but is it worth spending money over that every day of the month when you can cook at your house? Are you not finding time to cook, or are you not good at time management? One can find several excuses to eat out. They can even get a whole book made out of those excuses. 

However, it’s simply not correct. It is not right that you spend your money on food outside every single day. 

The risk of heart disease or stroke increases if you eat out often. A high-fat, high-cholesterol diet increases the risk of heart disease. 

You are more likely to indulge in sugary desserts and condiments or order something you cannot make yourself at home whenever you dine out.

 

5. Shop At Places Where They Offer Student Discounts

 

As a student, the added benefit you will have is student discounts. People usually don’t use it, which is terrible because you can get some pretty good deals at your favourite shopping outlets. 

Recently, an apple student offered to give a discount of a minimum of 10% on iPad’s and MacBooks. An apple product with that low price is a pretty awesome deal. Apple is not the only one that gives student discounts. Many well-known brands do the same. So make full use of it and do not waste your money.

 

6. You Do Not Need To Spend Your Money To Look Super Cool

The biggest issue with a lot of young people is that they want to look cool. They do not necessarily want to spend money, but they feel they need to fit in with certain groups. 

Emma Watson once said, “Wearing unbranded and cheap clothes does not mean that you are poor. Remember, you have a family to feed, not a community to impress.” You do not necessarily need to spend money just to impress others. Instead, put that money in your savings account. 

 

Conclusion

Saving money is essential. Saving money doesn’t just prevent you from living paycheck to paycheck, but it gives you a sense of accountability and responsibility. 

You will live your life in a much better way when you realize that you are putting your hard-earned money to good use and not just wasting them.

Remember that whatever decision you take will have its own consequences at the end of the day, and only you will be responsible for that. 

We have talked so much about saving money and not going outside to eat food, so we can’t leave you without giving some recipes for some quick healthy homemade meals- College Students’ Guide to Easy Meals


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