Being a student, it is a struggle to lead the individualistic life we prefer with the small money we make. We try to satisfy ourselves by limiting the tight budget we have and save nothing in the end. But what if there is a method to save up the money and a smarter way to manage the money we save? Wouldn’t that be the end of our financial stress? If you want to save the daily expenses, avoid being in debt and still enjoy your college life, make these tips the guidance of your journey.
These tips are generated through Artificial Intelligence. Artificial Intelligence is one of the best ways to start over your life as a financially independent and stress-free smart student. There are budgeting apps powered by AI that can track your expenses and how you manage your money in real time. They can generate a personalized financial tip through that tracking and help you to manage and save your money.
1.Create a monthly budget
If you intend to manage your money smartly, having a monthly budget is essential. Making the monthly budget is not hard. Grab a paper and list all sorts of income sources you have. For example, you can list your part time jobs, allowances, and financial aid you might be getting from your institution. Then make another list of your expenses. Make sure to include the fixed expenses here like your rent and tuition and deduct them from the income. Then you get what you are left with for the rest of the month. Now you can plan on how much you spend on your other needs like groceries or entertainment. Tools like Mint and Goodbudget might be ideal for you to create your budget and track the spending.
2.Meal Prep
The main cause that we spend too much money on is food. We prefer buying something to eat rather than preparing it. But actually, buying ingredients does not cost much and you can save money by preparing your own meals. Other than saving up, this method can really make us eat healthier too. Once we get used to eating a meal that we prepared by ourselves, the temptation to eat junk food and snacks which are both expensive and are not healthy reduces automatically.
3.Buy Second Hand Goods
Another factor that costs us a lot as students is the price of textbooks. Other than that, clothes and electronic devices also cost a fortune. But if we can buy second hand goods, we can reduce the amount we have to spend on those. Specifically, the textbooks can be rented rather than buying them brand new. Websites like ThriftBooks, eBay, and also local thrift stores offer sails and deals on these items. A way we can cut down the textbook cost totally is using digital versions of them and getting used to pdfs. This might be hard if you are so used to reading books, but once you set your mind on it, pdfs also can be lovely.
4.Take advantage of student deals
One lucky chance you get to balance your finances is the student deals offered by various services. There are websites like UNiDAYS and Student Beans which offer deals for everything that students need like from clothes to software. And also, there are student discounts when traveling. Check for such discounts before you go traveling to reduce your expenditures. Further, because these deals and discounts are only available for students, make sure to carry your student ID every time you go out.
5.Use public transportation
Another way to save your money is using public transportation instead of using a private vehicle. The money you will have to spend on petrol and maintenance will be the greatest save. There are government sponsored discounts for students on bus and train passes in many cities which cut the total expenditure for transportation per month in half. But if your college is nearby, you can just walk or bike to the college, saving money completely and as an exercise to keep yourself fit.
6.Stop impulse buying
When you make the budget, set an amount of money to spend on non-essential items and stick to it. Do not buy anything that exceeds that amount. Before buying you can look into cheaper places where you can buy the same item. It is a good habit to practice even after college to manage your money carefully. Also, use the 30-day rule when you get a temptation to buy something. If you want to buy it even after 30 days, then consider buying it.
7.Limit eating out
As mentioned before, preparing your own meals is cheaper than eating from outside. But as college students this is hard to practice, especially during exam seasons or when going out with friends. What you can do about it is to limit the amount of time you dine out. When you go out to eat with friends, try something like potluck where you can share the cost with friends.
8.Use loyalty programs
There are many stores that provide loyalty deals like discounts and special offers. So, sign up for such loyalty programs at the stores you visit frequently and stick to them when buying your essentials. Then, if there is a point system, it can be redeemed for your future purchases. Also, use apps like Rakuten or Honey which provide information about cashback offers and discounts online.
9.Sell unused items
Other than saving your money, you can make some money by selling items in your dorm that you do not use anymore. You can use websites like eBay, Facebook marketplace, and Poshmark where you can sell clothes, electronics and even furniture. As college students we often end up piling up textbooks we used in the previous semester that we don’t need any more along with clothes and electronic devices. What you can do is either sell or rent them.
10.Plan for “zero spend” days
While doing all these, you can plan for “zero spend” days where you do not spend any money. You can execute this plan for one or two days per week. It will help you to control yourself and stay financially controlled and aware. It also can stop you from spending on unnecessary items and find you time to enjoy a day with free activities like reading or hiking.
11.Avoid credit card debt
Saving money is all about your discipline in spending. If you spend too much on your credit card and go into debt your whole plan to save and manage money can end in there. So, make sure to pay off the credit card balance every month and avoid interest charges. You can limit the credit card usage to emergencies and planned purchases which you can afford to pay off the balance quickly. Do not carry multiple credit cards and keep a track of your spending.
12.Utilize free campus resources
We mentioned that it is necessary to set aside some money for academic purposes and entertainment. But you actually do not need much of it as campuses offer a variety of free resources for its students. For example, the library is always open for students to borrow academic resources they need and the gym is for fitness, all for free. There are different clubs and societies you can join where you can find entertainment for free or at low-cost with their events and festivals.
13.Cut subscription services
Look into your subscriptions and analyze what can be canceled or not. If you are a student on a tight budget, you cannot afford any unnecessary subscription service. Try to find cheaper services than going for the most famous and expensive ones. Also, you can share the subscriptions with your friends and split the cost if necessary. Be aware and have a note of every platform you have subscriptions or memberships you hold to be sure that you are not overspending.
14.Look for part-time jobs
The easiest method that many students follow to manage their allowance is finding a part-time job which can help them to cover the necessary expenses. Some students even pay off their student loans by working at part time jobs. But you need to be careful when selecting a part time job. It should be a flexible workplace where you can balance work without getting behind in your academics. We can find on-campus jobs as well that offer flexible working hours and opportunities to work close to our classes.
15.Open a savings account
One of the best options you have is to open a savings account in a bank with a good interest rate. You can look into online banking which is more effective with auto saving options. You can set your savings automatically transfer from your checking to your savings account and save effortlessly through this.
Conclusion
We can assure you that if you implement these tips in your journey to be financially stress-free, you will make your money last longer and manage to enjoy university life to an optimal level. Practicing budgeting and being aware about your income, expenses and savings will come in handy as good financial habits even in the future.
