Every students longs to have enough money to spend on necessities (and luxuries sometimes) and still be able to reach their financial goals. Below I’ve outlined thirteen ways can save up more money and spend less as a student.
- HAVE A MONTHLY FINANCIAL PLAN: This is so important. Have a plan for all you monthly goals and get your savings, investments automated. No matter how much you cut down on their expenses you will still not be able to give account for your spending at the end of each month if you are not handling your finance with a plan that is helping you reach your financial goal.
- JOIN AN INVESTMENT CLUB: Community is energy! Be a part of people who are aiming high financially. Learn form them, contribute to them and be dogged about your investment with them.
- APPLY FOR SCHOLARSHIPS AND GRANTS: Scholarships and grants help cover a lot of your major expenses such school fee, accommodation, textbooks costs and feeding. Apply for as much as you can and make inquiries from those benefiting already from these sources on how they made their applications.
- AVOID PEOPLE AND PLACES THAT MAKE YOU SPEND TOO MUCH: If you walk with people who are not heading in same direction as you, you will end up where they are going. Avoid people that don’t understand the language of delayed gratification and flee from places that make you spend beyond your budget.
- MAKE USE OF PUBLIC TRANSPORTATION: I’ll encourage you use this as a student as it is less costly. If you have a personal means such as car, bike, bicycle or whatsoever you can make use of them and find out ways they can be sources of income as they meet your transportation need.
- COOK AT HOME: A good healthy meal is costly to purchase. Learn to cook at home. You don’t need to be the most skilled cook in the room to do this. Ask questions, maximize YouTube, attend classes, be a part of a free cooking class and enjoy the adventure of learning. Design your life in such a way that enables you cook fast healthy meals and make use of facilities like refrigerators that makes it all easy.
- SHARE COST OF SUBSCRIPTION WITH FAMILY AND FRIENDS: Yes! For your Netflix, data, book reading applications and the rest share one account for subscription with your family and friends so you have more money to save and invest where needed.
- MAXIMISE STUDENTS DISCOUNTS AND FREEBIES: As your college and government open up various portals for discounts and freebies for students don’t sleep on it. Maximise them and save money through them.
- GO FOR LESS COSTLY ACCOMODATION: Accommodation can be costly sometimes. So make a comparison between your school dorm and others available around you school. As soon as you are sure of which is less costly and gives the comfort to reach you goals academically (this is so important) then go for it!
- BUY GROCERIES IN BULK: Buy groceries in bulk and make use of discount card where provision is made for it. Also remember to ask your friends when they’ll be making purchases. You can all make bulk purchases together and enjoy discounts and bonuses.
- ASK FOR NEEDS ON BIRTHDAYS: When that friend, colleague, family member asks what you would love as a birthday present, ensure you are specific and it is helping you reach your financial goal. Don’t ask for any random stuff.
- REQUEST USED FURNITURES: Instead of buying new furnitures for your room you can get from a graduating students at discounted prices or (who knows) maybe even for free!
- GO FOR BOOKS AT DISCOUNTED PRICES: In any way you can purchase your books for college studies and personal development at discounted or no cost all, kindly do! I’ve gotten a lot of books and resources from graduating students at no cost. It can be same with you.
Implementing these tips I’ve shared with you will definitely get you on your way to saving more money while in college.
