Being a student means you cannot take a full-time job since you have to study for hours. You have to pay tuition fees, buy textbooks, and other added expenses. However, there are some tips on a money saving plan for students that you can adopt.
As a student, you need to believe that you can spend less and save more. Keep in mind that you should be careful when shopping because every penny counts.
Tips and Tricks on Money Saving Plan for Students
Imagine yourself paying off all the student loans when you are still in your 20s. It is not just a dream if you can make a commitment to your money saving plan for students. Here are 9 tips and tricks that you can try.
1. Set Your Saving Goal
You can set many saving plans for students. However, before you start, make sure you have a strong reason: why do you need to save some money?
Maybe you want to buy a car, build a house, or travel around the world. Make your dream clear, and let it be your saving goal. Calculate well and have a number; how much do you need to save?
2. Make a Monthly Budget
It may sound classic, calculate your income and plan your spending. However, making a monthly budget is a must since what gets measured gets managed.
If you love to write, get a notebook and make a bullet journal for your monthly budget. Write down your income, fixed expenses, things that you need to buy. Evaluate your budget every month and find out what you can do to cut down expenses.
If you feel writing is tiring, now you can install budgeting apps on your smartphone. Just link up the apps to your bank account, and it will automatically track your spending.
3. Schedule Your Savings
After months of using a monthly budget, you will know how much you actually need for the necessary expenses. Now you can decide how much money that you can save every month.
Schedule your savings, and it is better if you do it after getting an income as soon as possible. Before you start spending on food, fashion, or anything, make sure you have saved some money. This is an important step on a money saving plan for students.
4. Avoid Using Credit Cards and Adding More Loan
How to save money for students if you still use credit cards frequently?
Avoid using a credit card to pay your housing or tuition fees. Credit cards charge you an extra fee on the total, and it makes you pay more. You can pay them by using a bank transfer.
If you need to shop for food or groceries, withdraw some money and pay them with cash.
5. Stop Impulsive Buying Habit
Saving money for university can be a huge challenge if you are an impulsive buyer. Try to stop it at all costs. Shop with a list, use a waiting period rule, reevaluate what you already own.
6. Use Public Transportation (or Simply Just Walk!)
Do not buy a car, and if you already have it, don’t use it. A car costs a fortune to maintain. You will need more money for fuel, insurance, routine service, and parking.
Consider taking public transportation to school or college every day. If you live near the campus, just walk to save more money and make yourself healthier.
7. Cook Meals at Home
Eating at cafes or restaurants may cost you more than you can imagine. One of our basic money-saving tips for college students is to cook meals at home. Plan what you want to eat earlier on the previous weekend.
Cooking meals at home will let you save more money and keep the food portions in control. Thus, you can live healthily.
8. Buy Used Textbooks (and Sell Them Later)
Textbooks are expensive, but you still need them. Don’t hesitate to buy used textbooks. There’s no difference in the content, and most of them are still in good condition.
Buying second-hand books can help you save up to 50%. In the future, if you don’t need the books anymore, you can sell them again.
9. Use Free Facilities
Does your school, college, or university have sports facilities? If it does, you can cancel your gym membership for a while. Stay healthy by using the facilities, and you will not break the money saving plan for students.
Read books in the library, take a walk to a park, and do anything to entertain yourself without spending extra money.
The Bottom Line
There are many ways to create a money saving plan for students. However, in the end, how you stay committed to the plan makes a difference. Saving money is simple, but making it a habit is a challenge.
I am sure you can do it. Set your goal and start saving!