Students consistently battle financial difficulties throughout their studies. Depending on their different situations, managing money and juggling studies can be a very difficult task. More commonly on a tertiary level, students are of a mature age in which they are independent, referring to the fact they may live away from their parents, are employed in the workforce and enrolled in higher educational studies. This brings numerous expenses, generally more than most students can manage. Students are perceived to constantly be crying poor. This may be the case for some, however for others that are a little smarter, there are ways to save money. Here are 5 money saving tips that all students should follow.
Set a Strict Budget
Budgeting is such a common method. It is a very practical way to establish how much money you earn and where that money will be allocated for expenses and discretionary spending. As a student, discretionary spending should be kept at a minimum. Depending on your weekly income, whether it is earnings from employment or a government grants, students should save as much as possible for the near future. Setting a budget and sticking to it will allow you allocate specific amounts to priority expenses and help avoid any financial hardship.
Take Advantage of Concession Savings
Students and concession card holders generally receive benefits from most organisations. This allows them to save specific percentages off original prices schemes that most everyday consumers can’t avoid. Be sure to take advantage off any concession discounts in your daily activities. This will include transport to and from your university or work, required resources for your studies and general everyday expenses. If you do manage to spend some discretionary income on personal entertainment, most places will offer student prices. Make sure to ask on any purchases for a student discount.
Veer Away from Unnecessary Spending
This is where sticking to your budget occurs. As a student earning minimal income, you should avoid any unnecessary spending when necessary. This may include excess socialising or shopping. You don’t necessarily have to rule out entertainment altogether, however just be more rational with your spending options.
Eat at Home More Often
As a student, it is so easy to fall into the routine of take out and dining in for meals. This adds up and will eventually harm your budget. You should buy food in bulk at the supermarket, as an expense on your budget, and cook food to last a few days. This way you have meals available to take to university with you and will eventually avoid buying take out on a daily basis, ultimately saving you more money.
Open an Interest Earning Savings Account
Any money that you have saved from your budgeting should be allocated to an interest earning savings account. This will allow you to save money and earn interest on that amount on a monthly basis. Most banks will offer accounts suitable for students and these can be beneficial long-term. Try to avoid spending any of the money in your savings account if you can, as you may need to access it at a later date.
These 5 simple money saving ideas are very common and easy to follow. If followed correctly, students should be able to avoid any financial hardship throughout their studies. For further assistance with financial hardship, budgeting and cost saving techniques, Fox Symes are Australia’s leader in debt solutions and advice.