5 Tips to Start Saving Money as a Student

As tuition fees and other living expenses for students keep rising, so does the need for students to save. It is true that the best form of saving is to make more money, but working more hours or taking a part-time job is not an option for many students. Nevertheless, regardless of how high or low your weekly budget may be, everybody can save more and turn a dollar into two. Let’s find out what the best money-saving tips for students are. 

Student Expenses 

Students today face very high expenses. Tuition fees and associated living expenses are becoming higher year after year, oftentimes overdoing inflation itself. In the face of this, today, almost ⅔ of US students work and study at the same time, while some are parents and students at the same time. High book costs and all other material costs prompt students to save and be thrifty with their money. 

How to Control Student Costs 

With this in mind, students have to learn to control their costs and understand them. The first step to this is following your expenses and then deciding what the best savings method (or more of them) is. All the methods outlined below are tested and proven (by the author themselves), and they give you a great way to limit your expenses without harming the quality of your life. 

Needless to say, making more money is the best way to have more money overall. If you prefer this method over saving and caring for every dollar that enters your wallet, you should be able to delegate some of the schoolwork. This way, you will have some free time while the best online essay writing service does the work for you. They can deal with your study notes, assignments, and papers while you make some money on the side. 

How to Start Saving Money as a Student 

If this is not the best solution for you, there are other ways to free up some of the money that you receive on a monthly (or weekly) basis. Saving money is a skill that takes a few months to master but will last you a lifetime. In fact, most US students who struggle with money do so because they do not know how to make their money work for them. Let’s buckle up and turn your college budget upside down. 

Use Kakeibo to Understand Your Expenses 

The first step to having more money is to understand your expenses. If you want to make money in college but are bound by time, the Kakeibo method can help you understand where your money goes and what the best way to save is. Here is Kakeibo in a nutshell. 

Track EVERY SINGLE purchase you make in a set period of time. This could be a month, or three, or a full year. This way, you will be able to see where your money goes. Giving 35% of your money on alcohol when going out is hardly worth it, but finding this out without Kakeibo can be notoriously difficult to discover. Writing every purchase you make in your Kakeibo journal takes less than a minute every day but is sure to pay off quickly. 

Make a Budget 

Once you know where your money is going, it is time to make a budget. Having a clear idea of where your money should go before you start spending it is a great way to plan and save. By combining budgeting with Kakeibo, you will be able to cover all your expenses and do so in a short period of time. When budgeting, make sure to: 

  • Give top priority to all your bills, books, and other recurring and automated payments, 
  • Give mid-priority to all your wants, such as new clothes, a new laptop (assuming the old one is working), eating out, and 
  • Give very low priority to all non-essentials, such as drinking, hitting Starbucks every day, and purchasing a new iPhone every year. 

Use the Envelope Method 

Using the envelope method (assuming you live alone or trust your room/flatmates) is the next logical step to making more with what you have. With this method, you take the money out of your credit or debit card. You then put the money in envelopes that have been labeled and make sure to include long-term expenses, such as leaving $400 aside every month for a car purchase by the end of the month. The money that is leftover in each of the envelopes at the end of the month is then transferred to other needs or existing long-term savings. 

Be Thrifty with Your Money 

Being thrifty with your money is essential, even if you use the envelope method. Being thrifty still means spending money. You can pay for term papers and use the extra days at hand to pick up extra shifts at your part-time job and make more money than you’ve paid for the essay in the first place. This is a great way to be thrifty. 

Use Invisible Savings 

Invisible savings have nothing to do with Harry Potter but rather with putting small amounts of money aside every day. You can decide to put all coins aside or all $1, $5, or $10 bills aside. This way, you will not even see where the money goes. Once a year, when you open the piggy bank, there could as well be $1,000 to $2,000 there. Now, the new iPhone won’t seem as expensive. 

Bonus Saving Tips for Students

Use the following tips to save even more: 

  • Ask your local bank for round-up savings, 
  • Use recurring purchases on Amazon, 
  • Purchase e-books rather than the real stuff, 
  • Always purchase old books from senior students, 
  • Sell old books, clothes, and furniture, and 
  • Set aside some money every month. 

Final Considerations

Saving is a skill that many students choose not to master. However, learning how to save is a precious skill that will help you realize your financial goals much faster than many other people could. Being disciplined and thrifty is necessary and will set you up for a lifetime of good habits. 

Diane Sherron

Diane Sherron loves having casual strolls and going shopping with her friends. She believes in a just, stressless society and believes in a society where everybody has just enough. She loves modern psychology and self-help books and frequently engages in reading them. 

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