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Financial Literacy or How to Save Money as a Student

Financial difficulties come up from time to time in everyone’s life. But if your wallet or card is too often empty, it’s worth taking advantage of our advice. We will tell you how to cut costs as a student and always stay with a positive cash balance.

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Useful tips for students to save money

Our collection of tips will help you handle your money the right way.

Budgeting

Download a program that allows you to keep track of your income and expenses. It would be great if the latter were scheduled by category: utilities, transportation, cafes, etc. This way you can understand where most of the money goes and what expenses can be cut.

Useful apps

In addition to budget planning programs, apps that have information about discounts and promotions at nearby supermarkets or specialty stores can help you. Plan your purchases with this information in mind.

Your knowledge and skills

A key way for a student to save money is to learn how to manage his own daily needs. Cooking meals is much cheaper than eating at cafes or ordering from delivery services. Exercising at home or at the stadium is free, unlike a gym membership.

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Conscious consumption

Where possible, opt for second-hand goods. For example, buy textbooks not from the bookstore, but from high school students. And you can resell your books to younger students – albeit a small income.

There is also nothing shameful about buying used clothes in stock stores. There you can find inexpensive branded items in the condition of new ones.

One of the most common tips to protect yourself from unnecessary purchases is to go to the store full and with a list. And it really works! It is better to buy long-term storage goods, such as cereals, vegetable oil, household chemicals in hypermarkets. Their prices are lower than in small private shops within walking distance and there are often various promotions. In addition, large retail chains often sell products of their own brands. They are much cheaper than similar products of well-known brands.

Benefits for students

If you have ever wondered how a student can save money on transportation, the easiest way to do this is to get a pass from the dean’s office, which gives a discount on the ticket. When buying railroad tickets also be sure to show your student ID, then their cost will be lower.

By the way, the student card can help you save money in other places: many cinemas, museums and other institutions offer discounts to students. You just need to have time to find out where you can use your student status. For instance, you can ask an expert to write my essay for me cheap. Such authors write essays for affordable money and always meet deadlines.

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Cafes and clubs

Often the main item of expenditure for a student is hanging out in cafes and clubs. You should not give them up altogether, but at least try to spend less money there. For example, drink strong alcohol at home before going to the club. Before going to the cafe, carefully study the menu and think through your order, so as not to spontaneously choose too expensive items.

Help from parents

If you are interested in how to save a student in a dorm, it is easiest to do it with the help of parents. Parcels from home will help to significantly reduce the cost of food. And if you share them with your roommates, there’s hope that you’ll get a treat in return.

Unforeseen expenses

To save money, the student needs to minimize unforeseen expenses. It is advisable to allocate funds for basic expenses immediately after receiving a scholarship or transfer from parents, leave 1/5 of the finances for unforeseen expenses and not go beyond this amount.

Saving resources

Those who live in an apartment for rent in sioux falls sd or pay for utilities in a dormitory should pay attention to this expenditure item. To spend less, make a habit of not leaving the light on in an empty room and to conserve water.

Modern piggy bank

A good way for a student to save money is to have a bank account and replenish it with a certain amount each month. Keep it small but regular deposits and then in a year you’ll have a safety cushion that will eliminate the need to go into debt.

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Save a little, but regularly

If you have some pocket money or moreover a part-time job, you can save some amount for the future, for your goal. Studies prove it’s best to set aside about 10% of your monthly income. It’s not too expensive, and in a few months you can accumulate a substantial amount. If you have the opportunity, then in some months save a little more money.

You don’t have to wait until the end of the month to set aside a percentage for a dream. It’s better to separate out what you want to save right away and put it away. The beauty of this method is that, most likely, you won’t even notice the lack of that 10%, and the money will be saved.

See a goal – go for it

In order for the process of saving money to be real and structured, you need a motivator. Saving money “for nothing” usually brings neither results, nor pleasure from this activity. It is better to determine from the beginning not only the goal, but also a specific amount of savings and how much time you are ready to save for your dream: month, six months, a year, etc. Stretch out the savings for 5 years – it makes no sense.

To conclude

The main thing – try to educate yourself the skill of reasonable savings: not to become stingy, to feel the line between greed and savings, to keep track of costs and revenues.

We hope that our tips on how to save money as a student will help you to avoid unnecessary spending and teach you how to spend your finances wisely.

 

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