Three ways to save money as a student

Photo by Element5 Digital on Unsplash

Most people would agree that your student days are some of the most fun-filled and carefree
of your life. Despite this, there are some important matters that you need to stay on top of in
college, such as your finances – in fact, not doing so can put a real damper on your overall
student experience. With plenty of student deals to take advantage of and the opportunity to
receive financial aid
should you need it, this is the perfect time to put a little bit of cash to one
side and start saving for your future.

Saving for the first time can feel daunting if you don’t know where to start. Let’s take a look
at three actions you can take to start saving money as a student.

Make sure to budget

While budgeting may feel like a chore, it’s crucial to know exactly what you need (and want)
to spend your money on ahead of time, so that you can thoroughly financially prepare.
Thinking about your upcoming outgoings may not be the most fun of tasks, but it’s definitely
not something you want to avoid. After all, doing so could lead you to believe that you can
afford to spend more than is truly feasible for you, or even to overspend without realizing and
not leave enough cash at the end of the month for crucial essentials.

When you’re aware of the money you’ve got coming in and how much you can afford to pay
out, it becomes much easier to plan for the month ahead – particularly when it comes to
thinking about where you could cut back in order to make savings.

Photo by Brooke Cagle on Unsplash

Take advantage of student deals

Most college towns will be overrun with student deals designed to save you a little bit of
money. Usually, these will be offers for cheaper nights out, or retail savings. However, you’ll
often find that you’re able to save money when it comes to necessities like transport,
insurance, and healthcare products too.

For the best chance at bagging yourself a great student deal, you’ll want to do plenty of
research prior to making any kind of commitment or purchase. By taking just a few minutes
to run a simple internet search, you could save yourself from unnecessarily forking out a
whole lot more cash.

Open a savings account

Once you’ve figured out the best way to organize your finances and discovered some great
student bargains, it’s time to move all that money that you’ve saved into a secure account.

Ideally, you’ll want to pick an account that earns you the most interest – this way, you can
save your leftover cash, and make a little bit more in the process. For a top tip, consider
opening a savings account that has certain controls in place. For example, one that can’t be
easily accessed online, or that you can only withdraw from after a certain period of time. This
way, you’ll be less tempted to draw out your money, and more likely to watch your savings
pile up and materialize.

Why is it important to save money as a student?

While your time at college will be packed full of fun and excitement, there are some more
serious tasks (other than your studies) that you simply don’t want to put on the backburner –
and this is particularly true for financial matters. By saving money where you can as a
student, you’ll be setting yourself up for a more comfortable life post-graduation, and
ultimately, ‘future you’ will thank you.

Author

  • Jenna Baker

    Jenna is a financial advisor keen to help people attain their financial goals. She enjoys sharing her insight with young people on all things budgeting, saving, and investing, for long-term financial success.