If you’re reading this article, you’re probably looking for ways to make your money go further, right? Well, you’re in the right place. With these 10 ultimate student money tips, we promise that your money will work better for you and you’ll be able to live it up on a budget!
(H2) The 10 Ultimate Student Money Tips
- Buy second hand or refurbished products
Books are expensive. Law books for instance can easily cost over $100 each. But why buy new when you can get a second hand copy for a fraction of the price?
Go second-hand on clothes. The vintage look has made such a comeback recently for instance, but going second-hand costs a fraction of retail price.
On refurbished products, many stores and brands offer almost new products that have been restored to factory settings at lower price. Apple is the most famous example, usually offering 10% on refurb goods.
- Eat like royalty by cooking at home and save a ton of cash
As an example, a good steak in a restaurant typically costs about 4 or 5 times the price that a butcher quotes and it’s so easy to cook at home.
Don’t know how to cook? Well, it’s easier than ever now. There are countless websites with straightforward instructions on how to cook anything, from boiling an egg and frying a breast of chicken to making Thanksgiving dinner!
You’ll eat much better quality food at home, you can throw awesome dinner parties, and you’ll save a wedge!
- Buy food in bulk
This is particularly important for staples – rice, pasta, oil and so forth – buying the larger portion usually leads to a considerable discount compared to buying smaller amounts.
You essentially have to change your mode of buying to long-term – monthly instead of weekly for instance. It’s easier to part with $50 a week for food rather than $200 in one go for the month, but once you see the overall spend difference, you won’t go back!
- Go to stores with student discounts
Lots of stores offer you a student discount, anywhere from 10% to 25% usually. Others even have student-only events, offering exclusive lower prices.
- Save on restaurants and more with specialist discount websites
Companies like Groupon and Living Social are excellent for getting savings. There are other sites that are industry-specific, such as Refinery 29 for fashion-conscious women.
It quite literally pays to spend a few minutes before picking an activity or buying goods and services checking out options on one or more of these websites.
- Pick student cafes and bars
For most students the social side is one of the greatest things about going to university. Check out when student nights are on and see what kind of deals they offer, such as meal deals or discounts on drinks.
Try to avoid more expensive places, as they typically target non-students with higher prices.
- Avoid the temptation to spend your student loan quickly
When a student loan comes in, it feels like you’ve won the lottery, right?! But, look at the bigger picture. The last thing you want is money worries because you exhausted your loan.
Our advice is to work out how much you need per week, taking in all bills (rent, electricity, cell phone, food, social spending) – which the free MoneyStrands app will help with, but more on that later – and stick to this budget with all your might.
- Sell your stuff online
If you’re like most students, you have a ton of stuff that you no longer use. Those shoes, boots, sports gear, books from last semester, and any electronics are just some things that you can sell.
In the beginning it can be tough to part ways with an item, but there is also a sense of liberation when you do, plus you get paid!
- Piggy bank your dollar bills and spare change
Those dollar bills and quarters really do add up over a lengthy period. Get yourself a jar and throw in your loose change and commit to a set period, say six months or a year.
You can even use it to treat yourself after completing the academic year.
- Download your free MoneyStrands personal finance app
Our app will help you to get a real grip on your finances. It’s easy to use and it updates in real-time with your bank account movements, forming the foundation you need to be a personal finance champ!
Check out the awesome features you will benefit from:
(H3) The 10 Ultimate Student Money Tips: Bringing it all together
Becoming a student is probably the first time when you really have to manage your money and take care of bills and so forth. It requires planning and thinking ahead, and for many students, it takes a while to get used to money management.
With these 10 student money tips though, you will be well on your way to making your dollar bills go further and help you to have a better quality of student life.