Student saving: The five best tips you need to know.
Going to University is one of the most exciting and challenging times in someone’s life!
For many people, it’s the first time they’re stepping out into the ‘real world’ and learning how to live as an adult. Words like ‘budget’ and ‘savings’ were always words associated with their parents, not themselves. For others, it’s a chance at a new start. Perhaps they’ve been stuck in a job that was slowly draining them, and finally got the strength to leave it behind.
Either way, University signifies a new chapter and a new challenge. Phrases like ‘the struggle’ come up a lot when talking about University. While balancing money, work and social life in a new setting is difficult, it’s not the end of the world!
These tips from the team will help get you through. You’ll even have some fun along the way. Ideal!
Get savvy about those textbooks.
This one can be tricky, but it’s worth it.
University bookstores are notorious for overcharging students for books, not giving a lot back, and then turning around to charge the next student an arm and a leg for the used copy. Sometimes they won’t even take them back!
That’s when sites like Amazon come in handy.
As a popular site for new and used books, Amazon is a place where you can find discounts on books – often with massive slashes in price for the same or different versions of a book.
For instance, the university's bookstore may only have new hard copies of the textbooks you need. Going online to sites like Amazon, they may have a paperback or even loose-leaf copies (a ‘pack’ that you put into a binder). Big savings – without compromising on the content itself!
These sites can also be ideal for selling your books back. It’ll take a little research, but you can compare the sell back prices of your local campus bookstore to that of sites like Amazon. It’s a great way to stretch that money a bit further.
Know that impulses will come – then beat them.
It’s easy to get swept up in the excitement of making new friends and hanging out with them. Most of the time, hanging out means going out somewhere like the club, the movies, and the local bars. Places like that cost money and they make impulsive buying easy.
Many University students make the mistake of going from zero to a hundred, meaning they tell themselves not to spend anything and then end up spending way too much.
The key here is to find balance in your spending. Consider how much money you have, then make sure to save an amount and put it away for an emergency. Make a budget and stay within those parameters.
Get organised with your bills.
Sorry,dear reader – we know it’s not particularly exciting, but it is worth saying!
There’s a lot going on as you crack open those books and hit the campus library to study. Your mind will be pulled in different directions, and it’s very easy to see something like your phone bill, roll your eyes and then toss it aside.
The problem? Come payment time, you may have forgotten about it. You guessed it: Late payment charge. Every penny counts, especially when you’re burdened by the tight University student budget.
Avoid this by keeping your own Word document or Excel sheet that lists your due dates. Check it once or twice a week and you’ll thank yourself later for avoiding nasty fees that come at the worst of times.
Public transportation works – use it!
It might be slower and less glamorous, but it’s there for you to benefit from. It’s amazing how much money is put into petrol and car maintenance when you calculate it monthly or yearly. Compare this to a train pass with a student railcard and you’ll be shocked.
IIf you’re not sure where to go to get a public transportation pass, talk to your local student government office, financial aid office, or go to the bookstore. In many cases, all you need is a valid student ID, a copy of your current schedule, and a moment to fill out some information. Depending on the ride time, you can even get some reading or homework done before you get home. Look at you!
We hope this article helped.
Thanks for checking out the Citrus Loans blog section! The team is here regularly to post articles that we hope are genuinely useful for you and your life as a responsible adult.