Being financially wise is a must for everyone, but for students, the issue of spending money is particularly acute. Usually, they have a limited budget and no experience of how to manage money effectively. We have gathered some tips on how to spend less and still have all the fun of the student life.
Cutting out on bad habits
First and foremost, cut out on smoking and binge drinking. By far, having a bad habit is one of the most costly splurges which students are faced with during their time in university.
No grocery shopping when hungry
Do not go grocery shopping when you are hungry. You are very likely to spend more than you expected and buy many products that you might end up throwing away. It is better to avoid impulse buying by doing shopping once a week.
Water as a drink of choice
Drink water instead of different purchased beverages. Drinking water is good for you, as it is the healthiest option which can save you tons of money. In addition, water fills you up, so you don’t feel hungry for longer, you spend less on lunches, and it can also help you if you are on a diet.
Saving up on coffee
If you are one of those who cannot live without coffee, make it yourself at home. Coffee shops are convenient, but buying your favorite drink there might cost you a lot. Also, water or herbal tea will always be a healthier and cheaper option.
Eating out and takeaways vs. eating at home
Being a student, to grab a lunch in the nearby café or to order take away sounds like a great idea. However, these options end up being quite costly in comparison to staying at home and cooking yourself. Of course, socializing in a restaurant should take place, but if your aim is to save some money, going out should be limited.
Reviewing expenses for digital means
In the digital world that we live in today, it is important to be connected. TV, mobile, and internet are vitally important, but if you are a student, you need to take a closer look at what you are paying for. For example, think whether watching TV once or twice in a month is worth paying a hefty price for the license. The same situation is with mobile and internet connection – make sure that the tariff plan is suitable for you so you do not overpay.
To be a student on a limited budget is not easy and is not always fun due to financial restraints. However, it is a great opportunity to improve your skills of managing your finances. Be wise about how you spend your money during your student years and it may give you the invaluable experience for financial success in your future life.