30+ Money Saving Hacks Every Student MUST Know!
It’s never too early to become financially responsible. Ask any adult and they all wish they started earlier. But you deciding to read this article itself is a step towards the right direction! So, let’s dive right in. Here are the TOP money saving hacks for school & college students!
CONTENT:
—— SPEND LESS ——
Ok here are some of the obvious stuff but a lot of people still don’t do these! So, if you really want to start being more money conscious, make sure that you are doing basic stuff like tracking expenses!
1. Keep track of your purchases/expenses
As a teen, your parents take care of most of your necessities. Things like food, clothes, shelter, electricity bills are mostly settled for you. However, you do have your own expenses such as when you are going out with your friends, getting a snack on the way home etc.
Even if you don’t actually make that many personal purchases, you will in the future. So, starting now will help develop this good habit.
Ways to keep track of your money:
- Write down your purchases on a notepad and calculate your total monthly expenditure
- Note all your expenses in a Excel spreadsheet
- Use apps like YNAB, Good Budget, and Mint. These make life super easy for you but they require a subscription.
- Use tools/programs/apps provided by your bank. Many banks are able to categorize your spending and showcase it in easy-to-read charts and graphs.
By being more invested with your money, you’re more connected to it which means you will be more watchful and selective in your spending.
2. Think about how you can curb those expenses.
Now that you know where you spend money on, you will realise there are a few expenses that were quite unnecessary. Make a mental note to avoid that expense in the future.
3. Use the 30-day rule
Humans are guilty of spontaneous purchases. We tend to buy things because it might seem cool and exciting at first glance. To avoid buying things in a rush, try waiting for 30 days. This is especially important to do for large purchases. If you still want the item just as much after 30 days, you can make the purchase.
This is definitely one of the most effective money saving tip for students!
4. Compare your options
Almost 100% of the time, you have alternatives as to where you can buy that item. Know your local and online options. This of course takes more time but it’s worth it as you will most likely be able to save a little money.
Pro tip: Consider looking at Wholesale stores! They are usually cheaper.
5. Thrift stores
Thrifting is quite a popular money saving tip that students are using these days, especially for fashion. But thrift stores are useful for almost any other item too. If you search long enough, you might get what you want at a much cheaper price.
6. Use your student ID
A lot of stores offer student discounts. Some places like cafes and movie theatres have student nights too where it is cheaper if you go at that particular time or day.
Some stores might have student discounts or deals that you might not be aware of. Even if they did not openly advertise about any such deals, it is worth asking them about it.
I have made a resources page of popular places that provide discounts & deals for students. Download this sheet so that you can make smarter budget-friendly purchases!
This is definitely a foolproof money saving tip for all students 🙂
7. Spend smart
Everyone knows buying more is usually cheaper. So, try to share costs or buy together with your friends or family.
8. Collect coupons & gift cards!
You can use them to buy something for cheaper or sell them at gift marketplaces like Raise.
Tip: Don’t buy something just because it’s on sale or you have a coupon for it. Only buy if you need it.
9. Get paid to spend
If you have a credit card, make use of their rewards. Most of them offer cashback or reward points. So, get to know about your credit card because it is a great way to earn while you spend.
10. Bring your water bottle
I have done this for so long without realising its actually a great money saving tip!
Water is much cheaper, healthier and it’s super convenient. When I am outside and I get thirsty, I end up buying expensive drinks like bubble tea. But I don’t need to make such purchases if I have water with me! So, remember your water bottle.
11. Build a capsule wardrobe
This is not only a fashion hack that helps you create outfits better but this is also a money-saving hack! Almost everything goes with everything else. You can easily mix and match items to create numerous different outfits. This means you don’t need to buy that many clothes.
12. Don’t buy branded items
I am guilty of this. But it took me so long before I got rid of this habit. All around me, teenagers were wearing branded clothes, branded shoes, branded this, branded that… And it was just so tempting to buy one too.
But when I grew older, I started reminding myself that it is just not worth it in the long term. Soon, I realised it is actually silly to buy a simple shirt for hundreds of dollars just for the brand logo printed on it.
If you have the habit of buying such items, it might be time you reconsider these expensive purchases.
13. Don’t bring more money than you need
I learnt this tip from my best friend. She usually doesn’t bring her wallet to shopping malls when she doesn’t plan to buy anything. This is a good way to avoid buying unnecessary things you see whenever you go out.
14. Bring snacks!
I used to spend so much money on snacks. I get hungry often so I always have to buy food all the time. But ever since I decided to bring a packet of mixed nuts with me, life is so much easier AND I save so much money!
This is definitely a money saving tip students should consider — the snacks also come in handy when you are rushing from class to class *wink*
15. Avoid expensive gifts
Buying gifts for your family and friends can really create a hole in your pocket. But good gifts don’t need to be expensive. In fact, the best gifts are usually the most heartfelt, meaning those that you put in the most effort — not money.
16. Consider a minimalistic lifestyle
Ever since I changed to having a minimalistic theme to my bedroom, I stopped buying random cute decor stuff I see at shopping malls because they don’t “fit the theme”. Now that I am thinking about it, I actually saved quite some money!
Students who are going to move into their new dorm room should really consider this money saving lifestyle!
—— SAVE MORE ——
17. Open up a Savings Account
Make sure you don’t use the money in the account except for essentials/emergencies. Remember that this is a SAVINGS account so don’t mix it up with the account you use to spend on your everyday needs.
18. Try money saving plans/challenges
Saving challenges makes saving so much more fun. An example is the $5 savings plan where you save every $5 bill that comes to your hand. You can modify this by saving every $1 coin instead. It is really up to you and your saving goals. You can start off small and increase the amount the next month!
Here is a list of the various money saving challenges you can try!
19. Save with friends!
When you are trying to change a habit or lifestyle, it is surely helpful to do it with friends. This way you get to remind each other to be more frugal!
Bonus: Try money saving challenges with your friends! Get more motivated with some friendly competition 🙂
20. Share subscriptions!
Subscription may seem to be affordable as you are only paying a little every month. But it’s actually quite a sum when you total up the amount you spend.
By the way, I am not asking you to not have subscriptions — I can’t live without my Spotify Premium and Netflix ><
But what I am saying is you should try to share subscriptions with your family & friends so you get to split up the cost!
——- EARN MORE ——-
21. Create another income stream
Even if you have a part time job, it doesn’t hurt to get another income stream. One example is by doing surveys or freelance work such as Housework, lawnmowing, snow shovelling, babysitting, tuition.
Here are some tips if you choose to do
22. Get a part time job
Part time jobs mean you get to earn money and you get valuable experience to expand your skills.
BTW, working in your local fast food outlet is one of the most common part time jobs
23. Become an influencer
If you have a flair for social media like Instagram, you can try to create content and grow your following. Once you have an audience, you can start to do sponsorships, affiliate sales etc.
24. Sell items you don’t want!
Clean out your closets and sell everything you haven’t used in the last few months.
Unwanted items always tend to accumulate in some corner of our house over time. This way, you get to free up some space and earn a little money. I earned a few hundreds of dollars just by selling off those items on Carousell (similar to selling on eBay).
25. Learn More About Personal Finance
Educating yourself on proper financial literacy will be so beneficial for you in the future. You can even take an online course. Knowledge is indeed power. The more you know, the less likely you will make financial mistakes.
—— MONEY-SAVING SKILLS ——
Learning about finance and money in general is sure important but you can take it a step further. Try learning these skills below! Having these skills will help you save quite some money especially in the long run!
26. Become a DIY queen/king
Fix plumbing issues, computer repairs, house furnishing/painting etc. all by yourself!
28. Reuse & Recycle
This is surely an art form. Be creative and think of ways to recycle items instead of throwing them away. Not only are you saving the Earth but your are also saving money *wink*
I have said it before but I will say it again — Pinterest is your best friend! So, feel free to find inspiration on how to repurpose various items!
29. Learn to sew
If you have read my “find your fashion style” fashion guide, I talked about how alterations are super important. Well, whether you want to alter your clothes to fit you better or mend your clothes (eg. buttons/zips, rips), people usually go to a shop to do it for them.
But you don’t need to if you can learn some basic needle work yourself! My mum even invested in a sowing machine and it actually saves her quite some money!
30. Learn to cook
Yes, cooking at home is surely cheaper than eating out and you know that already! So, if you are looking to save money, learn to cook and meal prep!
31. Hairdressing is expensive
Whether you are a girl or a guy, you probably find yourself going to the hairdresser once in a few months. And they are quite expensive even if your are just going for a TRIM! So, learn how to cut your own hair — you will be saving quite a bit of money 🙂
Overall
32. Fix the mindset
If you have been reading my blogposts for a while, you will realise I am all about the mindset. The above are helpful, practical tips to save more money. But the first step before all of this, is fixing your mindset.
Pin this if you found this article helpful!
3 Replies to “30+ Money Saving Hacks Every Student MUST Know!”
Comments are closed.