Practical Ways to Save Money as a Student

save money as a student


Saving money as a student should be at the top of your list of things to do this year if you’re at university or studying a course from home. There isn’t much help for students who fall into a monetary crisis after they’ve finished their course. Usually, the only way out of trouble is to find a job and hope you’re going to get a decent salary to pay off the debt quickly.

Whether you’re studying for a nurse practitioner doctorate degree by using one of the doctor of nurse practitioner programs at Bradley University or you have a full-time job already, you’ll be able to avoid falling into so much debt in the future by following these tips:

Make a Budget and Stick to It

It’s important you don’t overspend on the tight budget you already have as a student. Be sure to create a plan and stick to it throughout the weeks and months ahead. You’ll find saving is easier with a budget in place and you’ll also have more discretionary money to spend to keep you motivated to succeed.

Choose the Right Bank Account

Sometimes, the right bank account can go a long way in keeping your finances in order. Choose a bank with better interest rates on savings and try to find an account that has all the features you need without having to pay a monthly fee. Such accounts are readily available; you just need to spend time researching and choosing the right one for your lifestyle.

Pay Cash and Avoid Credit Cards

In the past, College students have typically been targeted by credit card companies with offers for free t-shirts for applying for a credit card. As you can imagine, this resulted in high credit card debt and financial trouble for those college students who fell for that trap. The Credit Card Act of 2009 dramatically improved the debt outlook for college students. It now requires an adult co-signer for credit card applicants under the age of 21 or they can prove they have the income to cover the bill.  The average credit card balance for college students in 2015 was $906 and in positive news, 63% of students pay their full credit card balance each month and only 8% pay the minimum each month.

Sweep the Supermarket Regularly for Better Discounts

Finding discounts on food and other items you usually buy will go a long way in saving you money as a student. Go to your regular supermarket and have a look in the discount sections to help you save. If you usually shop in one supermarket, go to a competitor down the road to try and compare prices.  There are lots of ways to save money on your grocery bill and one of the easiest ways to save is to create a weekly shopping list and avoid buying anything not on your list. Once you have success in reducing your spending, it becomes easier. Go ahead, give it a try!

Pay Bills on Time

Once you have a decent budget plan in order, you shouldn’t have an excuse to not pay your monthly bills on time. You’ll be surprised by how many charges and interest you can save every year if you pay your bills when they need to be paid. Thousands of students every year get bombarded with bank charges and the like and it’s those added charges that end up costing them financially.

Save Money on Takeout and Needless Clothing Purchases

It’s easy to treat yourself once you’ve studied or worked hard, but it’s important you cook your own food rather than settle for takeout food. Not only will you save plenty of money every month but your body will also thank you for trying to stay in better shape. Needless purchases on clothing should also be avoided where possible.

The amount of money you save every month is entirely up to you. You could save hundreds every month if you set your mind to it, or you could end up falling victim to financial problems if you don’t have the willpower to stay in control. The above tips will help you save money that will help better your future.

Stay Connected with The Frugal Toad

Subscribe to our e-mail newsletter to receive updates.

, , , , , , , , ,

One Response to Practical Ways to Save Money as a Student

  1. Peter 08/02/2017 at 11:43 am #

    Avoiding credit cards before you have a well-paying job is key … the interest rates on consumer debt are much worse than student debt!

Leave a Reply

CIT Bank Money Market Account