New semester, new you, right? That isn’t always easy, but we can help you get through the school year without money stress (exams are another story). Here are 19 tips to get the most out of your student budget.
1. Use student discounts
They are everywhere, even if you don’t see them. Public transport passes, fast food, cinema tickets, software, train tickets: many companies have a student price. The rule is simple: if you don’t see one, ask. You never know!
2. Skip the pricey gym
We are not saying you should spend every evening on the couch with snacks (only sometimes). But there are cheaper options than a fancy gym. Many universities have their own sports center for a small fee. If yours doesn’t, organize weekly games with classmates, go running or train in an outdoor workout park. The options are endless.
3. Know how to save on food
A common guideline is to spend 10% to 15% of your income on food, which is hard as a student. Keep a balanced diet and try our 20 tips to save money on groceries and tips to save on eating out.
4. Cook with your roommates
Living in a dorm or a shared apartment can quickly turn strangers into a second family. Sharing the cooking is cheap and a great way to spend time together. Start with a potluck dinner, and if everyone’s cooking passes the test, meal prep together for several days. To keep shared costs fair, log them in a shared wallet in Spendee, so everyone sees who paid for what.
5. Track your expenses and use budgets
Start by tracking what you spend for a month. Then set a budget for the category where you can save the most. Going out is a usual suspect! A budget shows you how you are doing during the month and when it is time to slow down. If you are not sure how to split your money, the 50/30/20 budget calculator is a good starting point.
6. Have a no-spend day
Students love a challenge, right? Pick one day a week when you spend nothing at all. No, not even that coffee for your super-boring lecture. Let’s see if you can do it!
7. Join online student groups
During the semester, you will need plenty of things that graduates want to get rid of. A textbook for Mathematics 101, a desk chair or a microwave of questionable reliability: buying from other students can save you a lot. These groups are also great for finding workout buddies, keeping up with what is going on, or selling your own stuff.
8. Join study groups
Your study group may not be as funny as the one in the TV series Community, but you will find friends who help each other, so there is no need to pay for an expensive tutor.
9. Use what your university offers
Many universities give students free access to magazines, journals, software and more, which saves you money on things you would use anyway. These perks are often hidden somewhere on the website, so ask the library or student office what is available.
10. Take cash on a night out
You can’t spend what you don’t have, right? Take only the amount your budget allows and leave your card at home. It is not just good for your budget: you also risk less if something gets lost or stolen.
11. Look for free events
Some parties cost more than a week of lunches. Skip them and look for clubs and student organizations with free entry. If there are no free options, there is always a house party at a friend’s place.
12. Let a friend host the house party
Don’t always host the party yourself. Ask a friend to host this time, and take turns. Your apartment, and your wallet, will thank you for skipping the cleanup.
13. Say no to bad habits
We are all human and we all have bad habits. Changing them often starts with small steps, and that is good for both you and your wallet. If you smoke, start by limiting it to nights out instead of a pack a day. If your guilty pleasure is coffee, skip the expensive one on your way to class and make a cup at home. A small budget for coffee or snacks can help you stick to it.
14. Don’t buy a car
Unless you really need it to get to school. This depends a lot on where you live, but in many cities public transport or a bike works just fine.
15. Know your needs from your wants
Know exactly what you need to “survive” a month and what is a want, not a necessity. It is hard to limit yourself, but it matters, especially in your first year, when you are experimenting with budgets, learning to keep a positive cash flow and finding out what you can and can’t afford.
16. Don’t overdo it with school supplies
Designer notebooks with cute stickers look awesome (yes, they do), but you don’t need them. Take notes on your laptop instead. Your wallet and your back will thank you. If that is not an option, buy cheap basics and skip the things you won’t use. Yes, we mean those 20 markers in different colors.
17. Volunteer during your vacation
You are not after an exotic beach, you are after memories for a lifetime. Right? There are volunteering opportunities all over the world where you get food and a place to stay, meet like-minded people and, most importantly, help others. Research your options carefully. It is often cheaper than a resort.
18. Don’t skip class
You are paying for it, one way or another, even if you are lucky enough to study where university is free. You have the chance to learn things today that you would otherwise pay for in expensive courses later. Make the most of it.
19. Earn extra money at university
Many universities need short-term help and pay students for it, sometimes as a stipend or scholarship. Helping with research studies, admin work, conferences or school events: this is your time to shine. Plus, your professors will remember you for it.
These are some of the best years of your life, so keep the money stress low.