Struggling to know how to save some money while you are studying? Here are some helpful tips to make sure that you don’t go broke while you are studying for your degree.
Keep track of your spending
The most important thing you need to consider at first when you want to save some money is to track what you already spend. It would be useful to simply witness and record everything you spend and earn during a typical month. A the end of the month take a look at what you have spent your money on and you will start to see the areas where you can reduce your spending for example lunches at work and other random spendings.
It might be useful to look at the best credit card for students to get you into the swing of spending a certain amount each month and getting used to having regular outgoings. It means that if you only get paid once a month you will always be able to afford things you need, as long as you pay it back in full at the end of the month.
Smarter food shopping
One of the biggest costs you will face when you leave home and fend for yourself is food. It is hard to realize how much food actually costs when you live at home with your parents, but it can be a hefty bill to add on to your spending throughout the month. This is why you need to try and be smart in the way that you spend your money and what ingredients you buy each week. Think of how much items like meat and cheese cost, and try to reduce the amount you buy. If you are planning on making meal prep for the week- it is better to buy chicken or beef in bulk and cook it all off at the same time. Save on vegetables by choosing frozen instead of fresh and make sure you don’t cook too many different meals each week, big batches are much better.
Don’t overpay for transport
If you are going to live at home and travel to your college or university, you will save a lot of money on accommodation but you will need to be aware of the costs of transport. Public transport isn’t cheap, but if you can get an annual pass you will often save a chunk of money throughout the year. Make sure you research all of your possible transport options and you will be able to see which is the most cost effective for you. Most universities are either city-based with excellent public transport links, or campus-based with everything you need on your doorstep. You probably won’t require a car while studying, which will save you a lot of cash.
Pay your bills on time
Now that you are becoming independent for your own spending and you have the freedom to spend your money how you like, you also have a responsibility to pay your bills on time. If you think that you may forget to pay your bills, set up direct debit payments after each pay day and this will take the pressure off you.