Saving money whilst studying

09 Jun 2021

Benjamin Franklin said, “Beware of little expenses; a small leak will sink a great ship,” which is why you must be cautious of your spending all the time. If you’re a student, or soon will become one, and you’re worrying about managing the costs whilst studying, keep reading. There are several alternatives you can look into and habits you can take up to reduce your costs. 

Cooking

Television programmes and films often portray students ordering food and getting takeouts on a daily basis. Apart from being unhealthy, that lifestyle is also expensive and too costly for student life. Meals can cost nearly $15-20 – imagine paying for every meal of the day. On the other hand, consider using that money to buy fresh fruit and vegetables and some quality protein that would make up a delicious meal! Moreover, you can cook in advance, refrigerating some meals for the next day – or even to take with you to college. Start small, have a cup of coffee before you leave your house instead of buying one on campus. It’s understandable that it’s easier to pay a small amount for a cup but think about how much you’re spending every day. 


You’re a student! 

There are a lot of discounts and promotions aimed at students – take advantage of them. This isn’t just for cinema tickets, but also at restaurants, on public transport and at a number of stores. Look out for them! All you’d need to do is show your student ID card and you’d get a discount or an item for free. Some cinemas also have a day of the week dedicated for students, when prices will be at a lower price. 

Living space

Apartments and accommodations can be pretty costly. That’s why we suggest that you consider staying at a students’ accommodation, which is usually situated on campus itself. However, the downside of such places is that they tend to get full up immediately. So, if you’ve lost your chance at a place there, look for shared accommodation rather than a one-bedroom apartment. Yes, you’d have the whole area to yourself and you won’t need to worry about others keeping the place dirty, but it‘s also more expensive. In short, think about it this way – if you’re living on your own, all costs have to be paid by you, if you’re sharing the apartment with two others, costs including rent, bills and bins will be divided between three. The money saved could be spent elsewhere. 

Second-hand 

One of the biggest expenses in a student’s life is textbooks. The latest editions of textbooks are expensive, and students will be asked to buy a couple and not just one. An alternative is to buy or download an e-book version of the required textbook, but that may raise a coupe of other issues with it as not everyone likes to study off a screen. The other option you have is to buy second-hand textbooks instead. Most of the books that are sold in second-hand shops will still be in good quality and you’ll be saving a lot of money. Sometimes, there are also stores that sell second-hand books on campus, so you might want to ask around. Similarly, you can shop for second-hand clothes, which will also be in good condition. It’s interesting to point out that some countries rent out an unfurnished apartment – it will be up to the tenant to fill up the place with the furniture. Therefore, you could apply a similar approach to furniture shopping.  

Part-time job

Whilst some claim that it’s impossible to cope with both a job and studies, having a part-time job on the side will help you balance your expenses. It means that during your time studying, you will not only have expenses but also an income. Having a side hustle will require you to put 15–20 hours a week aside, during which you will be getting some money in. 

Budget

Learn about why you should budget and how to budget here