Studying at university is an exciting and transformative time for young students everywhere, but without due attention it can become a very expensive endeavor. Financial management can be easily overlooked when you're enjoying yourself in college, but learning where and how you can save money will mean you have the funds to do the things you really enjoy. Make the most out of your time at university by following these simple money saving tips.
1. Course materials
Required reading for your chosen course is likely to take up a surprisingly significant chunk of your initial budget, so getting the best deal on your books is essential to saving money. First of all, set a reminder in your calendar for the reading list publication date so that you can stay ahead of the curve and be the first to snag any great deals.
Once you know which books you need, search the university library. If you're lucky you can check the books you need out for free. Speed is of the essence, as other canny students on your course will be looking to borrow the same books so act quickly. If you can't find the books you need in any local libraries then you can search online for students that studied your subject last year who may be willing to strike a deal to offload their old textbooks. Failing that, scour used bookstores. It might not be easy, but perseverance could potentially save you a lot of cash.
2. Food and drink
University students are often thought to exist on a diet of instant noodles and cheap lager, but a small budget doesn't mean you have to eat poorly. Learning how to cook is the best money saving tip you can get when it comes to food. Visit local markets and you can cook up a storm on just a few cheap ingredients if you know how.
Get to know your housemates and suggest sharing the cost of certain ingredients like rice or pasta, which can be bought in bulk and stored easily. Learning how to cook excellent meals with items that can be bought in bulk and stored for a long time is one of the best ways of saving money over the duration of a university term.
3. Discounts
Many students spend their entire academic careers not realising that they can receive discounts on many goods and services. A simple Google search can reveal a whole host of discounts that you may be entitled to, so it's worth looking into.
Bars, clubs, restaurants and cinemas all regularly offer special discounts to students, and if you're local one doesn't they might change their mind if enough students show an interest. Get into the mindset of asking for a discount everywhere you go and you'll be surprised at just how much money you can save.
4. Clothing
Everybody likes to treat themselves now and again to a new outfit or two and being a student doesn't necessarily mean you have to miss out on that treat. You will, however, have to think more frugally when planning your shopping trips. Visit charity shops and second-hand stores instead of high street fashion retailers and you can find some real bargains.
If you do spot something you love in the highstreet you can then search for it online to find a better deal. Online retailers don't have as many overheads as conventional shops so they can charge less for the same quality. By taking your time and sourcing great deals, you can save money and still look great.
5. Think ahead
The best way to save money is to plan ahead. Make a note of everything you spend in an average week and compare it to your total savings to get a basic idea of your upper weekly spending limit. Give yourself room for the inevitable unforeseen expenses that crop up from time to time and spend within your budget to ensure you never run out of cash.
By being disciplined and taking money matters seriously you will provide yourself with the perfect financial base from which to enjoy your university career. With forethought and ingenuity, you can be free to enjoy your academic years without burden or worry so take the initiative and start outlining your budget today.
Credits: Lee Drake