For many people, their student days are the first time they are really serious about money. Not only because you lose a fortune on tuition fees and textbooks, but also because you sometimes borrow money and leave home. Unfortunately, because we don’t learn anything about saving or money management at school, we as students have to figure it out all by ourselves at that time.
We share seven money management tips so that you have money left over at the end of the month instead of the other way around.
Saving as a student: tips
Use it to your advantage!
Earn money as a student
When people think of money management and saving, they quickly think of saving on their expenses, but how much comes in each month also has a major impact.
There is nothing wrong with borrowing if you need it to pay for your school and groceries, but keep in mind that it is not free money. You will have to repay the loan at some point. You can take a long time to do this, but remember that your student debt also affects your mortgage, for example.
A part-time job can be a godsend if you want to continue drinking beer and wine with your fellow students without any worries. But maybe because of your studies, you don’t have time to work a day (or more) every week as standard. The solution? Freelance work. This way, you can take assignments when you have the time. And if you do freelance work in your field, it’s a win-win: it looks good on your resume.
In any case, make sure you have an emergency fund
Although in the ideal situation, you will already be saving as a student for later, that is often not realistic. As a student, you usually have less income, and life should remain a bit of fun. Still, it’s important to prioritize saving for an emergency fund. You can pay your fixed costs and groceries from this piggy bank for about three months. Believe us: then you will sleep a lot better.
Even if you still live at home, it’s always good to have an emergency fund on hand. For example, you can always buy a new laptop if your old one breaks down.
Know how much you spend
This is not only an essential saving tip for students but for anyone who wants to manage their money better. Many people do not know where their money goes. Staying up to date on your expenses can be done by checking your bank account more often. That already helps enormously.
But only when you write down the expenses and divide them into categories (such as groceries and catering), you see that you spend more on certain things than you initially thought.
Create a budget
If you want to take it all seriously, prepare a budget. With the previous tip, you have already taken the first step. Now you need to decide how much you want to spend in each category. When you make this a habit, you will benefit from it for the rest of your life.
Stick to your budget
Just creating a budget is, of course, not enough, then comes the hardest part: sticking to it and saving as a student. How do you take care of that? You do this, for example, by giving yourself a buffer and not budgeting every last cent. But planning your meals and making a shopping list also helps a lot.
And do you have no money to do something outside the door? Then invite your friends to your home. You will see that there are secretly other people who are happy with that. Finally, it is important not to make impulse purchases that you will later regret. Give yourself at least three days. Do you still think about it? Then it is completely okay to purchase the product.
Don’t give in to pressure from others too much
Everyone suffers from peer pressure, not just students. We all want to appear successful in the eyes, and that’s why we buy stuff that we don’t have any money for. Or we go to the pub on Monday instead of saving that money because otherwise, we will suffer from FOMO.
Nevertheless, students are more bothered by this, especially if they start their studies and don’t know anyone yet. Not giving in to that pressure is also easier said than done, but becoming aware that peer pressure is the first step. Do you find yourself in such a situation again? Then ask yourself whether you want or need X or whether you are doing it for others.
Be smart with your textbooks
Your schoolbooks are always a drain on your bank account, and it is therefore frustrating if you do not use half of them. So see if you can save money by buying your textbooks second-hand.
And are you done with a book? Then resell your books for a nice little pocket money to save as a student. Do not wait too long with this; otherwise, your textbooks will no longer be relevant due to reprints.