As a student, money is always an issue. Student’s have lots of expenses and generally work for minimum wage, squeezed in between classes, labs, and lectures. I’m a total obsessive when it comes to saving money. Last year I saved over $1000 whilst keeping my everyday bank account over $1000 as well. Today on Bookish & Bright, I want to share with you guys some of my money-saving tips, as well as where you can use your student card to save some money!
Don’t be afraid to haggle.
This mostly applies to big purchases but there’s always, always room to haggle on most things. For instance, when I bought my Macbook I went to a big chain electronic store and told them that I could get a 10% discount if I bought it from apple. They told me they’d give me a 15% discount and throw in a free extended warranty in order to get my sale. I wouldn’t have gotten that without asking.
If there’s one thing I’ve learnt it’s that things are almost always cheaper online. Instead of impulsively buying things in store, I always do a quick google search to see if I can find it cheaper anywhere else (just remember to factor in the cost of shipping!)
Be aware of impulse buying.
This one was a big thing for me. I used to buy things I wanted, just for the sake of having them. It didn’t matter to me because I wanted it. Now, I’ve started categorising my purchases into two categories – needs and wants. Needs are obviously things I cannot do without purchasing and include food, textbooks, fuel, insurance, mobile phone, etc whilst wants are things that I can do without – new clothing, shoes, make-up, electronics, stationery, etc. Needs I obviously buy but wants I list out and, if a month or two later, I still really want it, I look into purchasing because it’s no longer an impulse buy.
I used to use my debit card for nearly everything and because of it I never knew how much money I had or where it went. When I started withdrawing money and forcing myself to use what I had in my wallet, I became a lot more conscious of my spending because I could physically see my money depleting. Using cash can also help with budgeting. I withdraw $20 a week for my weekly budget on coffee and food on campus and I’ve never overspent on campus by using cash!
Open a savings account. Preferably one you can’t access too easily.
I have two bank accounts. One is my everyday spending account, it’s attached to my debit card and all my money goes in and out of it. I also have a savings account. It’s not linked to any debit card and I transfer money into from my everyday account once a fortnight. In order to use that money, I have to physically go into the bank. This seems excessive but I no longer have the urge to just dip into my savings account since the process of getting money out is too difficult and my savings account never gets touched.
At 23, I didn’t think I needed a budget. I thought I knew what my bills were, where I spent my money and how I could save. I was so wrong. It wasn’t until I sat done and listed out my expenses and income that I realised just how much money I wasted. You’re never too young to be smart about money!
Use your student ID card.
I never realised the power of my student ID card until halfway through my degree. Not only can you get cheaper public transport, movie tickets and entry to theme parks but you can save money at your favourite online stores. Signing up to sites like UNiDAYS and Student Edge gives you access to discounts for stores like ASOS, Pretty Little Thing, Sephora and so much more! All you need to sign up is a valid student ID card and access to your student email.
*Keep in mind, I’m an Australian blogger, so whilst I know UNiDAYS caters to other countries as well, I don’t know 1
There you go, my tips for saving money as a student! What are ways you save money? Share them in the comments below, I’d love know!