Saving tips for students

Saving tips for students

If you are a student, these tips will help you use your money wisely and save.

Graduates holding piggy banks
Graduates holding piggy banks/ iStock

A lot of students drop out of higher institutions of learning due to financial challenges. 

Not only are tuition fees expensive, but students also have to worry about accommodation, food, clothes, and pocket money. Every cent counts! 

Below are smart ways to ensure that you can still manage to save money, even as a student: 

Budget and stick to it

As a student, there might be a lot of temptation to spend money on things that you don't need. Don't fall for it. 

Draw up a budget and start by listing all your needs. Whatever amount is left, divide it into savings and the remainder can go towards spoiling yourself. 

Purchase used textbooks

Textbooks can cost a lot of money. Instead of buying new ones, rather purchase or rent out used ones. Alternatively, you can even check if the library has the books you need and make copies of the chapters you will need. 

READ: Saving for your child's education

Minimise going out 

Whether it is going out with friends or by yourself, avoid spending a lot of your money on takeaways or entertainment. Look for inexpensive ways to have fun. 

Look out for sales

Whether you are buying clothes or food, compare prices. You can save yourself a lot of money by just being a smart shopper. 

Don't spend money you don't have

Some students take out credit for phones, clothes etc., but this isn't always a wise move. Avoid unnecessary debt. Also, avoid living a life you can't afford. Be honest with what you can and cannot afford. 

Start saving with whatever amount

You don't have to wait until you have a lot of money in order to save. Start with the little you have. Over time, that money will go a long way...

READ: How to maximise returns on savings when the interest rate is higher

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