As a student, managing your finances can be challenging during an economic crisis. However, there are ways to stay on top of budgeting, saving money, and properly utilizing available resources. From student discounts to budget tracking apps, find out how you can make the most of your money and ensure financial stability as a student today!
Consider Creative Sources of Income
Acquiring a side-hustle is a great way to improve your financial situation while you study. Consider utilising online platforms such as Fiverr or Upwork to gain freelance work while you study. Through these platforms you can monetise your passions by offering services such as music, art, design, or writing services. They are a great way of making some extra cash in your spare time. They’re quick to start, easy to do and will put your skills to good use.
As a result, these side hustles can help ensure that you stay within your budget and have enough money for all of your necessities.
More than half of students take up part-time jobs for extra income. Taking on part-time work can be a great way to supplement your student loan and help you make ends meet. With the right job, you could start earning a stable income in no time!
Finding a part-time job to supplement your Student Loan will not only give you more cash to play with, but it’s great for your CV too. Research has also shown that having a part-time job can expose you to employability experiences that you won’t get in university lectures.
Take Advantage of Deals and Discounts
One great way to save money while a student is to take full advantage of all available discounts. Many companies such as offer deals and discounts on their products and services for students – keep an eye out for these offers.
One such company is StudentBeans which gives students free and easy access to student discounts near them, whether it’s discounts on clothes, food, music, or tech, it can save students money on some big brands.
Additionally, there are several student discount cards which can be used to get discounts at supermarkets, restaurants, and other stores. Take time to look for the best deals before making a purchase!
There is also some really great advice online for how to save money as a student, from ways to save money on rent, to cheap first date ideas. Not only should they allow for some extra cash in your pocket, but they offer some great life-lessons too!
Know Your Financial Situation
Knowing your financial situation is the key to staying on top of your expenses in a cost of living crisis. As a student, you have to keep track of the income that comes in and the money that goes out, as well as any debts or loans you may have taken on.
Do some research on the financial aid that is available to you. Student loans are the most common way of covering costs, but there may be other options. Look into grants, scholarships, and bursaries too. Make sure to keep records and manage your correspondence regarding money; this will save time and energy in the future.
It may also be useful to have a separate account for saving money, while still placing enough into your main current account to cover pending bills or upcoming expenses. Finally, make sure you keep your bank updated if any of your personal circumstances change – as this may affect the funding or deductions you’re eligible for.
Set a Realistic Budget and Track Your Spending
Establish a realistic budget for yourself and then track your expenses to make sure you stay on top of your financial situation. It can be beneficial to set smaller budgets for certain aspects of your life, such as food, transportation, and recreation. Then you can use apps or online tools such as Emma or Mint to track where your money is being spent each month. This will help you identify areas in which you may need to cut back on spending.
Planning ahead for the future is also important; make sure that you plan for unexpected costs such as textbooks or social events. A good tip allows yourself a small sum of money per week/month as a treat – this’ll stop you from overspending.
Finally, keep track of your deadlines and when those bills are due; by doing this it will cut down the risk of missed payments or defaulting on debts. Overall, stay organized and invest in yourself by knowing your financial situation!
Cut Unnecessary Spending
Track your expenses for a few weeks to identify unnecessary and impulse spending so that it can be cut. Examine items you purchased out of habit like morning coffees, snacks, and treats. Look at services and subscriptions that can be reduced or cancelled such as subscriptions and streaming services. Evaluate membership-based stores such as gyms to see if the cost outweighs the benefit in the long run. Being mindful about any purchases you make is key to curbing wasteful spending.
If you are partial to eating out or regular take-outs then probably best to keep this as a treat and instead make meals at home. If you are an impulsive buyer then make a li st prior to going to the store, and stick to it.
There are many ways to cut unnecessary spending, but through all of this advice, one thing that is for sure is by taking control over your finances, you can help offset the financial burden associated with being a student.
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