The Quick And Easy Guide To Saving For Students | Refresh Financial
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The Quick And Easy Guide To Saving For Students

The Quick And Easy Guide To Saving For Students

 

As a student, you might be barely scraping by, and the idea of saving could seem nearly impossible. Outside of starving yourself, which some of you are already doing, how can you begin to save some money? Well, here is the quick and easy guide to saving for students.

Find A Job

This seems like a no-brainer and maybe you think that you don't have time for a job, but have you explored all of the opportunities? For instance, have you thought about tutoring your fellow classmates, or even high-school students? Tutoring can give you the freedom to create your own hours and make some cash on the side.
If you have a particular skill-set that could benefit others, then you have an opportunity to make money. These types of jobs put you in the driver's seat, so come finals you can choose to take time off. Try and throw as much money into your savings as possible!

Live At Home

I know, I know. Living on your own is considered part of the college experience, but living at home can save you big bucks and help you to start building your financial future early. Maximize your time with mom and dad and build that savings account!

Economically Commute

If you can get by without a car, don't take that expense on. Find ridesharing opportunities, walk or bike as often as you can and try to utilize public transit as much as possible.

Avoid The Party Scene

You've heard it from your parents, 'alcohol is trouble'. What they may not have stressed is that it's also very expensive, especially in bars or clubs. Don't be afraid to have some fun, but be disciplined about it, allow yourself one "party" night a month, and save your money the rest of the time. Instead of hangovers and foggy memories, being financially responsible will ensure a comfortable and less stressful future.

Dine Responsibly

Eating smart and economically will offer substantial health benefits and financial savings. If you're on your own, veggies, rice, and legumes are your best friend. Stay away from empty calories, restaurants, and name brands. Stick to foods that come in bulk and try to eat as cheap as possible.

Buy Textbooks Used Or Online

You will save a lot of money buying textbooks used, or in electronic format. The price of new textbooks is basically robbery so never, ever buy them new if you can help it.

Set Up Auto Transfers To Your Savings Account

It's important to get in the practice of setting aside money on a regular basis, even if it's only $20 a month, it's still a start. The easiest way to do this is by setting up your bank account to automatically transfer funds into your savings account.

Shop At Thrift Stores

"Back to school" shopping is a long-standing tradition that costs students an arm and a leg. Does last year's bag still work? Do you still fit your clothes? Do you really need anything new? If not, don't spend the money, and if you are in dire need of a new outfit, hit the thrift stores first and land a bargain!

Watch What You Drink

Try and cut out all drinks but water or home-brewed coffee. If you're throwing away $5 a day on a specialty latte, you're missing out on an opportunity to save $150 a month. By the end of the school year, that's nearly a grand. Brewing coffee at home is a fraction of the cost of paying for an extravagant Starbucks brew. Another helpful tip is to carry around a reusable water bottle as refilling it throughout the day will save you from vending machines eating your toonies. Sticking to water and home-brewed tea or coffee will save you a bundle.

Avoid Gym Memberships

There are plenty of ways to get your daily exercise in without joining a gym. Take what you'd spend on a membership and put in into your savings account instead.

Save Christmas And Birthday Money

It's always tempting to go out and splurge whenever you get a chunk of change for any reason, but there will be plenty of time in the future for the finer things in life if you make efforts at saving it now.

Save Your Surplus

If you have a surplus on your student loan, don’t spend it. Instead, keep it in your savings to help pay the loan down when you graduate.

Manage Entertainment Expenses

Avoid going to the movies or other expensive recreational activities. There are many ways to spend a day that doesn't require any money at all: Hiking, Geocaching, sightseeing, movies in jammies at home with home-popped popcorn or board games. Making your own fun is always more memorable than waiting in line for greasy theater popcorn and getting elbowed in your seat while you watch Deadpool.

There are many ways you can save money as a student that becomes harder to do as you get older. Once you have a family and stacks of bills every month, the challenge of savings become much more difficult. Start good saving habits now so that you have a solid financial base to start your life.

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One thing that students often overlook is the importance of building credit now for future purchases. There will likely come a time when you want to finance a new vehicle, have a credit card with a significant limit, and even buy a house. A good credit score is required for all of these purchases if you want to avoid astronomical interest fees. Learn how Refresh's cash secured loan can get you started on your credit building now, so when you need to ask for credit, it's readily available.

 

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