University life is not always easy as it may seem. Among the many difficulties are the costs of materials, housing and even transportation. That’s why it’s important to think about how to save money as a student .
In many cases, young people need to work hard to complete their studies and still guarantee income to last the month. Some combine work and study, others do what they can to ensure their bills are up-to-date.
Regardless of your case, we’ve gathered here some special tips to help with your savings .
start getting organized
Anyone who needs to save money should start with organization. This concerns the habit of recording expenses and setting goals.
You can use a notebook or rely on more sophisticated features, such as mobile finance apps . In any case, the ideal thing is to spend at least a month recording all your entries and exits so that you can better control this process.
In the notebook or in the app, create a column where income and expenses will be noted. On the side, enter the amounts and their respective dates. You can also create spending groups. So, for example, if you paid for lunch at a restaurant and bought food at the market, you can include these expenses in the food group . Consequently, you will be able to identify your expenses and control them properly in order to generate profit.
Once this is done, it will be possible to create goals for your money. It is in this logic that investments arise . We’ll talk about that later.
Know what to cut
Once you start writing down your financial transactions, you can classify expenses. The tip here is to focus on expenses that have to do with your lifestyle, that is, those that are not a priority.
When you have control over every penny that comes out of your pocket and divide expenses by groups, it is easier to see waste . This is very important, as it prevents you from making cuts that could compromise essential issues in your life without being sure that there are alternatives for this.
Adopt this reasoning for any expense involving college: Is there an expensive book that is important to your studies? Try using your institution’s library. Depending on the structure it offers, you can find what you need inside and spend as much time as you need to study without having to spend more than you can.
At this point, be aware of what each institution offers, as a good structure is certainly an important differential in the training of any professional . So you can save money being a student just by adapting your routine.
set your goals
You can organize your spending more judiciously. One suggestion is to adopt the 40-15-35 rule, in which you use 50% of the money you receive for essential expenses . It is in this space that you must think about what is really necessary for your day to day. This concerns issues such as housing, transportation, food and other bills such as electricity and water.
Another 15% is allocated to financial priorities , that is, paying off debts or generating income. Keep in mind that if you owe something, repaying that debt should be your top priority. Only then will it be possible to start composing your emergency reserve and visualize other short, medium and term investment objectives.
The remaining 35% is what you spend on what gives you pleasure . It can be entertainment, sport, art or anything that is not more important than the expenses mentioned above.
Rethink your routine habits
The importance of setting spending targets is enormous for anyone, but it is especially relevant for students because, with defined criteria, they can make better use of the solutions that the college itself offers.
Think of an institution that provides student housing, with a tray and its own space for studies with access to the Wi-Fi network and the set of books necessary for the grade subjects. This place will certainly offer differentials for the student in relation to other institutions. Therefore, the ideal is that you choose your college also thinking about what it offers as benefits so that you do not have excessive expenses. If your college has some or all of these advantages, be sure to take advantage of them.
If you live far from where you study and know someone who has a car, it might be interesting to propose a partnership with that person, in which you share fuel in exchange for a ride. This is the essence of the sharing economy that spawned solutions such as Uber and 99 Taxis. From the point of view of those who need to generate savings, it is something very interesting to do.
Learn how to prepare your own food
Without the tray, the ideal is to cook at home. It is much cheaper to prepare your own food than to buy it ready on the street. Also, it will be up to you to choose the ingredients, which can make your diet healthier.
Do you want a suggestion on how to save money as a student and with little time available? Reserve one day to prepare the rice and beans to consume throughout the week, store in the fridge and heat the food in the following days.
The internet is full of recipes that help you make the most diverse dishes. Take time to plan your meals and believe that practice makes perfect. Even if you don’t know how to cook, there’s always time to get your hands dirty and learn new skills .
A tip is to buy fruits, sandwiches and cereal bars to eat during the day. When purchased in larger quantities they tend to be cheaper. Plus, by eating well during the day, you won’t have to make as much food when you’re at home.
How to earn income as a student
If the situation is tight and even with the tips presented, you cannot catch up on your bills, it may be time to look for an extra source of income.
In that case, you need to be careful not to let your professional activities compromise your studies. To do so, consider some activities that can be done in parallel with your course.
This is an interesting possibility for those who live with many people on a daily basis. You can take the catalog and resell products of the most different types to your colleagues in college. It is possible to be a reseller of electronics, beauty products, accessories, among others.
Depending on the type of activity you do, freelance work can even complement your course. With technology, people can do the most different jobs on the net and earn good money with it. This is the case of designers, who can already get their first clients after graduation.
Students who work with social media, advertising copy, videos, among others, can also follow this path.
It is also very common for undergraduate students to use their knowledge to help students who are in earlier stages of their education. If you are in higher education, you will certainly be able to help those in primary and secondary education. Classes in subjects such as History, Biology, Mathematics and English are always requested by students with lower grades.
It may be interesting to look for preparatory courses near you to teach or to answer questions from students during the so-called shifts. Many of these initiatives are unpaid, as they work with the concept of volunteering, however, this is not a rule. By giving paid classes, you can save money as a student without this activity taking your focus away.
The internship is the trade with the greatest alignment with the course among the possible activities. This is because the internship is legally regarded as a school activity, that is, it must have an educational objective. Still, many companies pay their interns as a way to attract and retain new talent. So stay tuned for these possibilities to take advantage of the best vacancies.