The best ways to save money and budget as a student

Being a student can be challenging, especially when managing your finances. You have to pay for tuition, books, rent, food, and other expenses while having fun and enjoying your student life. How can you make your money last longer and avoid going into debt? 

In this blog, we will explore some useful websites and the resources you can use to make a budget, manage money and stay ahead of your finances in a host country. 

 

So how to Save money?

You can save money by planning smartly and using smart ways of living. There is technology, apps and websites that will help you save, develop and practice good saving habits in the long run. Here are a few of these tricks and websites.

Set a Budget and Track Your Spending

 

The first step to saving money and budgeting as a student is to know how much money you have and how much you spend. You can use a budget calculator or a budget planner to estimate your income and expenses for the year or the semester. For example, you can visit student budget sheets to see how much you can afford to spend on rent based on your income and living costs¹.

 

You can also use a budget tracker to monitor your spending habits and see where you can cut costs. You can use an app, a spreadsheet, or a notebook to record your income and expenses. This will help you see how much you spend on different categories, such as rent, food, transport, entertainment, etc. You can then compare your spending with your budget and see if you need to adjust your spending or your budget.

 

Some tips to help you stick to your budget are:

 

• Use cash instead of cards

This will help you avoid overspending and impulse buying. You can also use the envelope system, where you allocate a certain amount of cash for each category and put it in an envelope. Once the envelope is empty, you stop spending on that category until the next month.

• Use discounts and deals

As a student, you can take advantage of various discounts and deals that save you money on shopping, eating out, entertainment, travel, and more. You can access these offers through your student ID, a student discount card, or online platforms like UNiDAYS or Student Beans.

• Use coupons and vouchers

 You can also save money by using coupons and vouchers found online, in newspapers, magazines, or flyers. You can use them to get discounts or freebies on products or services that you need or want.

• Use loyalty programs and cashback sites.

 You can also earn rewards or cashback by using loyalty programs or cashback sites when you shop online or offline. You can use your loyalty card, app, or online account to collect points or cash that you can redeem for discounts, vouchers, or gifts. Some examples of loyalty programs are Nectar, Tesco Clubcard, or Boots Advantage Card.

Save Money on Rent and Bills

 

One of the biggest expenses for students is rent and bills. Depending on where you live and what kind of accommodation you choose, you can pay a lot or a little for your housing. Here are some ways to save money on rent and bills:

 

• Choose your accommodation wisely. 

You can save money by choosing a cheaper or more convenient option for your accommodation, such as living at home, sharing a flat, or staying in a student hall. You can use online platforms like SpareRoom or Student.com to find and compare different options for your accommodation.

• Negotiate your rent and contract

You can also save money by negotiating your rent and contract with your landlord or letting agent. You can ask for a lower rent, a shorter or longer contract, a flexible payment plan, or a rent-free period. You can also ask for any repairs or improvements you need or want in your accommodation.

• Save water and electricity 

You can also save money by saving water and electricity in your accommodation. You can do this by taking shorter showers, turning off the tap, using a low-flow showerhead, washing your clothes in cold water, using a drying rack, turning off the lights, unplugging your appliances, using energy-efficient bulbs, etc.

 

Save Money on Food and Groceries

 

Another big expense for students is food and groceries. You have to eat well and healthy, but you also have to save money. Here are some ways to save money on food and groceries:

 

• Plan your meals and make a shopping list
• Shop smart and compare prices
• Buy in bulk and cook in batches 
• Eat out less and pack your lunch 

 

Save Money on Transport and Travel

 

The last major expense for students is transport and travel. You have to get around and explore new places, but you also have to save money. Here are some ways to save money on transport and travel:

 

• Use public transport and cycle or walk
• Use car-sharing and ride-hailing services
• Use cheap flights and accommodation

 

Conclusion

 

Saving money and budgeting as a student can be hard, but it can also be rewarding. You can learn valuable skills and habits with UNI GUIDE, Lahore’s best study abroad consultant. We offer comprehensive advice to our students who have worked with us. You can also learn about more resources, IELTS preparation and student guides through our blogs here.