Being a student is an exciting time filled with new experiences and learning. But it’s also important to think about money and how we spend it. Spending less money as a student is really important because it helps us manage our finances better and prepare for the future. When we spend less, we can save money for things that matter to us, like education, travel, or emergencies. It also helps us avoid unnecessary debt and stress. So, by being mindful of our spending and making smart choices, we can set ourselves up for financial success and enjoy our student years without worrying too much about money.
20 simple ways how to spend less money as a student:
- Cook at home:
Eating out or ordering takeout can be expensive. Instead, try cooking your meals at home. Plan your meals for the week and make a shopping list before heading to the grocery store. Look for affordable ingredients and try to cook in batches to save time and money. Limit eating out only to special occasions like birthdays.
Cooking at home is not only cheaper but also healthier. - Use student discounts:
Many places offer discounts for students, including movie theatres, museums, clothing stores, bus tickets, electronics stores, etc. Always carry your student ID card and ask about available discounts before making a purchase. - Buy used textbooks:
Textbooks can be expensive, so consider buying used ones. Look for online marketplaces, student bulletin boards, or ask senior students if they’re willing to sell or lend their old textbooks.Alternatively, explore digital options such as e-books or PDF versions, which are often more affordable. - Use public transportation or bike:
If possible, opt for public transportation instead of driving a car or taking a taxi. Many cities offer discounted student fares. Alternatively, consider biking or walking if your campus and local amenities are easily accessible. Taking the bus or subway can cost a fraction of what you’d spend on fuel, parking, or rideshare services. Carpooling with classmates or colleagues can also help reduce transportation costs. Reserve the use of a car for essential trips only. - Borrow from the library:
Instead of buying books, novels, or magazines, borrow them from the library. Libraries often have an extensive collection and can even borrow items from other libraries if needed. - Take advantage of student resources:
Many universities offer a range of resources and services to students for free or at a discounted rate. This may include access to fitness facilities, career counseling, mental health services, or academic support. Make the most of these resources to save money on external services - Avoid impulse buying:
Avoid impulse buying by planning your purchases in advance. Make a list of the things you need and give yourself time to think about each purchase. This will help you prioritize essential items and avoid unnecessary expenses.
When furnishing your living space, consider buying second-hand furniture from thrift stores, garage sales, or online marketplaces. - Make use of student discounts for software:
Many software companies offer discounted prices for students. If you need specific software for your studies or projects, check if there’s a student version available. For example, Adobe Creative Cloud offers discounted rates for students, allowing you to access professional software at a lower cost. - Find free or low-cost entertainment options:
Look for free or low-cost entertainment options on or around your campus. Attend student club events, movie nights, or concerts. Take advantage of local parks, hiking trails, or beaches for outdoor activities.
Keep an eye out for free cultural and educational events in your community. Attend art exhibits, concerts, lectures, or workshops offered by local organizations, libraries, or museums.
Instead of going to the movies, have a movie night at home with friends and make popcorn. - Cut back on subscription services:
Evaluate your subscription services and consider canceling those you don’t use frequently. This could include streaming services, gym memberships, or magazine subscriptions. If you’re subscribed to multiple streaming services, choose one or two that you use the most and cancel the rest. Canceling these subscriptions can save you money each month. Consider alternatives or share subscriptions with friends or family members to further reduce costs. - Reduce utility usage:
Be mindful of your electricity and water usage to reduce utility bills. Turn off lights when leaving a room, unplug electronics when not in use, and take shorter showers. Simply turning off lights when you’re not in the room, you can reduce your electricity bill each month. Use a clothesline or drying rack instead of using a dryer. Wash your clothes in cold water and only run full loads to save on energy and water costs. Adjust your thermostat to save on heating and cooling costs as well. - Utilize local Buy Nothing groups:
Join local Buy Nothing groups on social media platforms like Facebook. These groups allow community members to give away items they no longer need for free. You can find various items such as furniture, books, or electronics without spending a dime. - Participate in research studies:
Many universities and research institutions conduct studies and experiments that require participants. By participating, you can earn extra money or receive compensation in the form of gift cards or vouchers. - Learn DIY skills:
Develop do-it-yourself (DIY) skills for basic repairs and maintenance tasks. YouTube tutorials, online forums, and library resources can teach you how to fix minor issues with electronics, clothing, or household items. This can save you money on professional repair services.
Instead of spending money on expensive beauty or grooming products, you can make your own face masks, scrubs, or hair treatments using natural ingredients that you might already have at home. - Share subscriptions with friends:
Instead of subscribing to multiple streaming services, consider splitting the costs with friends or roommates. Each person can pay for one or two subscriptions and share access, allowing everyone to enjoy a variety of content without bearing the full cost. - Rent or borrow rarely-used items:
Instead of buying items that you only need occasionally, consider renting or borrowing them. For example, if you only need a power tool for a one-time project, check if you can borrow it from a friend or rent it from a local tool library or hardware store. - Use open-source software and online resources:
Instead of purchasing costly software or paying for online services, explore open-source alternatives. Open-source software is often free and can provide similar functionality to paid options. Additionally, utilize online resources like educational platforms, free courses, and tutorials to enhance your knowledge and skills. For instance, consider using Google Docs instead of purchasing Microsoft Office or using GIMP instead of Adobe Photoshop. - Practice minimalism and declutter regularly:
Adopt a minimalist mindset by decluttering your living space regularly. Sell or donate items that you no longer need or use. Embracing a minimalist lifestyle not only saves you money but also promotes simplicity and reduces unnecessary consumption. - DIY gifts:
Instead of buying expensive gifts for birthdays or holidays, consider making personalized DIY gifts. Handmade crafts, artwork, or even baked goods can be thoughtful and budget-friendly presents.
Also, consider Gift hoarding or gift stockpiling to save on your gifts expense. - Limit alcohol and dining out expenses:
Drinking alcohol and dining out can quickly become expensive. Set limits on how often you indulge in these activities and look for budget-friendly options when you do. Consider hosting potluck dinners or organizing BYOB (bring your own bottle) events with friends.
