Being a student in America can be tough if you’re working on a strict budget. This is especially the case if you’re studying away from home and have additional living expenses as well. In many instances, this may make saving money almost impossible.
Fortunately, there are a few effective tips that you can implement to save some serious money during your student time. This post takes a closer look at these tips, and following just a few of these will make saving money easier, no matter how tight your student budget is.
Create a Detailed Budget
If you’re living away from home during your study period, the first step is to create a detailed budget of all your expenses. List all your income streams (jobs, loans, and grants) versus expenses such as rent, utilities, food, and transport. Be sure to set strict limits on entertainment and other aspects that you don’t need to survive.
When creating your budget, be sure to constantly review ways to save money. This can include steps to reduce aspects such as utility costs. A good example of this is to reduce your energy costs by lowering the heat and being strict about switching lights off when not being used.
Plan Food and Groceries More Carefully
You might think that student life is all about take-out food and fun. While this is true to an extent, keep in mind that paying for takeouts every day can quickly eat through your budget.
Some tips to consider when you’re planning essential food and groceries include the following:
– Plan your meals, opt for budget-saving recipes
– Cooking at home using meal prep and batch cooking is cheaper than daily takeout
– Buy essential grocery items in bulk with roommates or friends
– Sign up for loyalty apps and promos that offer discount codes
– Shop at local trade markets or farmers’ markets to get fresh produce more affordably
Explore the Used Market
Moving out of your parents’ home into your first student apartment can be challenging if you need to buy everything you need from scratch. With this in mind, consider looking for what you need in the second-hand or used markets.
Avoid buying new furniture and rather search thrift and second-hand stores for affordable furniture, clothes, and electronics. It’s also a good idea to speak to relatives about any items that may just be gathering dust in their garages. In many instances, a good cleaning is all that’s needed to make these items functional again.
Explore Student Discount Options
Another effective way to save money as a student is to look out for special discounts aimed at local learners. Be sure to always carry your student ID card to qualify for discounts on transport, tech, and even essentials such as textbooks.
In some instances, textbooks can also be rented via campus exchange programmes. The most common of these is Amazon and Chegg. Start by checking your camps for in-house programmes that offer aid to students.
Review Campus Events for Affordable Entertainment
Being on a strict student budget doesn’t mean that you have to give up on fun. Check for free campus events such as free movie nights, festivals, or other school-sponsored events. It’s also a good idea to share the costs of streaming services with friends or roommates. This makes it easy to enjoy a few nights at home, no matter how stretched your budget is.
Opt for Renter’s Insurance
When you’re moving into an apartment or student house, you should have renters’ insurance for students that will help to reduce the financial burden of an eventuality. If you’re moving into a new place, it’s crucial to point out that many landlords require renters’ insurance as part of the lease agreement.
Quality renters’ insurance covers your belongings against issues such as fire, vandalism, and weather damage. Some extensive renters’ policies also offer off-premises protection, such as replacing textbooks if your backpack gets stolen on campus.
If you’re still not sure whether your budget can afford renters’ insurance, keep in mind that at least 44% of all campus criminal activities involve burglaries and theft. The last thing you need is to have your laptop stolen with no insurance. Avoid this by investing in renters’ insurance. Students will be happy to learn that signing up for renters’ insurance isn’t only affordable, but the process is quick and can be done online. This is an investment that ultimately saves you money in the long run.
Final Thoughts
If you’re studying away from home, you can see yourself juggling living expenses to make ends meet. Opting for a few of our tips can go a long way toward helping you save money. In addition to this, be sure to invest in quality student renters’ insurance to cover your personal items when you’re living away from home. This will give you peace of mind that you won’t have to squeeze repairs or replacements into an already tight budget.
