Probably for the first time as a college student, you will be in control of a significant amount of money. From your fees for the university to your books and socializing with your pals. At this point, saving any money undoubtedly seems unattainable. You are mistaken, though, as there are various methods to save a sizable sum of money while attending college. In this article, we’ll look at those tips.
Tips to save money
Apply for scholarship
- Every university provides scholarships, and each one has a particular set of requirements and benefits. Scholarships for students may cover not only tuition but also living expenses and travel costs. Although they are scarce and challenging to get.
- Apart from these, there could be other scholarships that can partially fund your course. There may be open scholarships for which any student is eligible, or there may be scholarships specifically for women or individuals with disabilities.
- It’s not just universities but even governments and private foundations provide financial aid to students. The process is similar, you need to make an application with proof to support that you meet eligibility conditions. On submission, the institution shortlists eligible candidates and grants them an award. There might be multiple rounds like an interview round if there is a huge number of applications.
Get travel concession
- Almost everywhere in the world, governments offer student travelers discounts on public transit. Concessions might range from free season tickets to discounted rail passes. You can obtain this information directly from the government website or via the administration at your college.
- Airlines have their student discount. They might offer discounted fares or excess luggage for students. These discounts might not directly advertise but you can always contact the airline to confirm.
Use your college facilities
- If you are living in a hostel probably you must be sharing your space with your roommate. It might not be the ideal setting for prolonged concentration when studying. You can utilize the library on your campus rather than purchasing an outside library membership. There are many benefits to that, first, you would save a lot of time commuting as you will be within your campus. Typically, college libraries let you issue many books at once. Additionally, by accessing the college library, you will have access to all the materials needed for your course in one place.
- Student life is a busy one with a rollercoaster of emotions. It is important to take care of your health. You can make use of your college gym. Mostly it is free to use or will have way less fees as compared to an average gym outside.
Discounts
- The best part of being a student is the endless discount available. Movies, travel, shopping, amusement park, etc you name it, and it’s there. There are student discounts everywhere. Simply asking for it is all that is required. Most of the time these discounts might not be advertised but they are usually there.
- One major area where you can save a huge amount is electronics Be it mobile or laptop, major brands offer big discounts on their products. It’s not just the hardware, software companies also offer discounted rates for students. Some of them even offer a dedicated version of the software for students to maximize their productivity.
Student cards
- Banks offer dedicated student cards, be they debit, credit, or Forex cards. These cards are designed to give students the maximum reward point possible when used for student-related services or products. It also helps you to keep track of your expenses as well as easily exchange money with your parents through transfers. If you want to know more about different kinds of cards that bank issues which might benefit you more then click here.
Consider second-hand items
- Textbooks are expensive. Each one can cost you a couple of thousand rupees. But you can save almost 50% of that amount. Many shops sell second-hand books for half the original price. Those books are also in good condition. If you already have purchased new books you can go to these shops and sell them. You could recover anywhere from 30% to 50% of its value.
- Think about purchasing used products for other items as well. There may be several items you require for the duration of the course if you are living in a hostel. For instance, if you need a trimmer for grooming, you may easily borrow one or purchase an older or used one rather than buy a new one. This holds for a variety of other items, including a few cooking tools, laptop peripherals, etc.
Live below your means
- No matter how appealing the glamorous life looks, remember you have just begun your career. You are going to have the money to live your life to the fullest. But as a student, you need to set your priorities correctly. Hence consider buying things as per needs rather than impulsive shopping. Similarly, sometimes it makes more financial sense to buy unbranded products, a lot of time those will work out the same way the branded one does. Being aware of your true requirements will help you to save a lot of money, especially at the phase of your life where financing is an important skill to learn.
Finishing lines
Things are not as significant as experiences. And experiences may be had for free or at a very little cost (particularly in college). To impress others, you don’t have to spend more money than necessary. The ability to save money while in college, invest it, and achieve financial independence in your early 30s is more amazing. That is an excellent objective.