How can a student save money?

Use these 7 tips to save money and reach financial independence while you’re still in school

Most students suffer from poor ability to save money, reduce financial spending, and buy only what the student needs. With the rise and high prices, the value of money and its purchasing power decreases, and the student feels unable to buy the things he needs.

Also, if you have a certain amount of money as well as being an expatriate student, it is necessary for you to save from your “stipend” for full living expenses regarding; With food, drink, clothing, housing, and study needs, the process of organizing your financial spending will be difficult and a path of imagination.

Therefore, by thinking about what a person needs to learn the skill of organizing spending; I found 7 steps that can help you at the university level to save and save your money, and organize its spending according to your personal and study needs, if you live in your place of study, or you are an expatriate student.

7 ways to save money on a college student budget

1- Setting a budget

Before any step towards organizing your financial spending, you have to determine your available budget, for example, for a month, what I have money to spend in this month, and accordingly you can prioritize your spending. If the amount you get is relatively little, you have to give up the luxuries of life.

If the amount is appropriate, it will help you to live normally, and in the event that the amount is large, this will help you to save and save money, so the student must determine from the beginning a spending budget.

2- Set your priorities

The process of prioritizing comes in the next step to determine the budget. After knowing what I have of money for monthly spending, the most important things that I want to buy and get at the simplest prices must be determined, such as; Food, drinks, clothes and school supplies.

I remind you that there are necessary and urgent things, necessary and not urgent things, urgent and unnecessary things, and unnecessary and not urgent things. It is unimportant to get it, you should stop buying what you don't need.

3- Increase your sources of income

The university student’s reliance on a single source of financial income, which is limited to the “expenditure” of the parents, makes the opportunity to purchase all his academic and personal needs few, so we find many students start working alongside the study to obtain another source of income in addition to the money he gets from his family.

Working at the university level helps you increase your monthly financial income, as well as integrate you into another external community far from university life, from which you gain knowledge and life and practical experiences.

Recently, many websites for freelancing have appeared, which you can subscribe to and explain what you can do and accomplish, and then receive offers from business owners, which is a suitable work experience for your time as a university student studying and attending lectures, because Not related full time.

4- Take the cheapest means of transportation

The independence of transportation means spending a lot of money, so it is the best way to save your money and reduce spending costs, the independence of the cheapest transportation with a low cost of riding.

If you want to conserve your money or organize your spending, don't take private transportation, you can buy a bike to take or even if you don't like cycling, you will find plenty of low-cost mass public transportation.

5- Cut back on junk food

Fast food is often high in prices, so if you are keen to reduce your spending, you have to rely on home food, you can bring from home a “sandwich” or any food that you can bring in your “ lunch box ”, from snacks that are suitable for eating at the university until you return to your home again.

6- Don't buy all the textbooks

Some students buy all the textbooks and references related to the courses they are studying, but this makes the student spend a lot of money, although he may not use all the books and references.

Therefore, you have to attend all academic lectures and write down the notes you need and be your main reference when studying, and by dealing directly with your professor at the university, you get to know his personality. the college.

7- Set a goal to save money for

“If you have a goal, you will do the impossible for it.” Goals have always been the most important driver of people’s actions, similarly if you want to save money and reduce spending for a future goal for example traveling abroad, buying a car, or being independent in a home from your own money, that goal will help you to follow all the steps to achieve Your goal in the end.