With inflation and the cost of living crisis on the rise, it is vital to keep spending and outgoings low to cut costs, Christine Emelone writes.
Here are five ways to save money as a student:
- Make good use of student discounts
Take advantage of any offers which can be applied to purchases when you shop. Although it may seem small, the reductions can help in the long run to save money and reduce the amount you spend.
Keep an eye out for any deals which allow you to get more for your money.
2. Track your spending
It’s always a good idea to review your weekly spending and see which areas you spend the most on. This can provide a better picture on how to budget and keep costs to a minimum.
When you keep an eye on your spending habits, you may notice a pattern or interesting trend which helps you plan how to spend money more efficiently.
3. Set realistic goals
It is easy to become too enthusiastic when it comes to cutting our spending. Although this may help us to reach our goals faster, it can soon become tiring and difficult- which leads us to abandon the plan altogether.
Set small goals to begin with and celebrate each time you reach them. Be positive about the journey and take one step each day towards your aim. This will lead you into a steady routine into saving money and cutting costs.
4. Learn how to make do with less
Without a doubt, sacrifices will have to be made if you want to save money and budget well. This may mean eating out less or doing certain activities you enjoy.
Embrace the opportunity to be creative as you learn to save. For instance, baking instead of going out for meals or staying at home with friends.
5. Cancel unnecessary subscriptions
Fitness apps or TV subscriptions can be easy to sign up for and then forget about them. Look through your transactions carefully and make a list of everything you are signed up to.
Are there some apps you haven’t used? Cut those out before considering which apps you can do without.