8 tips for university students to save money

By Sumaira Bashir

Binge-read: Valuable cues to cut-off expenses and become free from dependency

A majority of college students live on a budget—if not, they may get themselves into a cycle of debt. But with all the enthusiasm, independence, and so many exciting options to enjoy life, the only killjoy is handling financial expenditure.

It may not be easy, but one can become smarter by the way they spend their money. The key to financial stability is to become aware of how and where to spend one’s money. Best to live within one’s means rather than beyond. Undoubtedly, the years of higher education are memorable years of our lives. Let’s try to enjoy them with fewer debts at the end of our degree.

Stretch your pocket further with the following tips:

1- Share fares

There are multiple benefits of sharing transportation fares, such as reaching your destination at a cheaper rate. One can check for car-pool groups on Facebook or WhatsApp to find people who would love to share rides. This practice reduces the cost of travelling, and one can find a noticeable difference in their expenses at the end of the month.

2- Prepare your own lunch

University students spend most of their time at the campus rather than at home. So, instead of rushing to expensive cafes or canteens, one may find it cheaper and more economical to bring lunch from home. It is also a healthier choice.

3- Buy/sell older books

Students can benefit immensely by purchasing used books and selling old ones that are no longer of any use to them. If they need a book for a short period, they can borrow it from the library rather than purchasing it. This practice will help them save money for better purposes and will allow them to enjoy their savings once in a while.

4- Avoid purchasing from expensive brands

After reaching universities for higher education, students can postpone their fancy lifestyle as they have a career to establish. During these 4–5 years, students can do well by choosing to dress inexpensively. Incorporate the notion of pre-loved clothes in your lives instead of making impulse purchases, and don’t feel guilty wearing hand-me-downs.

5- Treat yourself once a week

Students often forget what it is like to have fun while living life on a tight budget. It is essential that they take out time from their busy schedules and treat themselves with something budget-friendly—at least once a week. Although it is less favourable for their wallets, it is therapeutic for their mental health.

6- Eat healthier for better skin

Everyone knows how expensive skincare is, and a majority cannot afford the best treatments and products. It is natural to face skin problems in university. Hence, students would do well by consuming more water and nutrients to get rid of all skin problems. Whether a person wants to save money or be healthy, it fits in all situations.

7- Drop the idea of bunking classes

Best to attend classes because you are paying for them. Skipping a class is like throwing money out of the window. Not only does it cost pocket-money, but it also creates a shortfall in studies. The core objective of being in university is to absorb as much knowledge as you can.

8- Attend social activities on campus

The purpose of gatherings is to interact and socialize with different people. You can save money by planning social activities inside the campus rather than outside it.