Money saving hacks for students is an interesting topic to discuss. As a student, if you are thinking about saving money then feel proud of yourself because not every student thinks about saving money at this early stage.
Students are notoriously known for being broke, and there’s nothing wrong with that. It’s normal to be struggling financially at this stage in your life when you are just beginning to develop your financial selves.
Most of you don’t have jobs that pay very much and you’re just starting to have some financial responsibilities. So if you find yourself in this situation that many people do, don’t worry, today I have brought money saving hacks for students.
17 Money Saving Hacks For Students to Have a Happy Pocket
You don’t need to deprive yourself to save more money as a student. After all student life is all about having fun and leading a good life. But at the same time, you can learn a few easy money-saving hacks to save extra dollars as a student.
Let me pitch some kickass money-saving hacks for students.
1. TRACK EXPENSES as a Student Just in a few seconds WITHOUT any DIFFICULTIES
The very first thing you need to do if you want to start saving money is to track your expenses. You can’t fix anything until you know what the problem is. So starting next month, record every expense that you have.
Seriously, you need to record everything, even if it’s just a few bucks on ice cream. Anytime you see money come out of your bank account or you pay for something in cash, you need to record it. I recommend the ‘Spending’ app on iPhones cause it is simple and easy, but I’m sure there are plenty of other great apps out there.
2. Know How You can Prepare a simple Budget Quickly as a Student
Now that you know how much you spent last month, you need to create a plan for how you are going to change your spending next month. Now you don’t need to take a long paper and pen to prepare your budget. Just make a simple budget. Just note down the points and even you can use mobile apps for this.
You’re going to need to do this each month in order to slowly improve your finances. The goal is to find a few areas that you can cut back on in order to save money or spend money in a different area. So each month, you should look at what you spent for that month and then develop your budget for the next month.
3. Save $5 Every Day on FAST FOOD
One that can really eat up your wallet is food. While it might not be your biggest expense, it is one that can quickly add up. To reduce your spending in this category, I recommend ordering off the dollar menu, and not eating out as often.
Try to bring food from home or get something at school. It might not seem like much, but $5-$10 every day can add up. By implementing easy ideas you can save a ton of money on food as a teenage girl or teenage boy.
4. Figure Out an Interesting Way to Save 50% of Your Money on Gadgets
A lot of young people, myself included, like to upgrade to the newest tech, whether it be a computer, phone, or accessory. While these items are fun and somewhat necessary, I would caution you to not get crazy with it.
It’s easy to see the iPhone X come out, buy it, and then a few months later see the iPhone 11, and now want to upgrade to that instead. That can be a bad habit to get into, so what I like to do is to stay a few upgrades back.
So a couple of years ago, I went from an iPhone 5 to an iPhone 7. The iPhone 7 was priced around $600-$800 when it first came out, but I was able to buy one refurbished for $300 around a year or two after it came out. I think it’s okay to upgrade, but you just have to be smart about it.
5. Flaunt Your Clothing Style Without Spending Big Bucks on Trending Outfits
Another expense that students tend to spend a lot of money on is clothing. These can be shirts, sweatshirts, pants, shoes, whatever. Students love to keep up with the trends and there’s nothing wrong with that. But I think there’s a frugal way to go about it.
The frugal way is restricting your money spending amount on clothing and trying to shop for deals. And ask yourself, do I really need this and how long will I wear this? If you can justify the purchase, go for it, but if it’s unnecessary, maybe it’s not the best financial decision. Also, another best option is to go DIY for clothing.
6. Find great GIFT IDEAS to SAVE $1000 per Year
On an average student has 8-10 friends. Making new friends in teenage is really good. Even in teenage, I was having my own friend circle. So, more friends mean more birthdays, more celebrations and more gifts.
But if you buy a costly gift then it will cost you somewhere between $50 to $100. So whether its a photo frame or any other gifts you can make your own handmade gifts. So students should save up to $1000 on gifts per year. And handmade gifts have their own charm that creates bonding between friends and family.
7. Grab the opportunity to SAVE UP TO $100 on your birthday
As a student, if you throw a grand party to your friends then you will be spending a minimum of $100. So you can invite your friends to your home and celebrate your birthday. So save that $100 on your birthday celebration as a student.
You can have yummy food at home with your friends and celebrate. Also, some restaurants offer free birthday treat for students on their birthday. So look for such restaurants in your city to enjoy fancy food for free as a student. So make smart moves when it comes to saving money.
8. Save 600 INR by pooling money for Netflix with Your Friends
Pool money monthly on your Netflix subscription. By doing this, watching movies and your favorite shows will be cost-effective because this money can be divided equally among friends.
The premium plan subscription charge is 799 INR per month. And a total of four members can join with a single subscription. This is how teenage girls and teenage boys save money by living frugally. So I insist teenagers should save 600 INR on Netflix.
9. Save a MINIMUM of 25 USD on tuition classes
I’ve found that in countries like the US they charge $25 per hour on one subject when it comes to private tuition. And in countries like India, I’ve seen that on an average they charge 1000 INR per month for 2-3 subjects. So the private tuition fees are usually high in all the countries.
So as a student, you don’t need to spend extra money on tuition classes. Don’t join such classes just because your friends have joined. Students should save 15$ to $25 dollars on tuition classes. Students should inculcate frugal habits to save more.
10. Avoid picking up an overhyped school or college to SAVE 50% of your money
In a student’s life, education plays an important role. But this does not mean that you have to join a luxurious school or college for a good education. Stay away from overhyped schools and colleges. I’ve seen that overhyped colleges charge more fees.
Even some of these overhyped colleges/schools charge double money. So pick up a decent education center for yourself. Students should save up to 50% of the money on education by avoiding overhyped college or school. This is how you can save money as a teenage girl or teenage boy without a job.
11. Follow EASY TIPS to save 100% of the money on books
During my teenage, I was using a library for books. I was not buying all the textbooks from stores. This helped me to save money on books. So you can also learn the art of saving money as a beginner.
So make use of the library as a student. If you get all the books at the library then you can save 100% money on books. If you don’t get all the books in the library then I suggest buying secondhand books. So students can save at least 30% of the money on books.
12. Students can easily SAVE UP TO $19 ON STATIONERIES by looking for alternative products
Recently I was looking for a whiteboard and I found that it costs around $22. Then I looked for an alternative product. I found a whiteboard sticker for around $2. This was a great deal for me. So I saved up to $19 on a whiteboard.
As I was also a student once so I know the needs of stationeries for students like craft paper, pencil, whiteboard etc. So you can always look for alternative brands or products for such stationeries. So I can say that students can easily save up to $20 on stationeries.
13. Save $500 annually on HEALTH and FITNESS
Fitness and beauty are parts of teenage and student life. If you join a gym then it will cost you anywhere between $10 to $50 per month. Even it may cost $100 per month. So on an average, you will be paying $500 per year on a gym.
In reality, fitness is not just about building a body at the gym. So you can be healthy and fit at home by following a disciplined lifestyle and daily exercise. You can do skipping, cardio, dance or yoga at home to be fit. Start to save $500 per year on a gym membership.
14. Know how can you SAVE $15 on CHOCOLATES every month
I’ve read an article in a newspaper that teenagers and people in the 20s eat more chocolates. Well, even I like eating chocolates. But I don’t overindulge.
So as per my estimation as a teenager you should save $15 every month on chocolates.
15. Crack great deals while shopping online and SAVE UP TO 80% of your money
If you want to buy any costly clothes or shoes or other accessories don’t buy immediately. Wait for online clearance sales. In this way, you can save more money.
In fact, students should save up to 80% of the money on shopping by option clearance sales. This a smart way to do shopping to save money without compromising the quality of products.
16. Know how much money you should SAVE on DATING
Teenage has its own charm. Nothing can replace this teenage phase where we all have more fun. And this is the time when teenagers start to find bae and dating is a beautiful part of student life.
But as a teenage student, you should know that a true relationship does not require a luxurious restaurant to impress your bae. Think out of the box and figure out exciting dating ideas without spending a lot of money. If now you are spending 100 USD on dating then make it just 50 USD. So you should save at least 50 USD on dating.
17. Fulfil your all dreams by SAVING 20% of your pocket money
No matter how much pocket money you get from your parents, you can always save some part of it. Trust me, when you start to save money to fulfil your dream that will be so exciting.
Even I’ve some saving goals in my life and achieving that saving goals were the happy moments of my student life. So students should save 20% of pocket money for your dreams. That dream may be joining a singing class or buying a laptop for studies, you should save money.
A THRIFTY STUDENT who Saves More Money is a HAPPY ADULT
For most individuals around the planet, teenage is either a boon or a bane. In either case, the attachment is too much on this one phase – teenage. What people tend to forget here is that this too shall pass and adulthood will arrive.
So, for those teen students who start preparing early as far as being thrifty and frugal is concerned, end up being well adjusted and happy adults. For the rest of the people out there, even adulthood becomes a struggle. So money saving hacks for students is the key to boosting financial growth.
Saving Money will Help You Lead a Happier Life
As students, when mum dad cater to all your financial needs, happiness comes in easy. After all, there are no bills to be paid, to houses to mortgage and no college funds to raise. So, there isn’t any real worry. Trust me, teen breakups are the least of your life problems.
However, as life progresses naturally and adulthood arrives, that is the time for real messed up situations to take place. I mean these things happen to the best of us as well. So you too won’t be spared. But this is not a situation to worry about. It’s to make informed decisions.
Frugal living leads to a happier life because the biggest mental constraint gets taken care of – Money. Trust me, money is a big barrier when it comes to happiness. So try not to be at a disadvantage. Please be at an advantage and the only way to do that is to start saving early.
If you are thinking about how much money should a student save then you have already taken the first step to glitter your future. So now start to live frugally and follow these money saving hacks for students. Make sure as a teen student you kickstart your journey towards financial freedom.
