Saving can be challenging for many students, but with these seven strategies, we hope you’ll be at the top of your finances while still at college.
By Derick Mwanguhya
Published: December 06. 2023
Imagine the joy of entering college, meeting new people, and enjoying free will, but probably you’re not guided on saving and managing your finances.
And a few months later, you run into debts or start depending on a meal per day.
You are not alone, many students go through the same
Although saving while at campus should be a critical aspect of your life, it’s still a challenge to many.
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Is saving important for a Student?
Yes, saving is very important for a student because it can help you a lot in your financial journey.
You’re probably told; It’s not necessary, because you still get support from your parents or guardians, but that’s not true.
It can help you enjoy financial independence and future planning.
Saving money is more than just a good habit; it's a foundational skill that sets the stage for financial independence. Share on XRemember, financial habits developed during college often persist into adulthood. Learning to save early not only instils discipline but also lays the groundwork for responsible financial decision-making in the future.
Students who prioritize saving are better equipped to handle unexpected expenses and are more likely to graduate with less financial stress.
Let’s do a simple math, imagine you saved $20 (around 70,000 Shs) per month throughout your college years. By the time you graduate after four years, you will have accumulated $960.
This money could help you in the days while you’re searching for a job or used towards your post-graduation expenses
Can a Student Save?
Yes, a student can surely save money.
While we all agree, a student may not have enough to save, one can still save on the little he or she has.
Don’t take our word, Zipdo says 81% of students work part-time while attending school.
This indicates that, with careful planning and prioritization, students can generate income that allows for both meeting basic needs and saving for the future.
Pro Tip: Saving for the future is a habit that starts today.
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Let’s dive into the practical strategies to save as a student;
1. Create a Budget
It’s a joke, right? No, it’s not a fiscal year budget but just a simple understanding of your expenses and the source of funding.
Creating one as a student is the cornerstone of effective financial management.
By outlining income sources and allocating funds to essential categories such as rent, utilities, food, and savings, you can gain a clear understanding of your finances.
It should not be that hectic, identify where your money will go and how will you regulate overspending on things that may not be essential.
Tools like budgeting apps or a simple spreadsheet can help you track your spending and identify areas where adjustments can be made.
In her book Life & Debt: A Fresh Approach to Achieving Financial Wellness, Leslie Tayne, said budgeting has only one rule: Do not go over budget.”
Do you think the rule is easy for a student? Let us know in the comments section.
2. Find a Part-Time Job or Side Hustle
If there is something I wish to do while on campus, it is to start a side hustle.
But by then I had little knowledge on how it could work so I missed up on this, but everything is easy in getting started.
Luckily you won’t go through the same hustle as me because we have a complete guide about side hustle jobs here.
Part-time employment can be a valuable asset for students if it is thoughtfully managed to not interfere with academic goals.
You only need to strike a balance that will allow you to meet your financial needs without compromising your studies.
Did you know that students who work 10 to 15 hours per week tend to perform better academically than those who don’t work at all?
There you have it, work may not decline your academic performance but it can even expose you to a real working environment.
“The earlier you start saving, the less you have to put away each month to reach your financial goals.”
CNBC
Imagine if you have a talent in graphic designing, you might take on freelance projects during weekends, and there is nothing to spend on to get started. Then you can use the income to cover personal expenses and contribute to savings.
3. Use Student Discounts
One perk of being a student is access to a variety of discounts.
It’s true student discounts are often rare in developing countries, but it doesn’t mean they are not there.
Many businesses offer special pricing for students from restaurants and financial services to entertainment Andrew just clothing.
By taking advantage of these discounts, you can enjoy the products and services you need at a reduced cost.
For example, if you’re a student looking to purchase a laptop you benefit from discounts offered by technology companies to students. Dell and Apple have these discounts worldwide, and Amazon for students is also a great subscription for a student to utilize.
Pro Tip: Many businesses offer discounts to students with the hope that they will become lifelong customers.
4. Utilize Campus Resources and opt for Used Textbooks
Many college resources can help you save money for example using public Wi-Fi provided by your college can save you from expensive cellular data plans.
Using cheap resources such as textbooks from friends can help you go through your learning with ease.
Now instead of purchasing a new textbook, you can explore options like renting, buying a used one, or utilizing campus resources such as the library. This can result in substantial savings for a semester.
Using cheap resources such as textbooks from friends can help you go through your learning with ease. Share on X5. Prepare Your Meals
Huh! A student cooking? Yes, you heard me right because eating out regularly can quickly drain your budget.
You can learn to prepare simple, cost-effective meals that not only promote healthier eating habits but also save a significant amount of money over time.
Of course, if you opt to cook at home rather than ordering food can cut your monthly food expenses in half, which can contribute to substantial long-term savings.
Taking control of what you eat can save you a significant amount of money while also contributing to a healthier lifestyle. Share on XWhat We Are Reading Now
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6. Think Twice Before Spending on Entertainment
Who hates entertainment at campus from catching up with your favourite artists to visiting a theater?
But expenses, such as movies, concerts, and social outings, can add up quickly.
Why not adopt a more mindful approach to entertainment spending, you can strike a balance between enjoying social activities and saving money.
For example, instead of going to a movie theater every weekend, you might opt for a movie night at home with friends, as this can significantly reduce your expenses.
Noteworthy; Being selective about entertainment spending allows you to enjoy social activities without compromising your financial goals.
7. Share Costs with a Roommate
I know you prefer an independent lifestyle, but if you are thinking of saving a few bucks while at campus, then choose this.
Because housing costs are often one of the most significant expenses for college students.
But sharing living expenses with a roommate can greatly reduce the financial burden, making it an effective strategy for saving money.
Take an example where you share an apartment with a colleague. You can split cost for rent, utilities, and groceries, among others which allows each to save a considerable amount compared to living alone.
Of course, sharing living expenses with a roommate not only reduces costs but also fosters a sense of community and support.
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Final Thoughts
Saving money as a student is not only possible but also essential for building a foundation of financial responsibility and by using these strategies you can empower yourself to navigate the financial journey with confidence.
Now you have it; You can start implementing these tricks today and share your experience in a long run.
Do you think saving is necessary for all students or a specific group of few? Let’s know in the comment section.
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