10 Student Finance Hacks 💵

Financial education for young people 👨‍🎓👩‍🎓

Living on a student budget can be tough. Here are 10 quick tips for students to save money and spend less.

Here are 10 Finance Hacks for Students

Budgeting

1. 📅Make a Budget: This may sound like an obvious one, but most students don’t take the time to sit down and make a budget. This is an important task because it forces you to recognise how much money you have to spend per week and to think about how you want to spend it.

2. 📱Take Advantage of Spending Trackers: Nowadays, most mobile banking apps have spending trackers that provide a breakdown of how you are spending your money. Take advantage of this resource to gain insights into where your money is going and identify some of your spending habits.

3. 📈Avoid High Interest Debt: One thing you don’t want to do, especially while you're still a student is to get yourself into a dangerous amount of high-interest credit card debt. Many student cards offer free overdraft and this can be useful if you are in a pinch, but do your best to pay off your cards and avoid going over and accumulating unnecessary debt.

Shopping

4. 🛍️Make a Shopping List: Before leaving to go to the store, make a list of the things you need. This can help you cut spending while shopping and avoid impulse buys and unnecessary purchases. Having a plan for your grocery shop can also help cut down on food waste!

5. 🫶Buy Used and Second Hand: As a student, buying clothes, books, textbooks, and more can add up fast. But one thing that can help is buying in the second-hand market. You can often purchase used textbooks and class materials from upperclassmen on your course and thrift shops can be a more affordable and sustainable way to clothes shop.

6. 🏷️Look for Student Discounts: Whenever you are in a shop or buying some new software online, always check or ask if there is a student discount offered. Most of the time stores offer around 10% off for students and these savings can add up. Just make sure to have your student ID card on hand.

7. 🏆Join Rewards Programmes: Oftentimes, stores that you frequent such as coffee shops or grocery stores will offer some sort of rewards programme or loyalty programme. By signing up or becoming a member you can earn points every time you shop and cash in for real savings.

Saving

8. 🎁Skim Your Income: Every time you receive cash, be it a paycheck, gift, or any other form of income, take 10% and move it straight to your savings account. By taking a little off the top each time you earn money, you can start accumulating savings and resist spending all your cash.

9. 📉Lower Your Monthly Payments: Your monthly payments may include your phone bill, rent, cable, a gym membership, and more. Take a look at the subscription plans you are on and look to see if there is a cheaper option. In some cases, even if you don’t see a cheaper price listed, you can reach out to try and negotiate for a lower payment. It won’t always work but it’s certainly worth a go.

10. 💃Cash on Nights Out: On a night out, it can be tempting to tap your card more liberally than you normally would. By only bringing a set amount of cash to spend, you can physically visualise your spending limit and pick a set amount you're willing to pay for the night.

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