For many students, the idea of making and saving money for your future seems like a too-far-away dream. That’s understandable. University is your first taste of freedom, you want to go a little wild and treat yourself. However, too much frivolity now means you’ll struggle in the future, and that’s why it’s worth saving and making money now to get yourself into good habits.
Live At Home
Most students move away from home to go to university. However, if you’re hoping to keep the costs low, living at home and commuting to school when you need to can be highly beneficial, especially if you drive or don’t live too far from class.
The only issue with this is the social aspect, and you won’t be thrown in the wild debauchery of student accommodation, but this could work in your favor when looking to save some cash.
Find Deals and Discounts
One of the best parts of being a student is the number of deals and discounts that flood towards you every day. You’ll find everything from bank accounts to bus fare to drink deals to discount entry for football games.
Furthermore, even if you can’t live at home, you can still save some money on travel with insurance policies such as Metromile’s pay-per-mile insurance, which can benefit those who won’t drive very far or even very often. Despite this, it still ensures protection should you get involved in an accident, which is something you don’t want to experience as a student.
Budget When the Loan Comes In
It’s tempting to splurge on a night out, that jacket you’ve had your eye on, or even a new Xbox once the student maintenance loan comes in. We don’t need to tell you why this is a mistake, though.
Knowing how much you have and how much you can spend will allow you to get an idea of what you can treat yourself (or not) for the next few months. You’ll need to learn financial discipline, but that’s all part of growing up, and once you leave university and graduate, you’ll need to continue such control, so you may as well start early.
Earn Some Extra Income
The best way to save money and earn money is to find a source of extra income. You can’t rely on the bank of mom and dad nor your student loans forever, so you may as well look for a job to earn money in your spare time.
If you can find something related to your degree, such as working in the library as an English Literature student, then you’ll also gain valuable experience. However, this isn’t always possible, so retail roles, bar or restaurants, or even dog or babysitting can give you a few extra pennies a month to live a little more comfortably or save it for after you graduate.
Setting Yourself Up Right
University life is supposed to be about growing up, gaining independence, and setting yourself up for the future, so while it’s encouraged to have some fun with friends, it’s also useful to get an idea of how to adult properly. It doesn’t sound half as fun as Thirsty Thursdays, but it will pay excellent dividends once you graduate.