Dough moola cash whatever you call it money is important in all stages of your
life but for most students it is hard to come by and more importantly hard to
hold on to luckily I've got your back because in this video I'm going to share
five practical ways to save money as a student without working so whether you
are living off prior savings or strictly on school loans make sure to watch until
the end of number five because I know this will be a tip that you've never
even thought about implementing method number one create and follow a budget
failing to plan is planning to fail while in university I always listen to
my friends complains that they never had any money yet they never put in the
effort to actually track their spending how can you possibly save money if you
have no idea where it's all going prior to the semester starting calculate
how much money you have to allocate to your expenses each month this amount is
your monthly budget then disperse this amount into your different budget line
items like rent food bills etc as you start your semester track your expenses
on your phone or on paper against your budgeted line-item amounts to ensure
that you stay on track with your spending like Peter Drucker says what
isn't measured isn't managed so don't be try to use that cell phone for more than
just swiping right method number two be selective with textbooks buying
textbooks is the bane of every student's existence dropping your hard-earned cash
on books that you barely open is not a good time but luckily there are ways
around this painful experience when I was in school my favorite way to avoid
hefty textbook fees was to consult a library copy of the textbook as needed
for the few times that would need to read the textbook
I didn't mind hanging around the library however if you were someone who hates
the library don't worry I have some other options for you you can become
friends with someone in class and go 50/50 on the book cost or rent a book
instead of buying it if you're someone who wants to own the book for the future
offer the e-book to avoid the printing cost of the textbook
and save a few trees while you're at it method number three or the cook
whether it's whipping up some craft dinner or a five course meal cooking
your own meals will save you mega cash when living the student life let's do a
little math to illustrate this point the average student food bill for a month is
$250 USD which includes three meals per day the average lunch at your school
cafeteria or fast-food joint cost roughly ten dollars a meal or $30 a
day if you eat out every meal amounted to a monthly total of nine hundred
dollars obviously eating out is much more expensive and these are
conservative figures not to mention cooking your own meals will typically be
much healthier so that's an added bonus so if you want to keep your budget and
waistline in check get cooking Chef Ramsay method number four party on the
cheap during my seven years in post-secondary education I made it a
mission to party on the cheap some nights I even made money going out as I
would find money at the bar left by people who had a few too many drinks so
how did I manage to party and not break the bank here are two of my favorite
tips number one pre drink because why pay the same amount for two drinks at
the bar when you can buy a whole bottle for the same price and number two
appoint a designated driver a large portion of the cost of partying comes
from paying for uber or cops to cut down on the costs rotate who and your group
of friends will be the sober Sally for the night so that everyone can reduce
the cost of their night out by employing these two tips you can reduce your cost
of a night out to just the cost of cover which is minimal in most places while
still having an amazing time method number five detach from social media
now before you rant and rave that using social media like Facebook and Instagram
is free and discredit this money saving tip let me explain to you that there are
hidden costs to this behavior have you ever used social media and got FOMO or
the fear of missing out maybe it's seen your peers enjoying a
concert or sporting their new expensive outfit while using social media seems
harmless it is affecting our spending habits for instance if you see your
friends always partying of course you will feel more inclined to go at a theme
next chance you get costing you money and reducing your savings potential the
same goes for seeing your favorite influencer wearing a new outfit that now
you must have in short social media is making us more inclined to spend and as
a student saving is hard enough with the high tuition and living costs that most
students face these days therefore cut down on your social media time to avoid
unnecessary spending trust me your bank account will thank you thanks for
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