Thinking about how to save money when in college is a smart move. While the prospect of racking up all the debt can put off many students, there are a few tips that can be handy to augment your finances. This can also help you in reducing the amount of debt you accumulate while you study. From learning to budgeting, here are some of the best tips that can help you manage your finances in the best possible way.
Create a monthly budget
First of all, you need to set aside money for groceries, utilities, rent at student accommodation in London as well as other necessities. You can create a budgeting spreadsheet for yourself. Mention the month, aspects of your budget as well as the money spent. Try to create a budget that will cover everything including educational costs, grocery, utility bills, etc. This way you can stick to the monthly budget. Also, make a spreadsheet for how much money you are minting. be it support from family, scholarship, or a part-time job, add everything. This will help you in comparing your monthly budget with your monthly income. Ensure that you are not living beyond your means or relying heavily on your credit card to make ends meet.
Track your spending
If the money in your student bank account tends to lower every month, it is time to track your spending closely. Even if you think that you are good at watching where your money is going, it is still a great idea to review your spending every night. This will help you understand where you are overspending. If you cannot do it on a regular basis, then you can take the help of the budgeting app which is a great way to help keep you on track and make it really easy to check the status on the go. You can also use online banking to check your card transaction history.
Avoid eating out
Whether it is at a fast food chain or a good dining place, the cost of eating out will be more than eating in. You need to limit eating out to only special occasions. You might also like to spend a few weekends eating but don’t indulge in doing it more and more. if you are in a rush, then you can have fast food as it is a budget-friendly option. Most of the fast food places offer salads, wraps, burgers and so on which are fulfilling and affordable. Cooking meals at your student housing in London can help you stay healthy as well.
Go for shared living space
One of the best ways to save is to live in shared student rooms in London. Living alone can be really expensive. Splitting your rent between two or three people as opposed to paying everything by yourself can help you save a significant amount. In addition to it, you can also share the utility bills and the cost of any furniture to invest in mutually.
Shop for store brands
There are times when you are more inclined towards brands. However, when you are a student, you don’t need to buy renowned brands. Generic brands can tend to be inexpensive. You will find many such stores near accommodations like Emily Bowes Court London.
Save money on textbooks
Do not buy new if you do not have to. An old book from a previous student is not going to make or break your focus on your studies. You can look for used books whenever possible. It is also quite smart to check if any of your assigned readings are available in the public domain. You can talk to your seniors about buying old textbooks. Once you are done studying those books, you can sell them to your juniors and save money.
Start saving on the utility bills
Becoming conscious of how much energy your student apartments in London consume every month provides one the opportunity to start making some substantial savings. This can mean turning down the thermostat whenever not in use. Also, ensure that any of your devices are left on standby. You can also compare electricity and water providers for a better deal and upgrade any particularly incompetent appliances. If you stay in a shared apartment or house, it is one of the best ideas to do this as a group. This will help everyone to cut back and everyone can get their fair share of savings.