Handling finances properly is something that every student must learn how to do before they begin college or university. It is a very useful skill which they will need to take into their work and personal life after they graduate from their course. 

When students are not under the watchful eye of their parents, they can become reckless with their finances and spend it on unnecessary things. Young and naïve students have a bad reputation when it comes to how they handle their finances and with the help of professional essay writers at www.customwritings.com, we will look at some money-saving tips for students.

Stay at home 

While the thought of being independent might tempt students to move out of the family home and spread their wings, it is costly. Student accommodation whether it is living on campus in a student dorm or finding a flat with friends can drain one’s finances. Opting to stay at home allows you to save money on rent, food, and even transportation. 

While there might be a few cons when it comes to living under mum and dad’s, it is one of the best ways to ensure you have a healthy-looking bank account to hire an online essay writing service should you need one. This is because most bills will be taken care of by your parents allowing you to focus more on studies and worry less about upcoming bills. 

Plan as soon as you get your student loan 

As soon as the student loan hits their bank accounts, many college or university students are tempted to go on a shopping spree and treat themselves. Ignore the inner voice that’s telling you to spend the money and make a budget. Set money aside for the things that are important like food, rent, essay writing help, and utility bills. This will ensure all expenses are paid on time, and you’ll know how many savings you have to treat yourself without sinking yourself in debt when your studies are done. 

Open a bank account that’s perfect for students 

Many banks have a variety of offers and perks that are perfect for students, it is all about picking the best one that suits you. The one thing you should always look at when you’re picking a branch to open an account is the interest-free overdraft. Every once in a while you will be hit with an unexpected bill, that is how life is as a student, and this perk of interest-free overdraft comes in handy when such a scenario arises. 

On nights out, wallet stays at home 

If you are serious about saving money, leave your wallet at home when you plan on hitting the bar or club with your friends. Withdraw just the amount you need for your evening out because this will stop you from spending more than you should. There are tales of students getting drunk and spending all the money they have in their accounts. If you don’t want to wake up to an overdrawn account after a drunken night out, carry cash.

Avoid food shopping on an empty stomach 

When students have the freedom to buy their food, they can easily overspend, especially if they are shopping on an empty stomach. Write down a list of all the cheap meals you enjoy eating well in advance because this will help you know what to buy and how much to spend. You will not waste money on unnecessary things like ordering expensive takeaways on your way to shopping. This is why it is highly advised to avoid any sort of food shopping while you’re hungry because you think with your stomach and less with your brain, which results in overspending. 

Cook food at home 

If you live in shared accommodation, you and your housemates can take turns cooking for each other. Not only is this a very good bonding experience, but you will also save money and improve your cooking skills at the same time. As pointed above and by many experts, ordering takeaway all the time can be very expensive and by spending money on ingredients instead, you can make meals that will last a week rather than an evening. There are plenty of websites you can visit that will show you how to make top-quality meals on a student budget

Take full advantage of student discounts 

Perhaps the biggest advantage of being a student is the number of discounts that many businesses offer. Everything from clothing retailers, academic writing services to coffee shops, restaurants, electronic shops, and more all have student discounts. 

All you have to do when you want into these shops is provide them with proof that you are enrolled in a college or university by showing them your ID. This will automatically entitle you to all the student discount offers they have on their product and services. Even if a shop doesn’t have a display sign which says they do have student discounts, it doesn’t hurt to ask. 

Monitor your spending

We are very fortunate to live in an age where technology has advanced so much and given us access to a large variety of money tracking apps. These apps not only keep track of the balance you have in your account but will also let you know your spending habits. They do a wonderful job helping students overspend and have full control of the ins and outs of their accounts.

If you have free time away from your studies or assignments thanks to hiring an essay writing company, you should consider earning extra income by getting a part-time job. Many colleges and universities are located in cities where there are plenty of retailers and restaurants. Apply for jobs as a waiter, bar staff, or customer assistant in a retailer of your choice. If this is something you don’t feel like doing, you can also earn money online by selling products, being an ambassador for a product that’s about to launch, and more. The money that you earn from doing these jobs on the side while you study can be saved in your bank account. This is also an effective money-making advice worth considering along with other money saving tips for college students available online.

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