Managing your finances during your academic journey is essential to experience a seamless student life. You need to plan your expenses meticulously and save moolah to prioritise your financial needs. Here is a guide highlighting helpful money-saving tips for university students, and other interesting information.

Key Highlights

• How to save money as a student?
  • Money-saving tips for students
    • Make and stick to a monthly budget
    • Share accommodation
    • Take benefit of the student discount
    • Learn cooking
    • Look for free entertainment options
    • Use public transportation
    • One savings account, multiple benefits
• Benefits of student loans

How to save money as a student?
It is essential to educate students about financial literacy, i.e., basic skills of earning, saving, spending, and investing from an early age so that they can become financially independent. This financial freedom enables them to make well-informed money-related decisions and keep financial worries at bay, especially if they plan to study overseas. So, let’s learn how students can save money.

Money-saving tips for students

• Make and stick to a monthly budget : Identifying all monthly expenses like rent, food, travel, etc., gives a fair idea about the total money you require in a month. Accordingly, create your monthly budget and stick to it so that you won’t end up spending more money than needed. Do not forget to keep aside some money for meeting emergency expenses.
• Share accommodation : Accommodation is the second most significant monthly expense after your tuition fee. Look for affordable accommodation near the university and share it with your peers. This will reduce your accommodation costs and give you a chance to make new friends. Please ensure you find the housing facility well in advance. Otherwise, you will have to settle for an expensive one when you run out of precious time.
• Take benefit of the student discount : So, how to save money as a student? The best solution is to leverage student discounts. Always keep your student ID card handy to get attractive discounts when exploring any tourist attraction and chilling out in a restaurant, theatre, or cafe. Do not hesitate to ask for discounts from vendors or when travelling by public transport, as you never know what privilege you will be entitled to as a student!
• Learn cooking : This will work in your favour as cooking meals saves money and also keeps you healthy. Prepare your weekly meal plan in advance and buy groceries in bulk to save money on offers such as buy one get one free. You can team up with your peers to cook meals to try a varied diet to prevent boredom.
• Look for free entertainment options : Student life is all about studying hard and partying harder. Hence, make the most of your free time by watching movies in a theatre for free. Believe it, you can! All you need to do is search for free local entertainment options available in your study destination. Many clubs and theatres provide some interesting offers for students. Therefore, it is best to ask for them.
• Use public transportation : Whether you want to explore any museum or any famous tourist spot, use buses, trains, and metros, i.e., the public transportation system, as it is the cheapest and most convenient. If possible, you can cover nearby distances on foot or by cycle as walking and cycling are cost-effective and bring great health benefits. Isn’t it?
• One savings account, multiple benefits : It is imperative to open a bank account, especially if you are planning to study overseas. Not only can you manage your expenses effectively, but you can earn interest, too. If you are studying abroad, your savings account can save conversion costs and other fees.

When you are saving money, you are focused on being self-reliant. However, the cost of education has increased. Therefore, many students opt for education loans to avoid depending on others for their higher studies.  

Benefits of student loans:

• When you take a study loan, you need not liquidate your family savings as it covers education-related expenses such as tuition fees, accommodation expenses, travelling costs, etc.
• Besides, you can even build a healthy credit score by opting for student loans and paying them off timely.
• You get the chance to earn a self-made badge by financing your higher education.
• You can access quality education by securing a seat in your dream college. Why should you settle for anything else?

We hope this information will assist you in making money-saving decisions while studying. If you are interested in opting for education loans for study abroad purposes or to study in India, Avanse Financial Services can assist you. At Avanse, we offer customised education loans with benefits like 100% financing, quick loan sanctions, and multiple repayment options. So, get in touch with us today to know more!