Money-Saving Strategies For Students

Among the major challenges a student can face, figuring out how to save money as a student can often top the list. It’s possible you might be attending college or enjoying life as a high school student. Nevertheless, learning money-saving strategies is an essential skill you need to pick up. In this guide, we will enlighten you on various ways to save money that will ease your financial burdens, and hopefully allow you to enter adult life with a bit more understanding of how saving money works.

How much should a student have in savings?

Regardless of whether you are a college student or a high school student, it is important to establish a savings account. But how much money should you aim to have in your savings? The answer depends on your personal expenses and financial goals.

In general, students are recommended to have at least $1,000 in their bank account for emergencies. Some may also save for tuition costs, school supplies, or other educational costs. Whatever your financial goals are, maintain an attitude of saving money regularly. If you’re in a tight spot economically, a single emergency can put you in a precarious position, that at worst can take decades to get out of.

While it’s far less important for high school students who still live with their parents, with so many options that allow you to make money online, you can start leveraging your skills to earn some additional income. Also, if you can combine an income stream together with your school studies, you’ll find that you have an easier time entering your college years.

What is the 50-30-20 rule?

The 50-30-20 rule is a simple and effective budget budgeting principle. It involves dividing your after-tax income, spending 50% on needs, 30% on wants, and saving the remaining 20%.

In this context, attending to needs implies paying for necessary living expenses, such as utility bills, school fees, groceries, and monthly subscriptions. Spending money on wants could be fun activities like visiting stores or enjoying a coffee shop outing. Saving the remaining 20% will significantly contribute to your financial success.

If you don’t know how to start saving money as a student, the 50-30-20 rule is a trusted and tried method to save some cash. By subscribing to this method, you’ll be able to afford all of your necessities and save some cash in the process, without completely denying yourself the little pleasures, such as going out to eat or grabbing a coffee from your favorite place once in a while.

How do college students survive financially?

College students often face financial challenges due to elevated educational costs and living expenses. However, there are numerous strategies to save money in college. If you attend college but find yourself short on funds, here are some strategies you can use to improve your financial situation:

1. Buy Used Textbooks

New textbooks can cost way too much money. You can buy used textbooks, which offer the same information at a greatly reduced price. Although this is one of the best money saving tips for US college students, not every course allows you to do this. Make sure that your college professors approve of their students buying used textbooks, otherwise it can lead you to only losing more money.

2. Use Student Discounts

Many retailers and establishments offer student discounts. Always carry your student ID or school ID when shopping or attending events and use these discounts wisely. This is particularly important for any public transport that offers student discount. In many cases, you can save up to 50% of the ticket price for simply having your student ID on you. In addition, many restaurants offer special deals for students, meaning that you can pay far less money as a student for your favorite meals when going out.

3. Get a Part-Time Job

If your class schedule allows, consider getting a part-time job for a student. This not only helps you make more money, but it also provides relevant work experience. There are many ways that you can make money online without leaving your house, and it can be a great way to get a little bit of extra income as a student. Also, consider getting into some side hustles that make money to improve your personal finance.

What is the best way to save money as a student?

There are many ways to save money as a student. If you need a little bit more help on how to cut financial corners with small daily decisions, here are some practical methods that will save you a lot of cash in the long run:

1. Opt for Home-Cooked Meals

Opting to prepare your own meals instead of eating out can save you a significant amount of money. Instead of going out or ordering delivery, try preparing your own food in the similar style. You might find that preparing your favorite restaurant meals at home is actually much cheaper, and they taste better as well.

2. Use Public Transportation

If possible, use public transportation or ride-sharing programs available in your school instead of maintaining a private vehicle. Although most public transport requires monthly fees to use, most of the time it still comes out cheaper than managing your own car. Also, most cities offer serious discounts for students who travel with the public communication, so you can put that to use as well.

3. Avoid Impulse Purchases

Resist the temptation and try to avoid impulse purchases. Instead, put the money in your savings account or towards your financial goals. You might find a lot of attractive offers during the school year, but try to think every purchase through before you pull the trigger.

4. Try Making Money Online

Nowadays anyone can make good money with access to the internet. There are many well-paid remote jobs that you can effectively freelance, meaning that you can easily do them in your spare time. Also, make sure to check out all the different ways to earn free cash online.

5. Get a Roommate

To cut costs on living expenses, consider getting a roommate to split rent and utility bills. Although it’s nice to have your own space, another person renting out a free room at your place will significantly cut the costs of living for you. Check if any of your friends don’t need a roommate or a place to stay.

6. Use School Facilities

Use facilities such as the school gym and library instead of spending money on gym memberships and book purchases. These greatly vary depending on which school you go to, but most big name universities and colleges offer very impressive school facilities for students to use either fre of charge, or with a small payment.

7. Sell Things You No Longer Need

You can earn some extra cash and save money by selling items you no longer need. Visit your local thrift store and capitalize on your unnecessary possessions. You probably don’t even realize how much money you have in unnecessary items at your place, so you can both unclutter your space and make a couple of bucks in the process.

8. Use Free Services

Use free services offered by your school. These could range from audio editing software, fitness classes to mentor sessions. Check out which free services your school offers and make sure to take full advantage of them.

9. Avoid Overdraft Fees

Try not to overdraw on your checking account to avoid unnecessary overdraft fees. Overdraft fees are one of the quickest ways to lose your money as a student, so make sure to pay close attention to your spending.

10. Regularly Review Your Budget & Spending

Reviewing your monthly budget is a key strategy in saving money. Doing this helps you keep track of your spending, analyze your habits and adjust if necessary. A proper budget can net you some significant savings, if you know what you’re doing.

In conclusion

learning how to save money as a student is not only a crucial skill for survival in college or high school, but it also prepares you for post-academic financial management. Don’t think of these money-saving strategies as denying yourself life’s pleasures. It’s about making choices that get you closer to your financial and personal life goals. As a student, when you save money, you are making choices that will make your life better in the future.

Best Crytpocurrencies To Invest In

As the cryptocurrency market continues to rapidly evolve, investors are always looking for the best crypto assets to add to their portfolios. Each cryptocurrency provides unique benefits driven by its underlying blockchain technology, making it super important to stay informed about the latest and most promising projects in the crypto space.

With so many cryptocurrencies available at blockchain platforms, it can be difficult to select where you should invest your hard-earned money. Like trading stocks, cryptocurrency exchange can cause you to lose a lot of money if you don’t know what you’re doing. Here, we highlight the top five best cryptocurrency projects currently shaking up the digital currencies market. If you’re looking for a safe and stable crypto asset, try one on this list!

1. Bitcoin (BTC)

Bitcoin remains the most popular cryptocurrency with the largest market capitalization, and it holds the title of being the original cryptocurrency. Its prominence in the cryptocurrency market is undoubted, boasting a large share in market cap and influencing the trading volume of most large crypto exchanges in the world. There are also many different methods to earn free bitcoin online, making it a popular cryptocurrency. Despite its extreme volatility, Bitcoin’s sizable market value and widespread adoption have solidified its standing in the cryptocurrency markets. Bitcoin BTC offers impressive security provided by its proof of stake consensus mechanism, and its decentralization makes it a potent alternative to traditional currencies and fiat currencies. If you’re looking for a safe and stable choice for your crypto investments, you can’t go wrong with Bitcoin! You can even make money with free Bitcoin, so this crypto is a great choice to start your journey.

2. Ethereum (ETH)

The Ethereum network takes decentralization a step further than Bitcoin, offering a comprehensive blockchain platform for executing smart contracts and creating decentralized applications (dApps). Thanks to these capabilities, Ethereum is more than just its native cryptocurrency, ETH. It’s an entire blockchain ecosystem where other cryptocurrencies, decentralized finance (DeFi) solutions, and non-fungible tokens (NFTs) can thrive. Ethereum’s market capitalization is the second largest in the crypto market, and its impact on the cryptocurrency space can’t be overlooked. Like Bitcoin, there are also many ways to earn free Ethereum online. Enhanced by the Ethereum blockchain’s advanced features, the price of ETH has grown exponentially. Ethereum is available to trade on most blockchain networks, and can even be purchased through various popular money platforms, such as Revolut. With its large market capitalization Ethereum blockchain is a safe bet, if you’re looking to invest in cryptocurrency markets.

3. Binance Coin (BNB)

Binance Coin BNB is the native cryptocurrency of the Binance exchange, one of the world’s largest cryptocurrency exchanges by trading volume. Since Binance Coin operates on its blockchain, the Binance Chain, it offers swift transaction times and lower fees compared to other coins. These benefits make BNB a popular choice for executing trades within the Binance platform, driving its market cap and making it a top player in the cryptocurrency market. While the currency might have lost some of its popularity over time, the Binance trading platform still remains one of the top methods for trading crypto assets, which means that BNB is another safe bet for investing your money.

4. Cardano (ADA)

Cardano ADA is another cryptocurrency project that leverages blockchain technology to its fullest. Utilizing a unique proof of stake consensus mechanism and a two-layer architecture, Cardano facilitates the creation of smart contracts and decentralized applications. It promotes sophisticated decentralized exchanges, which has raised its credibility amongst crypto investors and boosted its market capitalization. Decentralized finance is an important part of crypto, and Cardano can be a great way to execute smart contracts to improve your savings as well. If you want some new coins for your crypto wallet, ADA is something you should definitely consider.

5. USD Coin (USDC)

USDC is a stablecoin cryptocurrency that mirrors the value of the US dollar. Unlike most cryptocurrencies, USD Coin’s value doesn’t fluctuate wildly, making it a safer choice for investors wary of the cryptocurrency market’s extreme volatility. It provides an easy transition from fiat currencies to digital money, thereby encouraging more people to enter the crypto space. Although many crypto enthusiasts think it’s a bit controversial to tie down the value of crypto to a fiat currency, USDC can be a safe investment if you don’t plan on regular crypto trading.

In Conclusion

While deciding the best cryptocurrency significantly depends on an individual’s investment goals and risk tolerance, the cryptocurrencies mentioned above offer substantial potential for return. It is essential to understand each project’s fundamentals, the blockchain technology it employs, its market cap, and its role within the wider blockchain ecosystem before making an investment decision. As the total cryptocurrency market continues to mature and develop, the potential of blockchain technology is poised to usher in a new era of digital assets revolutionizing traditional financial systems.