With tuition fees increasing, inflation on the rise and gas and housing costs through the roof, it can be hard to have even one dollar left each month to save after taking care of bills and essentials (and the occasional cup of coffee!).
So if you need some ideas, check out our five easy ways for students to get started with saving!
1. Meal prep
By mapping out your weekly meals in advance, you not only save money at the store but you also save time because you aviod multiple trips.
And if you hate cooking or can’t find time between studying and classes, try buying in bulk and batch cooking multiple freezer-ready items all at once so you have lots of options ready to go (and will be less tempted to order takeout).
2. Sleep on it
Before making any large purchase, take at least one night to think on it.
By taking time you can make sure you really need the item enough to justify the cost and you can verify that you can actually afford it and it fits in your budget. Don’t fall for high-pressure sales tactics or so-called “limited time offers” – just because it’s on sale doesn’t mean you need to buy it!
3. Shop off season
Be mindful of when items are not in high demand to try and shop clearance sales at the end of the season.
For example, air conditioners and fans are cheaper in fall and winter than in the height of a summer heatwave and winter coats might be cheaper when stock is being cleared out in spring then when new styles are launched in fall!
4. Learn a new skill
There are lots of skills that you may already have or can easily learn to save yourself having to hire someone else for help.
You could try to learn sewing to fix up old clothes, watch how-to videos on how to change the oil in your car to save on mechanic fees, or even try your hand at filing your own taxes using an online tool rather than going to an accountant.
5. Start a side hustle
If there is something you love to do in your spare time, why not make it a business?
Maybe you love baking and can sell cakes at work, or you’re an expert in grammar and can tutor other students in your English class, something small and on the side can earn you extra income (and maybe turn into a full-time gig one day!). You can learn more about starting a side hustle in our video and post found here.
Need help creating a budget or reviewing your savings plan? Contact your local credit union today for help!