As a student you have an amazing talent: spending all of your money before the end of the month. And you’re not alone. For Dutch students the 24th of every month is a lucky day. As this is when DUO (The Dutch Educational Bureau) pays out the student grants or loans. For one day a month you can buy anything you want and feel like a king or a queen. This is going to be the first month you’re going to make ends meet. Or not.. two days later the red numbers on your account are back.
10 money saving tips for students
- Write down your income and expenses
- Eat smart
- Buy second hand
- Save money on groceries
- Set saving goals for yourself
- Buy online
- Use your student status
- Save on energy and water bills
- Second hand study books
- Ask for practical gifts
Spending money happens fast. Paying your rent, a couple of trips to the shop and repaying a few friends. Then add in all the beers in the pub and you’ve run out of money for the month.
Many of us don’t realise how expensive student life is. The world is our oyster and we want to experience as much as we can, whilst being well dressed and using the newest electronics. And we haven’t even mentioned your expensive study material yet. So in short, as a student you need all the money you can get.
The following tips will help you spend your money wisely, so you’ll have some money to spare at the end of the month!
To start saving money, write down your income and expenses. Pick a random month and write down what you spent your money on. You might discover a couple of useless expenses that you can scrap. Examples might be a gym membership you never use or a subscription to an unread newspaper.
Find out what your largest expense is. Your packets of cigarettes or those couple of beers in the pub every day? Could you cut back?
The point is to discover what you spend your money on and if there are areas you can save on. If this sounds like too much of a hassle, Dyme can help you. The Dyme app automatically imports your expenses into an overview from your bank account.
A large chunk of your money is spent on food, and you can’t just cut that out. We need food, but we might be spending way too much on it! Luckily, there are many ways to cut costs, for example, by eating smart.
Don’t buy your lunch in the university canteen, but prepare it at home. Same goes for coffee. Buy a thermos and take your own coffee to lectures. Better quality coffee at a fraction of the price!
It’s a good idea to eat together with people as well. Eat with your flatmates, friends or family. Cooking for one? Cook large batches and freeze them for later.
Many cool things can be easily found second hand. Vintage stores are popping up everywhere and the quality is getting better and better. And apart from saving money, you’re helping the environment too.
Clothes aren’t the only things you can buy second hand. Furniture, kitchen supplies and crockery are items that you can easily buy second hand. Have you ever considered buying gifts at a thrift store? Make it your goal to discover all the second hand stores in your area. You’ll be surprised.
You can eat smart, but shopping smart is a great way to save too. Shop once or twice a week instead of daily. Sticking to a list for the week will protect you from doing impulse buys. It also means you’ll eat what you have and be more creative in the kitchen.
What also really helps is eating a lot of greens. Meat is expensive and is easy to cut back on. Buy your fresh produce at a market. Cheap, and a nice day out too!
Have you been lusting after something for a long time, but never had the cash to splurge? Learn to save money for something you really want. Decide how much you can save every week or month and store it in a separate bank account.
If you ever lose motivation, think about the product you really want. If you really want it, you’ll find the motivation to save! Saving up will become a habit and you’ll learn how to be more consistent when it comes to saving money.
You can buy literally anything online. Also, you can compare all the prices and end up buying the cheapest one. Many price comparison sites can help you pick the cheapest option. You can reduce the price even more by looking for discount codes for the product you’d like to buy. This also works for ordering food online.
Many companies like to help students out financially. Make use of their generosity! A lot of companies offer student discounts. Check if the company your buying from offers any student discounts before making your purchase.
Events and museums might offer you a discount on showing your student card. So using your student status can save you money too!
Studying is expensive! Dyme helps you to save money.
It might not seem like the most effective way, but in the long run it could save you a lot of money. Switch off appliances directly after use, take shorter showers, reuse water and unplug chargers when they’re not connected to any devices. If you and the people you live with all make sure to do these things, it could save you some money!
You’re a student, so you need to study, which means you need books. Unfortunately these books are pricey, but there’s a way to cut costs. Online you can find many websites selling second hand study books. If you can’t find them online, try Facebook. Your course might have a Facebook page where fellow students sell the books they no longer use.
No longer using your textbooks? Sell them to students in the year below. You can use the money you’ve earned to buy your own textbooks. A membership to your local library could save you a lot of money too. Instead of buying your books, borrow them!
A birthday, a completed course or any other celebratory occasion ask for gifts. Use this opportunity to receive practical gifts. If your TV has given up the ghost, you’re in need of a gym membership or you could do with some new pans, now’s the time to ask. Gift givers always want to know what to get you, so let them know.
These tips will make you a saving expert and you won’t have to scrounge for money at the end of the month. Good luck from us at Dyme!