5 Money-Saving Tips for Students | Salter School of Allied Health and Nursing
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5 Money-Saving Tips for Students

money-saving tips students budget save moneyHere are budget-friendly tips for you to save money!

Many students have to live on budget. While you’re attending school, you may not have a lot of money coming into your bank account. If you’re working and going to school at the same time, it’s important to know how to save money so you don't over-spend.

If you’re looking for ways to improve your financial system, then consider these five budget-friendly tips that could help fatten your wallet:

Tip #1: Drink water

Small purchases can add up. If you go to the local coffee shop or convenience store for coffee, you could end up spending a large and unnecessary amount of money as the weeks go by. If you spend $3 on coffee, bottled water, or other beverages you could end up spending $780 a year. Instead, use a refillable bottle or travel canister to fill up with water throughout the day. Plus, water is healthier for you!

Tip #2: Quit smoking

If you’re a smoker, avoid causing harm to your health and your wallet! People who smoke a pack a day can spend over $2,500 a year on cigarettes. You’re spending money to hurt your health. Think about using that money for rent or bills. If you have a serious addiction, then consider using tips form the American Lung Association or ask your doctor for advice.

Tip #3: Avoid debt

Don’t spend what you can’t afford. If you have a credit card, don’t buy items you’re not sure you’ll have the money to pay for in the future. If you do purchase an item and default on your bill’s first minimum amount, you’ll start to accrue interest. When you get the next bill, you will now owe last month’s charges plus added interest for not paying the bill on time. Interest can build fast, and your bill will just get larger if you can’t pay it off. Spend wisely and pay your bills on time and in full.

Tip #4: Avoid unnecessary expenses…and save where you can

There are many ways to watch what you’re spending on a daily basis. One way is to avoid spending money on expenses that aren’t necessary. Ask yourself if you need that extra snack or if your purchase will end up making you gain more responsibilities and costs in the long-run. Here are simple ways you can save money and avoid unnecessary purchases:

  • Look for better deals on utilities
  • Use less heating/air conditioning
  • Eat homemade meals
  • Purchase generic food products (cheaper than brand names)
  • Clip coupons
  • Don’t get a pet
  • Use your student ID to get discounts at theaters, museums, and other attractions
  • Purchase clothing at second-hand stores

Tip #5: Maintain a budget

Plan out a budget to get an estimate of what your bills will cost each month. Keeping a budget will help you plan out how much money you have to save. If you know what your spending will be ahead of time, you can save it or put it aside so you don’t overspend. The Federal Student Aid offers a tool for you to create your own budget. But you can also look for smartphone apps like Mint or your bank’s personal app to help budget your spending.

Keeping track of your spending can be stressful, but remember keeping a close eye on it will help you out in the long-run. These budgeting tips can help you throughout your life and they can help you stay debt free if you’re responsible with your wallet.

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This article is provided by Salter Nursing’s weekly blog. We offer healthcare training programs like: Practical Nursing, Patient Care Technician, and Nursing Assistant. If you’d like to learn more about Salter Nursing, then request more information here or schedule a tour at our Manchester, NH campus.