4 Budgeting Hacks for Students

As a student, there are two things you are always thinking about (apart from your academics, obviously 😏). How to make money or how to save money. In this article, we will be sharing 4 budgeting hacks that can help you save more money:

1. Tracking Your Expenses

This might sound like a daunting task. But it can be the difference between going broke two weeks after you receive your allowance or enjoying yourself while still having some money in your savings.

You can go old-school and use paper and a pen to write down all your expenses, or you can use a budgeting app. Understanding where your money is going helps you identify areas where you can cut back on spending and save more.

2. Embrace Cooking at Home

Between rushing to classes, attending workshops, and submitting assignments, it seems like there is not enough time to cook. It's just easier to eat out. But what if you can find time on your less busy days, especially weekends, to cook and prepare for the new week? Think of how much that would save you. 

If you cannot cook, then find a friend who can cook and plan together with them. It would save you a lot of money, and you will even eat better 😅.

3. Spend Smartly

You have to set your priorities right. Before you make any purchase, you need to ask yourself; "Do I truly need this? or am I buying it to impress my friends?" Have a budget for your allowance and stick to it. You can also split costs like transportation, learning materials, and others with your friends to save more money.

4. Find Alternatives

You don't always have to buy new material; "Can you borrow from the library or can a former student lend you their own?" Also, be on the lookout for student discounts. This would save you a lot.

When you think about budgeting, it may feel like it's limiting you. But when you think of the joy you feel when you finally hit your savings goals, you see that it's empowering, not limiting you.