Save money as a student – LoansUncategorized
You can’t afford to buy what you want and you generally have a hard time getting the money, especially at the end of the month. If you are a student and at SU, you can certainly not recognize this situation.
As a student, the money is often small and it can be challenging to get through his education without having to take out a loan, not to mention that it is almost impossible to make a savings.
At Good Finance, we want to help young people in the right direction, which is why we give 5 tips on how to save money as a student so there is room for a little extra in everyday life.
Set a budget
This is probably not the first time you have been told that you should set a budget. It is a classic, but nevertheless important to your finances. The reason why a fixed budget is important to your personal finances is because it gives you an overview of how much money you have to make good each month.
You get such an overview of your finances by listing all your fixed expenses such as rent, subscriptions, food, insurance, water, heat, electricity, etc. Then these are offset against your income (s).
Setting a budget is clearly the first step in the direction of a better economy, as you would rather have no doubt how much money you have for yourself each month, and this month can spend the money you have available wisely .
Take advantage of student discounts
There is no doubt that you certainly do not get rich from being at SU, and it can often be really hard to manage through the month with such a low income. However, there are some financial benefits to being a student, and one of them is a student discount. So remember to take advantage of this.
Many stores / services offer student discounts, and here these are cafes, restaurants, cinemas, public transport and clothing stores, etc. Not all stores clearly depict student discounts, so it’s always a good idea to ask if there are any student discount before paying – maybe there are percentages to save. Just remember to bring your student card.
Drop the credit card and withdraw cash
You have probably heard this advice before too, but there is a reason why it is often mentioned in connection with improving one’s private economy. By using cash instead of cards, you automatically get a better feel for how much money you spend, making it harder to spend too much money.
For example, when you have made your budget and thus know how much money you have for food for the rest of the month, you can raise the money and put them in 4 envelopes – one envelope for each week. This way, you know exactly how much money is available for purchases per week, and at the same time it is harder to spend more money than you have available than if you had used your thank you card.
Make a food plan and avoid food waste
There is one item in particular that takes up a large portion of your budget, and that is food. On average, a student spends about DKK 2000 on food a month, which is almost half of the SU. If you don’t know what you spend on food, start figuring it out so you can put the right amount aside for this spending item each month.
When you know how much money you or you spend on food a month (there is a big difference between living alone or being a couple), you should then make a food plan so that you can plan your shopping. By planning, you avoid impulse purchases and thus buy only what you need.
There is also another benefit to preparing a food plan and planning your purchase, namely avoiding food waste. Throwing out food items costs you a lot of money and is not good for the environment.