Saving money as a student has been an age old topic for our journey with money. Most of us been through the days where we save what little we have and make do with our allowance. It would have been difficult to do any form of investing without any saving. Most of the good habits that we cultivated in are from the times when we were students.
Today, we will like to share 3 Life Hack of Saving Money as a Student
1) Increase your income
Find a part time job. Find a job that pays well. Most of the time student look for jobs like waiters or sales representative at a small store. Those pay around $7/hour. It is a good rate. Having said that there are many other part time jobs that you can do such as tuition. Those goes from $35/hour depending on the level that you are teaching. This means that you are working around 5x lesser to get the same amount of pay. You have more time which can be used to study more.
2) Lower your expenses
This speaks for itself. We do have an expense cheat sheet that you can use to help yourself lower your expenses. These expenses goes unnoticed until the end of the month. For most students, it could be Koi or Starbucks that we are “addicted to”. A Koi a day averagely would amount to about $150 every single month. That money can be used to save up and invest into passive income for yourself. $150 might not be a lot and yes, what we want are good habits so that we can follow these in future.
3) Having a Piggy Bank
Piggy banks used to be the the best birthday present when we were children. Guess what they are still the BEST saving tool right now. Research have shown that the more affluent we are, the less we care about small change. (Remember the small coins in your pocket?). What we are after is the small changes that got away. We did a mini research across students, students who put their coins in their piggy banks than those that didn’t have piggy banks. We found out that student who put their coins in their piggy banks had $200 more money at the end of the month compared to those that did not. Perhaps this is still the best birthday present.
There you have it. The 3 Life Hack for Saving Money as a Student.
Wishing you the best in your journey with money.
Bonus: Find out more about saving for students on this interesting youtube channel.