Financials are the root cause to every problem that triggers other unhealthy events in a student’s life. Being a student, you need to turn yourself into a penny-pincher in order to survive through your academic career. That simply doesn’t mean you need to go on a no-spending-spree; learning an effective management of financial outflows is vital for a university-going student. It’s of mere importance that you keep a track of your books, food, bills, rent and other costs associated to your academics like test tutoring. After all, you may have a birthday party to bash during your vacations or a trip to host. For those little moments of chunks, you need to manage your financials accordingly so that you don’t run yourself into student debt, as is the case with many other university students, research suggests.
This handy article lists out 5 of the most effective student life hacks for managing financial outflows. A wiser spending today would save you from a thousand regrets tomorrow. Keep on reading so as to see which life hack you can apply during your academics:
#1: Make Use of Loyalty Program Cards
Ever heard of loyalty programs? These are an additional perk to regular customers. Your nearby restaurants, cafes, retailers, and saloons may be offering these. Look out for them. Synchronizing your budget with all those reward systems into one loyalty card holding your credits and membership details is one easy thing you can do. Make sure to run a fine glimpse over at your stored-value cards to determine if you can use them at retail stores. In that case, we recommend using Wallaby’s. This app would come in handy by telling you which of your credit cards would fetch you the highest reward points.
#2: Consider Using Rewards Card
College going students or university students who are frugal-minded would definitely think twice before spending even a single buck. Together with keeping a stricter eye on what you’re spending on, also consider the payment method you’re using. Paying through a credit card could help you generate sufficient reward points to utilize for transitions and other types of spending. You may also be able to take full advantage cash-back offers if you get yourself a reward card.
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Also See: 10 Personal Finance Lessons Mandatory for School Curriculum
#3: Know Your Rights – You May Be Eligible for Discounts
Using student ID cards during travelling or shopping at the retail stores is the smartest idea you can take advantage of. You’d be shocked to see how many retail stores and outlets give discounts upon furnishing student ID cards. Nearby theatres, cafes, and gaming zones may have some discounts for you. So, you can’t really miss out on this. You need to be aware of your student rights. You may be entitled for a heap of discounts. Now whenever you go out, don’t forget to keep your student ID card along!
#4: Rent Your Textbooks Instead of Purchasing Them
If you’re not really into keeping your textbooks for a longer period of time (let’s say a year), consider taking them on rent. This way, you’d be paying very less. Amazon’s textbook rental is the finest option available in this concern. You’d be glad to know that a number of printing/publishing companies also offer free shipping upon returning the rented books!
Related: online TSA tutor
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#5: Install Budgeting Apps to your SmartPhone
When there are budgeting apps readily available to you, then why bother doing it on your own on a piece of paper? In that view, the FREE MINT App would come in pretty handy when you’re having tough times managing your daily or weekly budget. We also recommend using ATM locating apps to fetch the points where you are charged a very small fee or NO FEE at all.
So, fellow readers, what recommendations do you have in mind? Please consider sharing with us!
You can also read: How to have a smarter spending plan
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Yup, I do a lot of these. I am part of many loyalty programs, plus I use a rewards card. I make sure to pay it off each month, and use the points for food gift cards so I can go out to eat!
Hey Amber, glad to learn you are already using some of these personal finance hacks!
I wish these aps and discounts existed when I was a student, great post I am sure it helps fellow students out! love your blog.
Thanks Kristine.
Oh how I wish i would have got these ideas earlier, when i was in a student and used to struggle with my expenses. But great ideas, will share with my friends who are at uni right now!!
Good to learn that, thanks.
Really good points. When I first moved out on my own I also liked taking my laundry back to my dad's house lol. Cheaper that way and gave us time to hang out
You it is always better to find creative ways to cut down expenses!
Discounts are the life saver not only for students, but any average family. Knowing how to use them helps a lot in economic life
Hi, thanks for reading and taking time to comment.
It can be so hard to manage your fiances when you are a student so having a plan and some hacks up your sleeve is such a great idea!
True. Thanks for visiting Sarah.
I'm still a student and somtimes, I can really milk my wallet dry because of poor budgeting. I'm getting the MINT app right away!
Hey Dalene, glad to learn this post has enabled you to take some positive steps with regard to your personal finances. Thanks.
Wow I wish renting textbooks was an option when I was in school! A lot of them seemed important to keep, but now my husband and I are going through and getting rid of them- we've never cracked them since college!
Hi Jess, your visit is well appreciated.
I wish I would have known some of these when I was in school (although they may not have been available way back then:). So many ways to earn points, save money and even earn a little money these days. Happy to share this with my kids.
Thanks very much Jenny for the feedback.
I'm a student myself and I will definitely use these tips in the future!
Hey Celine, nice, am glad that you've learned something from this!