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How To Save Money During Your University Years

Updated on June 14, 2015

Saving money and cutting down on expenses during your University life

As a student, one's fear is always finishing their allowance before the end of the month. We all face this or we have all faced this before sometime in our lives.

So here are a few tips and advices on how to save up and not go complete "broke".

We all usually receive our allowances at the beginning of the month. And that's when we need to make a list of things that we have to spend on and how we are going to manage our money throughout the month. But our first headache is to pay the house rent and electricity bills. And once that is out of the way is when you continue writing down the list.

First comes the household items that you really need. Shampoo, soap, detergent, shaving cream and etc.

Then comes the groceries. Now this has two ways. Some of us usually don't have the time to cook or eat at home due to assignments or busy schedule at University or just busy lives. So we eat outside almost everyday to save time. But if you're not one of them(which is a good thing btw), buy your groceries right away and know what amount will last you till the end of the month. Buy enough, it won't get wasted, you can use it the next month as well which will rather save you more money from the groceries that you would need to buy the next month.

And the really good advice to anybody would be to complete receipts. Collect and keep receipts from every purchase you make throughout the month in a safe place. This is your main key to saving. This will give you an idea at the end of the month where you spent your money and how you ending up with zero balance. After evaluating that, don't repeat doing that the next month and you can cut down on those unnecessary expenses, and this is basically how you will stop becoming broke anymore.

On the side. We all like buying things for our own pleasure right? Yes we do! Like buying clothes and fashion items and etc. Keep a minimal budget for that. And only spend that particular amount on shopping for pleasure. Not a single penny after that. Because when you're almost broke, every single penny counts. Trust me. It does. It's better to not wear anything new every month rather than starve for weeks because you finished your money buying things that could definitely wait a while or atleast a month. We all do that so it's a reminder to come in track and not repeat the mistakes over and over again which will only through you back in the pit everytime.

And then after all this is put aside. Now you have all the money for transport or leisure activities or materials for University. Use them wisely till the end of the month and you will be good to go. You already have groceries and you already paid your bills, and now you have nothing at all to worry about. You definitely won't starve till the end of the month. So the rest of the expenses are on your own. Getting broke is not a problem now anymore.

So if you make this list and cut down on your expenses this way, you will always be happy, and never starve.

P.s: Just incase you need extra money. Work. Either at your University or wherever it pays good enough for the amount that you need. Doing so will also save you money and if you keep saving extra every month, at the end of your University life you will have a bank full of money. That you can basically use for anything that you desire at that time. Let it be the capital to start up a business, to change to a different/better or let's just say to buy a new car if you didn't have one at College. Or to move to a new house or for basically anything at all.

So goodluck you guys, manage your money from now and onwards this way and never starve again.


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    • Itseddyy profile image

      Ayman Mohd 2 years ago from Malaysia

      @Dana Tate : Thank you so much for always passing by :) Haha so make sure to tell your friend about all these points and i'm sure he will be able to save up by the end of the money and not go broke :) Goodluck to him :) Yes, true fast food does drain your money and i need to stop spending on fast food too haha :D

    • Dana Tate profile image

      Dana Tate 2 years ago from LOS ANGELES

      This is very good advice you presented here. I have a friend who was always broke towards the end of the month. Food was very hard for him to keep and he was constantly running low. I soon found out he would buy few groceries in the month and spend a lot on fast-food. Although fast food is easy it really drains your pocket book.