10 FINANCE TIPS EVERY STUDENT SHOULD KNOW

10 Essential Money-Saving Tips for Students

Higher education is expensive. Tuition, accommodation, books, and other expenses can quickly eat away at any student or parent's budget. Luckily, there are ways to ease the financial burden that college and university may place on a person.

1. Student Surveys and Experiments

Many colleges and universities have psychology departments, where students are often paid for taking part in surveys and experiments. These experiments have been declared safe, as there are often stringent safety requirements in place. Although the payment is small, a couple of hours of experiments per week can quickly add up to a decent amount of money

2. Buy Secondhand Items

Certain goods can be bought secondhand, saving students a considerable amount of money. Many secondhand textbooks are aviailable, allowing students to save on expensive course materials. Many other items- such as chairs, desks, or other furniture- can be bought in local thrift stores or online.

3. Resell Unwanted Items

On the flip side, students can quickly sell items they no longer need. When moving, students may choose to sell unwanted or unnecessary furniture. These items can quickly turn into gold mines due to the available market of incoming students.

4. Ask About Scholarships and Grants

Often, students qualify for scholarships or grants that they may not know about. Students need to check with the school's financial assistance department to see if they are eligible for any relief. These can represent either significant savings or direct payments, which will ease the financial squeeze.

5. Student Employment

Many schools have various jobs available, from shops to computer labs to secretarial work. Schools advertise these jobs to students first on inter- campus websites, allowing them first preference to these jobs, so it is vital to keep up to date with these websites to know when any job postings may become available.

6. Student Cards

Students generally are given discounts at several locations, both locally and further away. Using a student card to save 5 percent or 10 percent on purchases will add up in the long run.

7. Get Insurance

Having insurance is one not-so-obvious way to save money as a student. Insuring valuable goods is a great way to prevent further expense in case they get damaged or stolen. This is especially true for electronic items such as laptops and mobile phones, which can be easily damaged and frequent targets for theft. Having insurance gives the student a means of recovering a damaged or lost item without extra money.

8. Budget

Frequently, when students go off to college, it is the first time that they are financially independent. Tasks such as buying food and paying for groceries or rent are novel to them. As a result, they do not have a good understanding of how much money they can spend each week or month and often find themselves in deep trouble when their bank accounts run dry. Having a budget ensures that the student will be far more knowledgeable about money, reducing financial issues.

9. Save

On those occasions where students have a surplus, they spend money on unnecessary items. While recreational spending is necessary, a portion of any "extra" capital should be put into a savings account for rainy days and to boost good spending habits.

10. Smart Shopping

Simple tricks like buying budget brands instead of premium or shopping at value supermarkets can easily save a student hundreds of dollars a year. It is a great idea to figure out what items are frequently purchased and then compare them with those of other supermarkets in the area. The Internet is also a fantastic resource, as many things can easily be compared and purchased online.

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