Life as a working student can be tough. Not only do you have to attend your classes and maintain a passing grade, but you also have to clock in and finish your shift at work. Balancing these two responsibilities consumes a lot of time and energy. When you add finding ways to save more money to the mix, you might feel overwhelmed by all your obligations.
Indeed, ensuring that you have enough money to cover your expenses is a burdensome task and the stress of it all can affect your performance as a working student. Fortunately, with the help of these money-saving tips, you’ll be able to hit your financial goal without losing focus on your job and studies.
Apply for a Loan Online to Help Cover Some of the Costs
If you’re a working student who’s 18 years old or older, then you’re eligible to apply for online loans. Online loans share some similarities with bank loans, with both financial providers giving you ways to borrow money that you have to pay back with interest. What makes them different, however, is that getting an online loan is faster and more convenient. In particular, loan apps require only minimal documents for you to create an account. After that, you can start applying for a loan and receive the money within less than 24 hours.
Another difference between bank loans and online loans is the amount of money you can borrow. With banks, you can borrow up to hundreds of thousands or even millions to help finance big purchases like a home or a car; meanwhile, online loans have much smaller loanable amounts. This makes online loans ideal for working students. You can use the proceeds to cover part of your tuition or to purchase school supplies or other university needs.
Online loans are also easier to pay when you’re a working student because you have a job and therefore have the means to pay back what you owe. What’s even better is that online loans also make the payment process more convenient through digital and hybrid methods.
Save a Portion of Your Salary in a Savings Account
Opening a savings account in a bank is an excellent way to save more money because you have a place to store a portion of your salary and allow it to grow. Different banks offer different interest rates for savings accounts, so try to look for one with a slightly higher interest rate for higher returns per year.
The main purpose of a savings account is to hold your money for your future expenses. For bigger earnings, you can consider a time deposit. However, you will not be allowed to withdraw your money for a certain period. This is why a savings account is the perfect choice for your revolving and emergency funds. When you deposit a portion of your salary in your savings account every month, you’ll have some cash to cover the cost of unforeseen expenses like hospital bills. Just make sure not to go below the required maintaining balance to avoid paying for service charges or maintenance fees.
Make a List and Stick to it When Shopping
It’s easy to get carried away and buy unnecessary things when you’re buying your groceries or school need. That’s why it’s a good idea to make a shopping list and stick to it, so you can avoid going over your budget. Creating a list encourages you to write down and purchase only the essentials. This way, you can make sure that you’re only spending on the items that you really need.
This is even more important if you’re a working student who dorms. By making a shopping list, you can prioritize your expenses and you’re less likely to stray from your goals.
Keep Track of Your Expenses
Aside from a shopping list, it’s also a good idea to make a list of your expenses. Keeping a close eye on the things you’re spending on will give you a clear idea of where your money goes. It also allows you to make the necessary lifestyle changes to help you save more. For example, if you notice that you’ve been spending too much money on food deliveries, you can cut your expenses by ordering less. Alternatively, you can stop eating out and start cooking your own meals to save more money.
Buy Secondhand Textbooks
College textbooks aren’t cheap. So, to help you save on your college expenses, consider purchasing secondhand books instead of buying them brand new. Used books are sold at a much lower price and often come in good condition. They could also come with useful features like helpful notes from their original owners, giving you that extra edge when studying.
It’s challenging to save money when you’re a working student and supporting yourself. You already have a lot of things on your plate, so worrying about finding ways to save on your expenses is a layer of stress you don’t need. Thankfully, these money-saving tips can make things easier and help you make better financial decisions while going through your studies and work.