Stretch Your Money: 10 Tips For Students Living On Allowance

Having problems making ends meet on the little allowance you’re getting? Here are a few ways students can stretch their dollars.

10 Money-Saving, Dollar-Stretching Ways for Students Living On Allowance

Live within your means.

One of the first principles a person must learn early in life is to live within your means. Determine how much money is coming in regularly and set a budget. Writing a budget down helps you control your spending. Start by listing down all your needs and how much each of them costs. Do your best to stick to it. You’ll thank yourself later on.

Learn the value of saving.

A lot of people struggle with saving because they have the wrong perspective about it. Think of it as paying yourself first every time you get your income. Set aside 10 to 15% of your allowance for savings and the rest can be allocated for your needs and a few wants.

Always look for the best deals.

Since your cash resources are still very limited at this time, do your best to always look for the best deals possible. Whether you’re looking to buy used cars in Tulsa or getting a box of cereals at the nearest grocery, ask for the best possible offer on them, and whenever possible, negotiate.

Avoid vices.

Most vices are not only bad for your health, but they are also bad for your wallet. Think of how much a box of cigarettes or a six-pack of beer costs? If you’re the type who smokes at least one pack a day, imagine if you diverted all of the money you spend in savings or other more important things?

Eliminate any unnecessary expenses.

student in the library

Going back to needs versus wants, take a look at all the unnecessary things you spend your money on regularly that you can do without. Do you have a cable subscription but don’t have the time to watch TV? Have you signed up for a gym membership but have not worked out in months? See where you can make adjustments and eliminate any unnecessary expenses at this time.

Take advantage of student benefits.

One of the best things about being a student is having student discounts and other similar benefits. Know what you’re entitled to as a student and take advantage of these.

Think like an entrepreneur.

If the money you’re getting from your parents or your stipend is not enough or perhaps you just want to have more cash on hand, be enterprising. There are plenty of ways to make money as a student that won’t compromise your time for academics.

Hack your way through life.

Learn to work around things if you’re strapped for cash. For instance, you can save up a lot on transportation costs if you walk to school. Hop on a bike and you not only save money on gas but you get exercise daily as well.

Another way to save up on cash is to bring your own lunch to school instead of getting it to-go from a fast-food chain or a convenience store. Be creative.

Always settle your bills and debts promptly.

Never miss out on any of your monthly payments. Often, late payments incur late fees and charges which you could have diverted to your other expenses or your savings account.

When the opportunity to be generous presents itself, give.

Generosity might seem counterproductive in this discussion but we believe that the good you do will also be done to you. It’s a universal thing. The generous ones have better chances of being recipients of generosity. Plus, it’s a good practice at making money as your servant and not the other way around.

Do you know any other ways students can stretch their dollars? Share them with us in the comments section.

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