Saving money while at university is essential for a number of reasons. Besides needing funds for tuition costs, having a newly independent lifestyle creates new expenses. An increase in food costs, transportation and housing means new students have to keep on top of their finances. The following simple habits will reward the student in the long term, creating less debt.
Tuition is the big kicker, but scholarships can reduce the bill significantly. Search for one matching your qualifications, write and submit an application essay, and cross your fingers for a positive response.
Text books are necessary in almost all classes, but look to the library before buying a new copy. Libraries usually have several copies of key texts. Make copies of different sections and split the cost with a classmate. Used copies can be found in second hand shops or even online (usually with low delivery costs.)
Image is definitely not everything when you're doing a degree. Sacrifice buying new, fashionable clothes and just continue to use the ones you have. Look for used clothes at the local thrift. Looking cuter than someone else is not as important as having money for lunch.
The temptation is constantly there, but do not register for a credit card. Credit card companies target university students specifically, as they know their desperate financial situation. Spending becomes very tempting when there is “free money” at hand, but the fee, interest and payback burdens are not worth the headache.
When collaborating with flat mates, look to buy in bulk. Necessities like paper for the kitchen or bathroom, bread and beer are much cheaper for the individual when a few pool together and buy in large quantities.
In regards to beer, do not consume a lot of alcohol. Yes, studying for exams is stressful, but alcohol is expensive and takes a toll on your physical and mental health. You'll be better prepared for an exam with more money, more hydration and less work on your liver – then you can blow out at the end of term knowing you've given it your best shot.