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Being a student can bring about many financial challenges, such as piling up of expenses from sources like lesson materials.
However, students like you also have many opportunities to save money.
Adopting smart saving money strategies can effectively help you manage your finances, so here are some tips to help you with that!
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Yes, your student ID is used to identify you as a student. But other than that, one of the many perks of having it is that you are entitled to student discounts that would not be allowed for adults to have.
This can range from discounted student meals at your favourite restaurants to discounted tickets at the cinema to even huge price reductions for certain attractions!
If you are not sure if certain shops offer student discounts, it never hurts to ask.
So, do make use of this huge perk you get for being a student while you can.
Take on extra jobs
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As a student, I too used to take several part-time jobs during the school holidays. And you don’t even have to be working alone; there are many jobs out there that allow you to work with your friends!
Having a side hustle, like your own small business, would be very beneficial too. This tip, in particular, really kills many birds with one stone.
Not only would you get more money, but you would also get to experience the working world and several new things, as well as have fun on the job with your friends or colleagues!
Purchase second-hand items
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Whenever you need to purchase materials, you can try to opt for second-hand ones. They may be slightly used, but they are usually cheaper and better value for money.
After you are done with them, you could even resell them for more money.
You can browse online on platforms such as Carousell or other shopping platforms such as Shopee to look at your options. And for physical shops, you could ask the staff about second-hand items if you are not able to find any of them.
With a keen eye and an open mind, you could save a lot just by buying second-hand goods.
Discern ‘Needs’ vs ‘Wants’
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A ‘need’ usually refers to something that is absolutely necessary for you to have in order to live on or to do something within a short time frame.
A ‘want’ on the other hand, usually refers to something that you would like to have, whether at that point in time or in the future, for whatever reasons.
In this case, your daily necessities, such as food and clothing, can be classified under ‘needs” until they become excessive and become ‘wants’.
You could make a list either in a physical book or on your phone’s notes app to better track and differentiate. If you are with someone at that point in time, you could also discuss this with them.
Apply For Scholarships
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Although some scholarships and bursaries have strict requirements for you to apply, there are many others that do not. Thus, if you have the stringent qualifications required, or if you think you do, apply to as many available ones as you can!
More often than not, there aren’t as many applications for many of them, as most of the student bodies think they aren’t qualified and do not try to apply at all.
As for awards, opt for as many Edusave awards as possible.
These awards do not just award for academics; there are also other awards, such as the Edusave Character Award and the Edusave Award for Achievement, Good Leadership, and Service (EAGLES), that award you in other areas.
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There are numerous ways, such as those stated in this article, that can help students like you save significant amounts of money.
By following these smart saving tips, you can better manage your spending and be financially stable or thrive even while pursuing your education.
Keep in mind that some of these tips may show small results when implemented immediately, but they really help accumulate a lot of savings in the long run!