Top 5 Personal Finance Hacks for Students


In the world we live in, saving money is essential. Saving money is also not for the faint of heart.  It is a bit easier to save money if you have a job. It becomes even easier if you have a good job. Saving money cushions you from the unpredictability of the current world. This article was written in collaboration with Naomi Olson.

Students have difficulties saving money. Most students get allowances from their parents or guardians. Some students get part-time jobs but it is still difficult for them. There are so many attractive shiny things that students want to spend their meager resources.

A student really has to be committed to saving money if they want to make it a reality. The good thing is that they can start small and do much better as they go along. Here are the top five personal finance hacks for students.

1. Finance Planning

Finance planning is the cornerstone of the saving culture. You have to know exactly how much money you have or make, and how much you can spend. Using an App can be invaluable in helping you achieve your target.

After getting your wages or allowance, having a savings account is a step in the right direction. Do not shy away from seeking financial advice from a professional, click here for details.

2. Budgeting for Students

After you have figured out how much you are able to spend, you need to allocate the money to your needs.  It makes the most sense that your most pressing needs should take precedence. Expenses like rent, groceries, miscellaneous and fixed expenses should feature on your budget list.

The budget is made according to your own choices,it is completely personal. Make sure you do not stray from it by spending more than you have budgeted for in each category.

3. Cooking for Students

Most students like eating out so that they do not have to cook. You can save a lot of money by making your own meals. Cooking also ensures that you eat healthily as well as it allows you to prepare meals just the way you like them. You will notice a change in your expenses when you try it.

4. Spend Less

You will always find something that you really want to buy. Before you spend that money you should first be sure that you cannot do without it, it is worth it and you absolutely need it. If you cannot confidently say that, then the item is not necessary.

Of course, you can’t sacrifice everything that you like because of lack of money. Instead of that, you should make some sort of reward system for yourself. Let’s say that you passed a couple of exams for a short period of time. Logically, you would want to do something that will relax you after that. Useful things are not always going to be a reward. For instance, going to a restaurant, spa, massage, or anywhere else will not be too useful. But, when you organize your budget, ensure there is enough space for these entertaining and relaxing activities. Yet, if you don’t have the necessary income to cover all the costs, then the next step is crucial.

5. Get a Job

You can make some extra money if you have free time. The opportunities for students are endless. You can babysit, freelance, do deliveries and even teach tuition. If you increase your income you will bear your burden.

Yet, we need to say one important thing here. Sooner or later, you will probably manage to earn more money thanks to the skills that you possess. Because of that, there is a big chance you will lose the necessary desire to study lessons that you have. There has to be a certain balance between job and university. You must not neglect duties you have at college just because you are not getting money for it.

This only confirms it is much better to find a part time job. On the other hand, you can also find a full-time job with flexible working hours. That is the reason why we mentioned freelance jobs as one of the option that will probably meet your requirements and expectations.

6. You Can Use Student Discounts

We do not know where exactly you live and which university you attend. However, something we do know is that students also have the right to use different discounts. You will probably get a discounted offer in some of the places that all young people visit. This especially counts when we talk about restaurants, museums, theaters, and even parties. Because of that, we suggest you check out all the places where you could potentially save money this way. Of course, despite doing the research, your duty would be to bring the student ID with yourself all the time. Stores are not going to give you a discount just because you say you are a student. Some form of confirmation has to exist.

7. Find Teammates

This can be one of the ways to organize your budget more effectively. You are not the only student in the world that struggles to cover all his costs. We are sure that 90% of students in the world have the same problem as you. Because of that, it can be quite good to find a teammate and organize your budget together with him or her.

That can especially be a good move if you are not living with your parents. If you have roommates (in a dorm or rented apartment), you should not only agree on sharing costs for bills, food, and other stuff. You should also find a way to save more money and use it for some other things.

However, a high level of communication and tolerance needs to exist here. You need to have certain rules that all the teammates will respect. Imagine how demotivating it can be if one of your friends spends more money than the other ones and you. We are sure the quarrel will soon or later arise because of that.


When you start saving money as a student you will be able to relax and study without much financial worries. It will also teach you how to live on a tight budget and how to live within your means.

Those are essential skills that will serve you well later in life. In the long run you will have acquired the skills and know how to have a financially secured, well-planned future.