Regardless of how much you are excited about joining college, some costs may follow. It could be anything from day-to-day expenses to sudden cash needs. With the cost rising for the bread and flat, maintaining expenditure gets tricky. When you think of cutting costs in your first year at university, consider the money to spend on overhead. It will help you figure out and cancel the unnecessary items and concentrate on what matters.

It may mean you can save more for critical needs like rent, stationery, education equipment, transport, etc. The blog discusses other ways that may help you reduce the costs of living while achieving your higher education goals.

How can a first-year student save money at university?

Most students think- can I save money while enjoying college life?  Is it possible to do so without compromising on fun? Well, the answer is- YES, you can! You can follow the tips listed below to meet your cost-cutting goals while studying at the university.

1)     Track expenses and budget

It might be overwhelming for you to decide how to budget initially. It is okay to feel so in the beginning. You can save the best only after a few experiences and experimentation. Budgeting works differently for different individuals. It depends the most on personal spending habits, liabilities, and lifestyle. Thus, check out what works best for you by analysing current expenses.  Keep it adjacent to your monthly income. You may be working part-time to meet basic living requirements.

Categorise your expenses into needs and wants. It is about prioritising one to reduce unnecessary costs. For example- things like- rent, utility bills, college fees, and education fees are important expenses. In contrast to that, spending on things like- movie tickets, dining out, and buying apparel more than required are additional expenses. No, you don’t need to cut it all together. Instead, balance these wants against your needs.

Initially, some budgeting applications may help you do it well. It lists the instructions well, which might help you understand your finances better. You can adjust your expenses and critical needs accordingly.

2)     Inform your university about finances

Yes, your university should know about your family and your financial condition. They may help you with the available schemes and extra support.  For example- you may get help regarding accommodation funding, student loans, stationery, and even scholarships. It may help you complete your education without worrying about your finances. 

Moreover, the university may waive certain education fees under grim financial circumstances. It is possible to face a strict financial crunch at the university.  This is due to the expenses involved and limited cash flexibility. Saving enough to meet basic needs and emergencies is challenging.

What if you need urgent cash to submit an educational form?  One may need it, especially on the last day of the submission. You cannot ask your roommates as they are new. Get quick cash loans in the Ireland marketplace by exploring options. Only it can help you with the assurance of getting money if you can afford to pay later. You can use it to fund the fee for the educational form and file it timely.  It is an ideal option for part-timers earning a basic income to fund living expenses.

3)     Try to cook meals at home

While exploring country cuisine may excite you, avoid the temptation. It may ruin your budgeting efforts drastically. You can control your foodie instincts but not the money that you spend on food ordering. That’s gone after you order the food. Well, you may do so occasionally or on weekends. Rest of the day, try to cook for yourself. Having a cooperative roommate may help you here. Identify what you like to eat and the things required.

 Prepare a grocery list for the week and purchase the items. Next, plan the meal for the next 6 days. It will help you avoid spending money on dining out or online food delivery. Instead, you can experiment with your cooking skills and get better at it. What could be better than saving money and learning a skill simultaneously?

4)     Check for student discounts while shopping

The best part of undergraduate life is getting a student discount on most things you purchase. It may imply usual eating stuff or groceries. You may also save money on technological gadgets, clothing and ticket bookings. Always enquire about the student rates and bring your ID cards wherever you go. You may find some whopping discounts at the supermarkets.

You can also sign up for the UniDays and Student Beans to get discount coupons. Additionally, keep an eye out for used items that you can spot for a fair price online and offline. It could be – books, stationery, equipment, etc. Don’t forget to benefit from the seasonal sales. However, if you did not qualify for the discount and lack cash to fund the bill, don’t worry.

Contact trusted private lenders in Ireland for instant cash help. You may get the money online in your account within 30 minutes. It may help you fund the requirements or buy the used items immediately. You can pay the dues later with fixed instalments without worries.

5)     Check out passes for public transport

You may be using public transport if you have yet to buy a car. This is especially true when your college is far from your living location. Individuals within walking distance of the university may not need one. It is generally possible with the student accommodations. However, if renting privately far from the college, you must plan transportation expenses. Check and find out the cheapest route to travel to the college.

Additionally, check whether having a bus or train pass may help you save. If yes, how much money can you collect by using such cards/ passes? Calculations will help you understand whether the pass may benefit you or not. Accordingly, getting one may help you save money and use it on critical educational requirements.

Bottom line

Students life is full of financial and emotional challenges. It is about balancing the art of budgeting and expenditure. You can do that easily by understanding your critical needs and eliminating extras. Prioritise aspects like rent, utility bills, and educational needs over purchasing dresses and apparel. It will help you save more money and use the savings wisely.