Want to save money on bills, here are easy habits you must form to achieve that.
So many students come out of college with enormous credit card and loan debts. And, so many ends up stranded before their next paycheck.
That shouldn’t be you.
So in this post, I will show you some habits you can adopt that will reduce your spending and help you live frugal as a student.
I will teach you how to save money on bills. You can form these habits in no time if you persist.
All those unhealthy habits that are stopping you from reaching your dreams can end right now.
You only have to unlearn them by learning new ones.
we have can be unlearned with these tips.
Are you ready to transform your student life, here are the habits you need.
Get a Side Hustle and spend only a part of your paycheck.
A side job can make all the difference when in school when you make a little extra, you have more to pay and save money on bills. However, you should also make sure you are doing it right.
When you are paid, make sure you keep a part of your paycheck for savings.
You can also begin paying off your student loans while in college. No matter how small your impacts, it might earn you interest savings.
So, how do you save or rather, what’s the best way of keeping a part of your paycheck? A rule of thumb, I first saw on YNAB explains it all;
“Give every dollar a job” So don’t just save it on a vague “rainy day check”. Make sure you allocate to a future vacation, retirement, health savings, or whatever.
Spell out all your needs, debts, and wants for the semester till the next paycheck, and then allocate your money to each of those areas.
When you spell out everything you need and give every penny a job, you will also avoid impulse buying. A few apps you need to budget and save up include Mint, Qapital, Albert, etc.
Buy and sell old books
Buy old textbooks if you can, this is because the knowledge remains the same, except there is a revised edition of the book.
If there isn’t a revised edition, then go for them, they will save you some dollars.
Also when you are done with the previous semester, sell up the books you will not use in the next semester.
There are many sites to sell and buy used books such as eBay, craigslist, book scouter and many more. A simple Google search will provide you with answers on these sites that will buy your books and save money on bills.
Also in regards to using old books, you should never buy a textbook that you won’t be using for long.
Instead of buying them, go to the library and read them up. Take advantage of the library and have that extra dollar you would have spent on buying new books that you will not use for a long time.
Another way you can save money on bills is by shopping for eBooks books or kindle books. Many textbooks have online versions, which cost a lot less than their hard counterparts.
Watch how you use water and utilities
Always turn off your light when leaving the room, this will save you a lot of money and reduce your electricity expenses by the end of the month.
Consider replacing your incandescent bulbs with LED bulbs. Theses bulbs cut down on your electricity bills and last longer as well.
However, LED bulbs cost more than the incandescent, but in the long run, you will benefit more from using them than the other.
You should also unsubscribe from whatever subscription that you are not using. Check out websites you’ve used in the past and get your money out of their pockets.
If you aren’t using it, then it’s not worth paying for. They might have been useful to you in the previous semester, but once they are no longer useful to you, the best option is to stop them.
Concerning saving water, learn to use reusable water bottles. Instead of always buying water, save some extra pennies by refilling water in your reusable water bottles from your home. This save money on bills.
You will always drink water, most especially in the summer and hot seasons, so this advice will save you some pennies.
The habit of avoiding bad debts
Avoid all debts except for the purpose of business. As a rule, say to yourself, that whatever you can’t afford, you won’t borrow. Borrowing for the things your paycheck can’t cover should not be an option for you.
So many students feel it’s normal to borrow with their credit card. When you budget on your spending for the month, there will be no use for the credit cards.
If you have credit card debts, cut your spending and start paying them back. You shouldn’t carry credit card debts through school. No matter, how easy it looks now, it isn’t worth it.
Rather than spend too much with your credit card, work towards building your credit history as a student. You never know when it will come in handy.
What if you need a loan for your business in the future or want to buy a house, car or an IKEA payment plan.
Many credit card companies prey on students who don’t understand their fees and interest rates.
So before you use any credit cards, make sure you understand what you pay in the end. Research, in the end, saves money and reduces your bills.
You shouldn’t also use your credit card when you have your debit card or cash at hand.
If you do this, you end up paying more for the things you’ve bought, than you would have if you have paid cash with your real money.
Read more: Avoid these credit card scams
Pay your bills on time
Pay your tuition bills and other bills and expenses on time. When you pay your bills on time you will end up avoiding the extra charges that come with late payment and then save some money by the end of the month.
If you have lots to pay, I recommend paying by a matter of deadlines, which has the steepest penalty and other crucial factors.
Make sure you work towards getting out of debt. If there are bills you can do without, then you have to get rid of them.
The habit of leaving your car at home
So many students don’t like the option of leaving their cars at home. But this has turned out to be trustworthy advice.
When you leave your car at home, you avoid the parking tickets and the taxes.
You also avoid students who drive roughly on the campus, and although you can’t tell what risk awaits, you can avoid the insurance and the other expenses that come up as a result of car accidents.
Invest in a flexible means of transportation such as taking the train or even biking. Biking especially is a great exercise for building great legs. (Who doesn’t want them!)
Go for cheaper houses
No matter how much you want to enjoy luxury while on campus, sometimes it’s not even worth it. You can use the opportunity you have to save for the future.
Opt for cheaper houses to save money on bills. For those staying on the campus, get on a good negotiation and avoid some of those s- called student campuses with all of the other extra facilities that you might not even have time for.
Also, if you do not value privacy so much, then get a roommate. When bills and rents are shared, you will be able to save some extra dollars.
If you can help it, find a good roommate whom you spend and save together. When two people share bills, they save more. Moreover, your roomies’ frugality will keep you in check.
Cook more; don’t eat out
Cook your meals and you will be able to save extra money you would have otherwise spent at the local eatery.
You can buy your food products in bulk at the local grocery store, so you can always have something at home to quickly make a meal.
You can also save money on bills on foodstuff by visiting flea markets or farmers’ market. People at such places sell organic and fresh food products that are totally worth it.
When you are into the habit of always eating out, you are in danger of spending much more than your budget for food.
Even if you somehow keep to a budget at the eatery, imagine a friend of your popping in to eat on your tab. This is a regular occurrence in college, so spend more time cooking your own meals.
Bear in mind that there will be occasions where you will be too pressed for time. On those occasions scout for restaurants with student discounts.
Cut out vices
Students love to spend money on many unnecessary things due to pressure from their peers. Those extra cups of punch, alcohol or that binging competition aren’t worth the stress.
How about you save money on bills by setting that money in a high savings account. Trust me; you will feel a lot better watching your pennies grow into something worthwhile.
However, saving and cutting out vices is easier said than practiced.
To make sure you are completely accountable, you can get a trusted friend into the game. Tell them to hold you accountable as you grow into the new habit.
Find a scholarship and paid internships
Go online and search for scholarships to ease off your debt. Platforms like the AP (Advanced Placement) and CLEP (College Level Examination)n will help you in paying for many of your tuition fees.
You can talk to your school advisor about those scholarship programs opened to your school. Make sure you do your research properly before applying for any scholarship to increase your chances of acceptance.
Aside from scholarships, look out for paid internships. Naturally, you have summer breaks to do that, but you should restrict it to those periods.
These days companies are willing to pay students for per time opportunities. Just make sure the internships are related to your field so that you can use them in your resume in the future.
And so, here are the 10 habits to save money on bills as a student. My question for you is this – what’s the biggest vice you have that’s eating away the funds you have.
Finding that vice can help you figure out the next step. You can place a comment below with your answer, let’s discuss it.