5 Practical Ways Students Can Save Money (Without Getting a Job)
Money — do moolah, cash, whatever you call it — is essential at every stage of life. But for most students, earning money is tough, and saving it is even tougher.
The good news? I’ve got your back. In this post, I’m going to share 5 smart ways you can save money as a student without working.
Whether you’re living off previous savings or entirely on student loans, make sure to read through Tip #5 — it’s probably something you’ve never even considered!
1. Create a Budget and Stick to It
“Failing to plan is planning to fail.” When I was in university, I’d often hear friends complain about being broke — yet they never tracked their spending.
Before the semester starts, calculate how much money you’ll have each month. Break that amount down into categories:
- Rent
- Food
- Bills
- Transport
- Personal expenses
Track your spending against your budget using your phone or a notebook. Like Peter Drucker said:
“What isn’t measured, isn’t managed.”
2. Be Smart About Textbooks
Textbooks can be a huge and often unnecessary expense. Here are a few ways to save money:
- Use the library’s copy when possible
- Split the cost with a classmate
- Rent textbooks instead of buying
- Buy digital (ebook) versions — cheaper and eco-friendly
3. Learn to Cook
Cooking your own meals saves serious money. Let’s do a quick comparison:
- Average cost of home-cooked meals: $250/month
- Average cost of eating out 3x a day: $900/month
That’s over $600 in monthly savings! Plus, home-cooked food is often healthier. Win-win.
4. Party on a Budget
I spent seven years in post-secondary education — and I learned how to party without going broke. Here’s how:
- Pre-drink: Why spend $20 on two drinks at the bar when you can buy an entire bottle for the same price?
- Designated driver rotation: Share rides with friends to cut down on Uber or cab fares
With these two tips, your only cost is usually the entry fee — and you still get to have a great time!
5. Reduce Social Media Usage
Social media may seem free — but it comes with hidden costs: FOMO (Fear of Missing Out).
Seeing your friends partying, shopping, or traveling makes you feel like you need to spend too. Influencers in new outfits? Suddenly you feel like shopping too.
Reducing social media time can seriously help curb unnecessary spending. Your bank account will thank you.
Final Thoughts
Saving money as a student isn’t easy — but it’s totally doable with these five simple strategies.
Did you find this helpful? Drop a comment, share this post, for more real-life student advice!