Money hacks for students that will delight your bank account
Saving money is a win for everyone, no matter how much you earn or what stage of life you’re at. But there’s something particularly satisfying about saving money as a student or a young person, especially if you’re not yet working full time.
Buying your first car, purchasing a laptop or funding an overseas trip are all big-ticket items that are likely to put a dent in your bank account. So to help you manage both your student and living costs while still saving a little extra along the way, we’ve come up with these money-saving hacks that are sure to make your bank account very happy.
Don’t pay full price for anything (you’re a student after all!)
This might seem easier said than done, but as a student, there are a bunch of concessions and discounts that you can take advantage of. Whether it’s a discount on your travel insurance, your bus fare or movie tickets, take advantage of student or concession offers to help you save.
Many retailers will also provide students with discounts of up to 20% off, so keep your eyes peeled and make sure you’ve got your student card handy. The same goes for textbooks and other student-related items. There’s often a cheaper alternative.
Challenge your providers to match competitor prices
There’s nothing like creating a bit of healthy competition between providers to save some cash. Whether it’s your mobile phone plan, your Internet bill or your personal loan interest rate, do some research to see what prices other providers are offering and see if you can score a better deal.
If you find out that you’re not getting the best price on the market, take this up with your current provider and see what they can do. Most of the time they’ll be keen to keep you as a customer, so they’ll give you a discount to keep you happy.
Fill up on the cheapest day of the cycle
Being strategic about when you fill up your car can potentially save you hundreds of dollars each month (depending on how thirsty your car is). As most of us drive more on the weekend, petrol prices tend to peak during this period. When demand is lower during the week, petrol prices are also lower.
Generally, Tuesday is considered to be the cheapest day of the week, but compare prices at your local stations to find the best deal. Even if it means driving an extra 2km out of your way, it’s worth it!
Always pay off more than the minimum
When we receive our credit card or loan statements, we’re often told to just pay the minimum amount. But if you have some extra cash, you should put this towards your debt in the form of additional repayments. Making overpayments on your debt will help you to reduce your interest costs and repay your debt sooner.
Service high-interest debt first
Prioritising high-interest debt is a good money-saving hack that will free you from debt sooner. While it’s always recommended that you make the minimum repayment on all your accounts (at the very least), if you are going to make overpayments, you should focus them on your high-interest debt first.
For instance, if you’re tossing up between making extra repayments on your credit card with an interest rate of 11% p.a. or your personal loan with an interest of 5% p.a., you should make them towards your credit card, so that you end up racking up fewer interest costs in the long run.
Being savvy with your finances is an important skill to have and one that will put you in a better financial position for the years ahead. Think about money hacks that will help you achieve your financial goals and better your quality of life. Your bank account will thank you for it, too!
Author: Bessie Hassan | Money Expert at finder.com.au