How to Save Money While You're at School

Do you get to the end of the month and wonder where all your money’s gone?

Whether you are in high school, university or TAFE, we all know finding a job that fits perfectly to our school schedule is almost impossible. Well, almost...

Fact is, not enough work means not enough money. But, despite receiving a lower income, most of us have this notion that our income should not compromise our freedom of spending, and it’s only when we hit rock bottom—like when we can't even afford a cheeseburger at Maccas (cries myself to sleep)—that we admit we need to make a change.

To prevent this from happening, my friends, allow me to share three rules I live by.

1) Set a budget for your food.

With so many food-related hashtags like #foodporn #newcafeintown and #burgertodiefor going around, I must admit it is so hard to not want to check out new food joints. But as we all know, take out is expensive, and I bet you already know you can cook that pasta dish or make that sandwich at home for the fraction of the price. (Check out the Food channel or YouTube for easy recipes and cooking demos). I'm not saying you have live off home cooked meals 24/7; just set a limitation. Start small, such as reducing five take away lunches a week to three.

2) Calculate the rest of your "necessary" spending in a week.

This includes transport, extracurricular activity (e.g. gym, dancing), bills, rent and anything else that you must absolutely pay in order to function. To save money, you must earn an income that is higher than this combined amount. (Duh!) If you can't, then reconsider this spending; start asking yourself questions like, "Can I work out at home or go to a park instead of the gym?" or “Do I need 10GB of mobile data each month?” and try to cut where possible.

3) Find odd jobs and work-at-home positions.

Your current work hours not cutting it? There are many odd jobs like babysitting and dog-walking that better fit a student’s schedule. Find something you will enjoy to squeeze in that extra bit cash on your spare non-work days.

Good luck saving!

Congratulations to Alison for winning this week's writing challenge: How to Save Money While You're at School. Alison wins a $50 Westfield gift card for her submission. For your chance to win, check out our latest writing challenges in our Comps section. Also, be sure to follow this guide on how to win the writing challenge!

Photo: iStock