Home 10 Unique Ways to Save Money as a Student

10 Unique Ways to Save Money as a Student

When it comes to financial management, fintech plays a pivotal role: discover these top 10 tips to save money as a student, along with some fintech tools that will make your financial life easier.

by Rosalia
6 minutes read
Fintech Warrior - 10 ways to save money as a student

In this list of 10 ways to save money as a student, Fintech Warrior aims to address one of the aspects that most affect students’ lives: financial issues.

Today, given the technological progress and the prevalence of these kinds of issues, students can find various solutions to handle these difficulties. Being aware of them can give you an advantage that will help you focus on your academic path and start your career in a more serene manner.

Fintech – financial technology – plays a pivotal role when it comes to finding affordable and easy solutions for personal finance-related issues. In this article, we will provide you with some useful and actionable tips, along with some fintech tools and apps that can make managing your finances easier.

What are the most common financial issues faced by students?

Saving money as a student isn’t just about having a structured approach to the financial twists that are common in life; it’s a powerful tool to prevent more serious issues that can arise from financial insecurity.

Since students typically don’t have the opportunity to work full-time and focus on a career, financial issues are quite common in this demographic, often leading to a feeling of being trapped in a vicious cycle.

Given this context, adopting a solid attitude toward financial management is pivotal in addressing the most common financial challenges faced by students, which include:

  • Rising expenses for accommodation, transportation, and food.
  • The cost of textbooks, which can create substantial debt or at least additional financial strain.
  • Tuition fees, which are undoubtedly the primary concern for students.
  • Issues related to technological tools, which are crucial in today’s academic environment, can add further complications.

According to Forbes, the cost of education has consistently increased over the past few decades, leading to a greater reliance on student loans. Most students who complete their academic journey and attempt to start their careers are already burdened with significant debt.

That’s why developing a strong financial mindset and saving habits is important during your academic years. But the first step to solving any potential issue is assessing whether you’re in the right mindset.


Financial Fitness Self-Assessment

How often do you create and stick to a budget?

I have a detailed monthly budget that I adhere to strictly. (5 points)
I set a rough budget but don’t always stick to it. (3 points)
Budget? What’s that? (0 points)
How often do you create and stick to a budget?

I have a detailed monthly budget that I adhere to strictly. (5 points)
I set a rough budget but don’t always stick to it. (3 points)
Budget? What’s that? (0 points)
Do you track your daily spending?

Yes, I note every penny I spend. (5 points)
I have a general idea of my spending. (3 points)
No, I rarely keep track of my expenses. (0 points)
Do you actively save a portion of your income or allowance?

Yes, I save regularly and have a growing savings account. (5 points)
I try to save, but it’s not consistent. (3 points)
Savings? I live paycheck to paycheck. (0 points)
How often do you use student discounts or deals?

I always look for student discounts and use them whenever possible. (5 points)
Sometimes, if I remember or if it’s convenient. (3 points)
I rarely take advantage of student discounts. (0 points)
How would you rate your knowledge of personal finance and money management?

I’m well-informed and always learning more. (5 points)
I know the basics, but there’s room for improvement. (3 points)
I’m not very knowledgeable about personal finance. (0 points)

Now, let’s see how to define your scores:

Financial Guru

  • 20-25 points: You’re the master of your monetary domain. With a keen eye for detail and a disciplined approach to budgeting, you’ve elevated saving to an art form. Your financial acumen is not just about keeping a ledger; it’s a lifestyle. You navigate discounts like a captain at sea and invest with the precision of a seasoned pro. Keep setting the bar high!

Budgeting Novice

  • 15-19 points: You’ve got the basics down and are on your way to financial savvy. You’ve started to track your expenses and have a budget in place, though it might slip through the cracks now and then. Your awareness is growing, and with a bit more consistency, you’ll be upgrading your financial skills in no time.

Money Management Learner

  • 10-14 points: You’re in the financial literacy growth zone. You’ve shown that you’re aware of the importance of managing money, but there’s room to tighten the reins. With a bit more focus on the details and a commitment to regular saving, you’ll see your financial confidence soar.

Financial Freshman

  • 5-9 points: Welcome to the starting line of your financial journey. You’ve taken the first steps towards understanding and managing your money. It’s time to build on this foundation, get acquainted with budgeting tools, and start forming habits that will lead to financial stability.

Time for a Money Makeover

  • 0-4 points: Consider this a wake-up call to take charge of your finances. It’s time to acquaint yourself with the basics of budgeting and saving. Start small, seek advice, and remember, the road to financial wisdom begins with a single step. Your future self will thank you for the effort you start putting in today.

If your score is on the lower side, it’s a signal to focus on your financial strategy. Remember, the habit of saving is a powerful tool, especially for students who are learning to navigate the financial waters.

Fortunately, there are practical steps you can take. We’ll look at some straightforward strategies that can help make managing your finances as a student more manageable.


10 Tips to Save Money as a Student

Managing money as a student can be tough, with every cent making a difference. Balancing your academic and everyday life can make you feel overwhelmed by financial challenges, but as mentioned, the rise of financial technology, or fintech, is changing how we handle these types of issues.

Fintech tends to be more inclusive and flexible than traditional finance, and these two characteristics make it capable of finding tailored and seamless solutions.

Fintech companies and tools are innovating personal finance management, also when it comes to the financial lives of students. Whether it’s apps that monitor every dollar spent or services that make educational resources more affordable, fintech stands at the cutting edge of solving financial dilemmas for students.

In our list of 10 money-saving tips for students, we’ll show you how fintech smoothly fits into each approach, making financial problems easier to handle.

1. Optimize Shared Living Expenses

Finding roommates is one of the most common ways to keep accommodation costs down, but this goal can be achieved only if bills are split fairly. Fintech tools like Splitwise help you do that seamlessly – also avoiding unpleasant discussions. This type of application helps you track expenses, split them among group members, track who owes what, and seamlessly transfer and receive money.

2. Save & Invest Without Effort

Fintech apps like Acorns help you have a deeper understanding of what your financial future could look like. We mentioned the flexibility of fintech tools, and this is a great example: with this type of fintech app, you can save even very small amounts of money, invest these amounts, access financial educational resources, and make financial projections. Everything with the same tool.

3. Budget-Conscious Transportation

Using public transport can save you a lot of money. Nevertheless, it’s important to monitor these types of expenses and find the most convenient solution for your needs. A fintech app like Mint can help you with this: you can not only keep track of expenses, budget, and manage different accounts, but you can also detect significant changes in your spending and negotiate bills.

4. Economize on Groceries

Planning meals is another good way to save money and avoid waste. Buying in bulk might be an option if you find offers that allow you to save money when making this type of purchase, but in any case, cooking at home is far less expensive than going out to eat. If you don’t have enough time to cook every meal, you might want to choose one day you can use to cook for the entire week.

Another way to save money when it comes to groceries is finding apps that grant you cashback on your purchases – Ibotta is an example of applications that allow you to do that. Moreover, there are apps like YNAB that can assist you in planning meals and budgeting.

5. Affordable Learning Materials

Fortunately enough, we live in times when the internet helps us to find countless learning materials to enhance our knowledge and assist us during our academic paths. If you need additional material or want to dive deeper into a specific topic, consider using free online resources. If they are not available, you can still find several applications that allow you to save money on learning materials. Chegg is an example, as it offers digital books for rent and can help you save up to 90% on college textbooks.


Fintech Warrior - How fintech helps studetns save money

6. Seek Financial Aid

The academic environment offers several scholarships and grants to students. These opportunities usually have strict requirements in terms of performance and capabilities, but securing financial aid can pave the way for you to concentrate on your academic achievements.

Navigating the array of offers and opportunities might be challenging, but there are also applications designed to assist you in this process. For instance, Scholly is an app that helps you find scholarships that align with your accomplishments and background.

7. Smart Textbook Transactions

As mentioned, textbooks are a significant expense for students. While we’ve already discussed some tips for accessing affordable and discounted learning materials, it’s also important to consider situations where you need to purchase specific books for your courses.

Buying secondhand textbooks, as well as selling those you no longer need, is a practical way to save money. Platforms like AbeBooks can facilitate this process, helping you sell and buy books at a more affordable rate.

8. Leverage Student Discounts

Many companies recognize the financial challenges that students face and understand the value of offering discounts. These savings extend beyond textbooks to cover various aspects of daily life.

Platforms such as UNiDAYS and Student Beans partner with businesses across multiple sectors—from fashion to travel and technology—to provide students with exclusive discounts.

9. Insure Your Tech

Insurance is often overlooked by students, yet it can be a lifesaver in a broader context. Consider the inconvenience and expense if your computer or phone breaks. Replacing them is typically costly. Opting for affordable monthly insurance premiums can help you mitigate this risk.

Platforms like Lemonade provide customizable insurance options tailored to your needs, including protection for your tech devices and full coverage of expenses in case of replacement. Of course, always make sure to read all the terms, conditions and policies before buying any insurance.

10. Create an Emergency Fund

The idea of creating an emergency fund might seem strange to someone who needs to save money to cover all expenses, but fintech simplifies this practice, making it far from a headache.

Fintech apps that enable you to manage your finances and conduct financial transactions often come with a variety of bonuses and extra features. Some of these features, such as creating different ‘boxes’ to manage various aspects of your spending or allowing you to automatically round up your expenses to save a small amount with each purchase, provide effortless ways to establish an emergency fund.

Digital banks like Chime and Simple facilitate the automatic building of your savings, also offering competitive APYs that allow you to earn more from your savings.


Final Thoughts

In summarizing our list of ten essential money-saving strategies for students, the role of fintech stands out as essential. These tools simplify financial management, making it more approachable for students who are already juggling academics and life.

Fintech tools are gateways to developing sound financial habits, enabling wiser spending decisions and fostering a culture of saving. They operate quietly, ensuring your financial plans stay on track without much fuss.

As you progress through your educational journey and into your professional life, let fintech support you.



What are the most common financial issues among students?

The most common financial issues faced by students relate to necessary expenses such as transportation, tuition fees, books, tech tools, and accommodation.

Am I a saver or a spender?

Fintech Warrior has prepared a financial self-assessment test for you that can help you determine whether you’re a spender or a saver, and adjust your financial habits with the aid of our 10 tips to save money as a student.

How can fintech help with saving?

Fintech offers easy-to-use apps that track spending, automate savings, and invest spare change. It simplifies managing money, making saving effortless and accessible for everyone, especially students on tight budgets.

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