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It is common knowledge that saving money is important. This is due to lots of reasons such as unexpected hospitalization, accident, death of loved ones, etc. Some also save money to buy gadgets during big day sales like Amazon Friday Deals and others.

However, it is important for students studying in America to save money because of increasing housing costs, tuition fees, daily expenses and more. To help students who are struggling in budgeting their daily allowance, here are some tips we recommend based on an published article in College Ave Student Loans:

1. Don't buy new textbooks

Textbooks are always a necessity as a student. Your teacher will require you to buy books as part of the class. However, it is not necessary to buy new textbooks that can be very expensive. There are some ways and alternatives on how you can save money on the required textbook. You can rent or borrow books from your friends. If you don't know someone who owns the book, you can choose to visit the library and ask your school librarian if the book is available. But if you want to have a digital copy of the book, you can try to order digital textbooks through iFlipd.

2. Don't leave home without your student ID

It is very important to bring with you your student ID even if it is not school days. Many companies offer discounts to students like Apple, Adobe, Madewell, Forever 21, and more. You can also ask food chains and restaurants if they offer discounts for students. So remember, always bring your school ID where ever you are going. The best tway to find out about your privileges is to research as to where you can use your student ID for discounts. 

3. Limit your meals outside

As a student, you need to have great skill in budgeting your allowance. You have to limit spending for meals in a food chain or a restaurant, most especially if they don't offer student discounts. You can practice having your meal at school where the price is usually student-friendly. If you must drink coffee every morning, why not invest in buying a coffee maker instead of buying coffee in a coffee shop. Just reusue that same Starbucks cup, no one will ever be the wiser.

4. Choose affordable housing

It is less expensive to live in a school dorm rather than living off-campus. You can lessen your expenses even more if you have a roommate as you have the option of splitting on things such as rent. 

5. Explore campus amenities

You try to explore if there are available amenities in the school that is offered for free like movie nights, fitness gym, dance tutorials, and more. Most schools have free amenities, all you have to do is to ask and search for them. Don't be shy when asking because it's your privilege to use those amenities.

6. Do not own a car

Remember that you are still a student and your allowance is only limited to your academic needs and basic daily needs. Owning a car is very expensive when you consider the fuel, unexpected repairs, upkeep and more. Why not use public transit or if your home is near school you can choose to book affordable online transportation services, walk, or even bike.

7. Visit a local bank

Try to visit a local bank where you can deposit your saved money. Just make sure that it has lower fees and does not require a minimum balance. It is better to keep your money in the bank than to keep it your wallet because you might be tempted to spend it after all.

8. Monitor your mobile phone usage

You might be using your phone a lot for research. However, you have to make sure to monitor your phone bills through services like My Data Manager and WhistleOut.com.

9. Be careful using credit cards

You have to use your credit cards wisely. If you plan to get one, just make sure that it has one of the lowest interest rates. Just get only what you can afford and what you can pay every month to avoid a bad credit score in the future.

10. Stay focused on your studies

One of the reasons why college students cannot finish their degree is because they focus more on outside activities like nightlife or dating. Instead of spending money on drinks and late night excursions, why not save that money and look for free tutoring and academic advising.