7 key savings tips for students

13 September 2018

7 simple savings tips for students!

Don’t fancy living off beans on toasts for the month or searching behind the sofa for a spare bit of change? Students, fear not!

Making ends meet on a student budget isn't easy, but there are ways to make your money stretch that little bit further. There’s no reason why you can’t make the most of university life whilst remaining financially stable. Here are seven simple tips to get you started…

1. Boss your budget!

  • Your budget needs to be your starting point. Your student loan money needs to last all month, so spend it wisely.
  • Work out how much income you have, including your student loan, grants, cash from parents and work income you might have.
  • Equally, have an idea of how much money will be going out, including rent, bills, food, socialising and course materials.
  • Subtract your outgoings from your incomings and divide that figure by the number of weeks you’ll be at university. You should now know how much you have a live off each month!
  • When it comes to spending, it’s always worth asking yourself: do I need it? Can I afford it? Is it cheaper elsewhere?

2. Keep good money habits!

  • Stay on top of daily spending habits. Instead of buying food on-the-go when you’re out and about – which is often expensive – make food the night before.
  • We all know how good a flat white is on a morning, but instead of paying for one at a coffee shop, why not make one for yourself at home instead of spending that extra £2?

3. Know your discounts and student deals!

  • Whether you’re shopping online or out at the supermarket, keep an eye out for special discounts on products to save you that extra bit of money each month. No matter how little, each saving adds up. By the end of the month, you may find you have more money leftover than you had estimated – in that budget, remember?
  • There are a number of shops that offer discounts for students. It’s worth finding out who they are!

4. Try the 1p savings challenge…

  • The premise is simple: on day one, you save 1p. On day two, you save 2p. On day three, 3p (and so on). After 365 days have passed, you'll have saved over £650! A little each day adds up to a lot over a year.

5. Food shop in the evenings…

  • If you’re prepared to shop around (around 6pm, that is), lots of supermarkets discount items they need to shift or ditch by the end of the day. It’s a great opportunity to grab yourself a bargain. Make sure you don’t shop on an empty stomach though, or else you may find you buy more than you need!

6. Only take cash on nights out…

  • Even the most money-conscious of us are a little more lax once we've had a few drinks. But rather than putting pints on your debit card, cash will ensure you never go over budget. Just make sure you factor in money for a taxi or a late-night snack.

7. Walk where you can!

  • Not only is it good for your overall health, it’s also kind to your bank balance. If commuting by public transport and by car is avoidable, make sure you put those legs to some good use!

Published: 13/09/2018