Looking for tips on saving money? Managing your student finances can be a tough task. With so many expenses, the idea of budgeting and saving money can seem out of reach.
We’re here to help! This blog will outline our top tips on how to create a budget, spend less, and increase your savings so that you can stay on top of your student finances. We’ll equip you with the knowledge to make smart financial decisions that will set you up for success both during and after university.
So, whether you’re a fresher or a final-year student, sit back, grab a cuppa, and let’s dive into the exciting world of student finances!
Top Tips For Budgeting And Saving Money
Our experts have compiled a list of top tips for students who want to budget their finances so that they can save money each month.
Create a budget
Of course, the first step to budgeting is to create a personal budget. This may sound daunting, but it’s actually quite straightforward.
- Start by tracking your income and expenses over a month. This will help you figure out where you’re spending your money and where you can cut back.
- Next, divide your expenses into categories like rent, bills, food, and leisure activities. Once you know what you’re spending on, set goals and allocate your money accordingly. Don’t forget to budget for unexpected expenses like emergencies or one-off costs.
- Finally, make sure you review your budget each month and make any changes you see fit.
Remember, the key to budgeting is discipline and consistency, so do your best to stick to your plan and avoid overspending whenever possible.
Cook at home
Eating out can be expensive, even with student discounts. So cooking at home is one of the best ways to save money and stick to your all-important budget. And no, you don’t have to live on a diet of packet ramen noodles and beans on toast. There are countless free online resources that can provide you with a weekly shopping list and the recipes for all the meals you can make with that list. Give sites like Budget Bytes and SuperCook a try and watch the savings pile up!
Pro tip: If you want to save even more on your supermarket shop, try doing your shopping later in the day. This is when supermarkets place items that are almost out of date on the clearance shelves with huge discounts.
Use student discounts
Perhaps one of the best parts of being a uni student is being able to take advantage of student discounts. They can be found in almost every business and are usually advertised at the till. Even if you don’t see a sign offering student discounts, it’s always a good idea to ask a staff member anyway. Some of the most common places for student discounts are retail shops, restaurants, entertainment venues, gyms, transport services, museums and galleries, and even software companies. Just make sure you have a valid student ID with you at all times.
Pro tip: Check out websites like Student Beans and UNiDAYS to find the latest student deals.
Buy used textbooks
Textbooks can be expensive and there are only so many copies available in the library. So, if your course textbooks aren’t available in digital format, try buying used textbooks or renting them instead of purchasing new ones. Students who took the course the year before and now have no use for the book often sell them back to local bookshops or even the university bookshop. Make sure you shop around and consult online forums and marketplaces; it will save you a whole lot of money over buying new books.
Cut back on transportation costs
Transport costs can add up and quickly eat into your budget. So, try walking or cycling as your main mode of transport, even if it’s for a set number of days per week. It also doubles up as a great alternative to the gym! If you need to travel further, consider public transportation instead of driving. Many cities offer discounted fares for students, so be sure to check out what’s available.
Another budget-friendly option is to make the most of carpooling services like LiftShare and BlaBlaCar. You can find people who are travelling to the same destination as you and split the cost of petrol. You can sign up as a car owner or a passenger, whichever works for you. This is an excellent way to save money as a student and meet new people as you travel!
Pro tip: As the UK’s rail network is so divided, it’s often cheaper to buy multiple small journeys rather than one ticket. This is called split ticketing. Check out SplitTicketing.co.uk and let it do the hard work for you, or download the TrainSplit app.
Avoid credit card debt
You may be tempted to apply for the credit card they’re trying to sign you up for during Freshers’ Week, but we strongly advise against it. Yes, those credit cards may come with low-interest rates for the first year but they only increase after that.
If you do decide to get a student credit card, proceed with caution. Make sure you understand the terms and conditions, including the interest rates, fees, and credit limit. Only use it for essential purchases and try to pay off the balance in full each month to avoid interest charges and a negative effect on your credit score.
Pro tip: Banks will tempt you with a sizeable free overdraft. Of course, you can take it but only use it as a buffer. It’s not free money and needs to be paid back in full and often with interest, just like a credit card. Remember, £0 is still £0.
Look for part-time work
Our final tip on budgeting and saving money is perhaps the one that works best: consider getting a part-time job to earn extra money. By earning a weekly or monthly income, you can make the most of your time at university without stressing about your finances. Check out our dedicated guides on student jobs, including:
- Part-Time Jobs for Students
- Online Part-Time Jobs for Students
- Student Jobs Belfast
- Student Jobs Oxford
- Student Jobs Liverpool
- Student Jobs Leeds
- Student Jobs London
- Summer Jobs for Students
Needless to say, we still recommend you follow our budgeting tips so that you can keep control of your finances and save money for things like holidays, student loan repayments, or whatever it is you want to spend your money on!
In Closing…
Budgeting is a skill that takes time to master. But practice makes perfect. By starting at university or even before, you can get into good habits with your finances and stay on top of your spending.
We hope that our tips for budgeting and saving money will help you to successfully manage your student finances.
Check out our Student Jobs Board for the latest opportunities near you.
Looking for career advice? Our resource hub is packed with up-to-date information on student jobs, industry trends, and advice for student job seekers. You can also catch what’s new on our blog every Wednesday.
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