Mark Barrow
Being a student is an exciting time filled with new experiences and opportunities. However, it can also be a period of financial strain. With tuition fees, textbooks, and living expenses, it’s no wonder that many students struggle to make ends meet. But don’t let yourself get overwhelmed! With a little planning and creativity, it’s possible to save money as a student and still enjoy your uni days.
Tip 1: Create a Budget
- The first step to save money as a student is to create a budget. Take some time to sit down and evaluate your income and expenses. Start by listing all your sources of income, your student loan, a part-time job or support from your family etc. Next, make a list of your expenses, including rent, food shopping, travel, and entertainment.
- Once you have a clear picture of your income and expenses, you can allocate your money wisely. Set aside a specific amount for each category and stick to it. This will help you avoid overspending and ensure that you have enough money for the essentials.
- The 50/30/20 rule is a good way to allocate your budget. Allocate 50% to things you need, 30% to things you want and 20% for savings.
- Make sure that you understand when you’ll receive money, and when you need to make big payments. Particularly, when will you receive your student loan and when do you need to pay your rent?
- You should also consider using a budgeting app or tool that can help you track your spending and stay on top of your finances. These tools can provide valuable insights and help you identify areas where you can make adjustments to save even more money. Tools such as Squirrel and Wally are really useful.
Tip 2: Cook Meals at Home and cook together as a household
Eating out or ordering in can quickly drain your wallet, especially if you do it regularly. Instead of relying on takeout or dining at restaurants, cook your meals at home. Not only is it more affordable, but it can also be a fun thing to do with your housemates.
- Start by planning your meals for the week and making a shopping list. Look for budget-friendly ingredients and try to buy in bulk whenever possible. This will help you save money in the long run.
- Consider figuring out some easy, cheap, and quick meal options to avoid relying on fast food or meal delivery.
- Prepare batch-sized meals in individual portions and freeze them in a freezer bag or plastic pot. This way, you can quickly thaw some chili con carne and have a meal ready in less time than it takes to go out for takeout or fast food. Plan to spend one weekend a month doing some prep work to make things easier during the week.
- You can also apply this technique to individual ingredients to save time, chopped too much onion? Freeze what you don’t use for the next time you need some.
- Looking to learn how to cook? Check out budgetbytes.com. The website was designed for uni students on a budget, but the recipes are solid and will be useful even after you graduate.
Tip 3: Shop smart and find bargains:
- A great way to save money as a student is to plan your meals and take stock of what you already have. Make a list of what you need before you go shopping and stick to it.
- Go shopping with housemates, you can split bulk-buy discounts and save money while reducing waste.
- It’s important to check sell-by dates, as supermarkets often reduce prices on products that are near their sell-by date, giving you a chance to pick up bargains.
- Shop in the evenings, supermarkets often discount fresh produce at the end of the day. This works even better if you can find food that you can freeze the food you buy until you need it, such as bread or milk.
- A useful tip is to keep a packet of Ramen noodles in your university bag. You can easily make them by getting a cup of hot water from the university canteen or by using the microwaves available in the cafeteria. This way, you can still enjoy your lunch with your friends. You can buy these noodles for as little as 25p each.
- When you’re in the supermarket, remember that the most expensive items are placed at eye level. The cheaper products will be on the lower shelves, so look down to find the bargains.
- Don’t shop when you’re hungry, you’re more likely to spend a lot more money on snacks.
Tip 4: Use Student Discounts
As a student, you have access to a huge range of discounts and special offers.
- Don’t be embarrassed to ask if a shop offers a student discount and take advantage of these opportunities to save money as a student. You can save on everything from clothing and electronics to movie tickets and travel. Many retailers, restaurants, and entertainment venues offer the, so be sure to ask and present your student ID wherever you go.
- In addition to local businesses, many online platforms offer exclusive student discounts. Websites like UNiDAYS and Student Beans offer access to hundreds of deals and promotions. By taking advantage of these discounts, you can save a significant amount of money over time.
- If you’re a Luxury Student Homes NoPosit member, remember to use your NoPosit discounts, they offer lots of ways to save money as a student with discounts from hundreds of retailers.
- Remember, being a student is a valuable status that can unlock a world of savings. So always keep your student ID handy and take advantage of any opportunity to save money.
Tip 5: Take advantage of loyalty schemes.
Brand loyalty points, vouchers, coupons, and reward apps can be a real lifesaver when it comes to saving money.
There are loads of options available, such as:
- Tesco’s Clubcard
- Nectar Card
- M&S Sparks Card
- Costa Card
- Nero App
- Boots Advantage Card
- Kiko kisses
- UO Rewards
- Club Cali
- Nando’s app
- MyMcDonald’s.
Although it may not seem like a big deal at first, these loyalty programs can really add up and save you a lot of money in the long run.
Tip 6: Buy second hand, and sell what you no longer need
Buying your clothing, electronics and books second-hand is a sustainable way to live and a great way to make money too.
- Textbooks are notorious for being expensive, but there are ways to save money on this essential student expense. Many bookshops, both physical and online, offer used textbooks at a fraction of the price. Try abebooks.co.uk or biblio.co.uk.
- Additionally, check if your uni has a textbook exchange program or if there are student groups where you can buy, sell, or trade textbooks. This can be a great way to save money and connect with other students who may have the books you need. UnidBooks is an online marketplace for students to buy and sell second-hand textbooks.
- Old textbooks may even have interesting notes in them, made by the previous owner.
Tip 7: Take advantage of cashback websites
You can even save money as a student by simply earning money back on your purchases. Websites like topcashback.co.uk provide an excellent opportunity to earn cash while shopping for everyday items. All you need to do is click through from the TopCashback website and purchase from one of the featured retailers. You’ll be rewarded with cashback that you can withdraw and use as desired.
You can also use your student discount for some retailers, giving you a discount and money back!
Tip 8: Save money as a student on nights out:
- Firstly, don’t give in to peer pressure but also don’t pressure yourself to be super frugal all the time. Uni is the best time to make new friends and network. Allow yourself to go to social events but don’t feel like you have to go to every single event. Everything in moderation.
- “Pre-drinks” are a great way to save money while still enjoying a few drinks before a night out. It’s an opportunity to hang out with friends, play drinking games, listen to music, and have a good time without the high prices of bars and clubs in your area.
- Leave your cashcard at home & take cash out for drinks so you can limit your spending. Just make sure you save some cash to get you home!
It can be challenging to save money as a student, but it’s not impossible. You can manage your expenses by creating a budget, cooking meals at home, taking advantage of student discounts, purchasing second-hand textbooks, reducing unnecessary expenses, and ensuring that you don’t overspend when going out. By following these tips, you can enjoy your student experience while staying within your means.
Remember, being financially responsible does not have to mean sacrificing fun or missing out on opportunities. It is all about making smart choices and finding creative ways to stretch your budget. So, go ahead, implement these tips, and love your uni life without breaking the bank.”
