Ultimate Student Budgeting Guide: Smart Ways to Save Money at University

Mark Barrow

Starting university is an exciting time, new friends, new experiences, and, for many, the first taste of financial independence. But with freedom comes responsibility, and managing your money can feel overwhelming. That’s where effective student budgeting comes in. Mastering a few simple habits now can help you avoid stress, enjoy uni life, and even set yourself up for financial success after graduation.

Whether you’re a fresher or a seasoned student, these practical student budgeting tips will help you make the most of your money.

1. Set a Realistic Student Budget

The foundation of smart student budgeting is knowing exactly how much money you have and where it needs to go. Start by listing your income (student loan, part-time work, parental support) and your essential outgoings (accommodation, bills, travel, food). Once you’ve got the basics covered, you’ll know what’s left for extras like nights out or shopping.

Top tip:
Use budgeting apps like Monzo or Emma. Monzo’s “pots” feature is perfect for separating your rent, food, and spending money. Try setting a weekly allowance, say, £45. If you have any left over at the end of the week, move it into an emergency fund for unexpected expenses.

2. Make the Most of Student Discounts

One of the best perks of being a student is the sheer number of discounts available. All you need is your student card, but you can unlock even more savings with dedicated student discount platforms.

• Student Beans and UNiDAYS: Free to join and offer discounts on everything from clothes (ASOS, Boohoo) to tech (Apple, Microsoft) and food (PizzaExpress, Greggs).
• TOTUM Card: The official NUS card, offering discounts on travel, shopping, and entertainment.
• Transport: Get a 16-25 Railcard for a third off train fares, or check for local bus and tram discounts.
• Subscriptions: Sign up for free or discounted trials on services like Spotify, Amazon Prime, and Apple Music using your student email.

Pro tip: Always ask if a shop or restaurant offers a student discount, even if it’s not advertised.

3. Shop and Cook Smarter

Food is often one of the biggest weekly expenses, but with a little planning, you can eat well without breaking the bank.

Meal Planning

Planning your meals for the week helps you avoid impulse buys and food waste. Write a shopping list based on your plan and stick to it. Jack Monroe’s budget recipes are a great place to start for cheap, filling meals.

Batch Cooking

Cook larger portions and freeze leftovers for quick, homemade ready meals. Soups, stews, and pasta sauces are easy to make in bulk and can be portioned out for the week.

Shop as a House

If you live with others, consider shopping and cooking together. Splitting the cost of basics like pasta, rice, and sauces can be much cheaper than buying individual ready meals.

Smart Shopping Tips

• Buy supermarket own brands, they’re often just as good as big names but much cheaper.
• Avoid shopping when hungry, you’ll be less tempted by snacks and treats.
• Don’t pay for convenience, buy whole vegetables instead of pre-chopped, and skip expensive ready meals.
• Use apps like Too Good To Go to snap up discounted food from local cafes and supermarkets at the end of the day.

4. Cut Everyday Costs

Small daily savings add up over the term. Here are some easy wins:

• Make your own coffee: Investing in a reusable cup and making coffee at home can save you hundreds over the year.
• Pack your lunch: Bringing sandwiches or leftovers to campus is far cheaper (and often healthier) than buying lunch out.
• Laundry hacks: Wash full loads, use cold water cycles, and handwash delicates to save money and keep your clothes in good shape.
• Shop second hand: Apps like Vinted and Depop, plus local charity shops, are goldmines for affordable clothes, kitchenware, and even textbooks.

5. Manage Social and Leisure Spending

University life isn’t just about studying, socialising is important, too. But nights out and events can quickly drain your budget if you’re not careful.

• Set a social budget: Decide how much you can afford to spend on nights out each week and stick to it.

• Pre-drink at home: Meeting friends for a drink before heading out can cut your bar tab significantly.

• Take advantage of free events: Join student societies, attend campus events, or explore local parks and museums.

• Don’t stress if you overspend: If you go over budget one week, try to cut back the next. It’s all about balance.

For more detailed advice on enjoying nights out without overspending, check out our 11 Money-Saving Tips for Student Nights Out.

6. Earn Extra Income

If your schedule allows, a part-time job can make a big difference to your student budget. Many universities offer on-campus roles like Student Ambassadors, library assistants, or bar staff, which are often flexible around your studies.

Other ways to boost your income:

• Sell unused items: Clear out clothes, books, or gadgets you no longer need on Vinted, Depop, or Facebook Marketplace.
• Freelance or tutor: Use your skills, writing, design or even tutoring to pick up freelance gigs online.

7. Save on Study Essentials

Textbooks and course materials can be expensive, but there are ways to keep costs down:

• Buy second-hand: Check your university noticeboards, online groups, or sites like AbeBooks for used copies.
• Share with housemates: If you’re on the same course, split the cost of key books.
• Use the library: Borrow textbooks or access digital versions for free.
• Older editions: Often, previous editions are much cheaper and contain most of the same content.

8. Seek Out Extra Support

If you’re struggling financially, don’t be afraid to ask for help. Most universities offer bursaries, hardship funds, or emergency loans for students in need. You can often apply online or through your university’s finance office.

Pro tip:
Luxury Student Homes partners with financial wellbeing platform Black Bullion, who offer advice and support for managing your money. The Black Bullion Funding Hub also provides essential help and guidance in finding scholarships, grants, bursaries and other types of funding.

9. Build Sustainable Habits

The key to successful student budgeting is consistency. Track your spending, review your budget regularly, and don’t be afraid to adjust as your needs change. The habits you build now will help you stay in control of your finances long after graduation.

Ready to take control of your student budget?
Start with one or two of these tips this week, whether it’s meal planning, using a budgeting app, or hunting down student discounts. Over time, these small changes will add up, leaving you with more money for the things that really matter.

Share this guide with your friends and check out our other resources for more ways to make your money go further at university!

Ready to put your student budgeting skills into practice? Explore our affordable student properties today and find the perfect home that fits your budget and lifestyle!