Student Money Saving Tips
Students don’t often have a lot of spare cash, but anything you can do to put a little away for a rainy day can help. Saving is easier than you might think when you approach it in an organised way, which is what this post is all about.
We’re going to share some practical, actionable student money saving tips. Ways to save a little for emergencies without forcing you to go without.
Use one, use them all, but make sure you put something away for a rainy day!
Create a student budget
The key to money management is to know where it all goes. That begins with a budget.
We appreciate budgeting isn’t the most exciting task in the world, but it can make student life much more bearable and is one of those life skills you’ll use for the rest of your days!
Use a free spreadsheet to create your student budget.
Create one column for income and list income from parents, wages, student loans, bursaries, grants, scholarships and anything else you have coming in.
Create another column for outgoings and list everything you’re paying out. Include food, phone, student accommodation, tuition fees, rent, bills, travel, books and any other regular expenses.
Add both columns up and subtract your total outgoings from your total income.
Hopefully you’ll have something left over each month!
That money left over is what you can use for going out, clothes and discretionary spending. It’s also where your savings will come from.
Save little and often
We would recommend setting a reasonable sum you can save each month and send it to savings using a direct debit or standing order. It doesn’t have to be much, but make it something.
Have it leave your account when you get paid or when you receive your income. That way, you’ll not see it and won’t miss it when it’s gone.
You can start small and increase it as you go or add lump sums when you get paid.
Skim a little off the top
Skimming is a useful way to save money regularly without having to do without. By simply rounding up and putting the difference into savings, you can amass a decent rainy day fund.
For example, if something costs £18, round the spend up to £20 and put the £2 away.
It may not sound like much, but do this regularly and you’ll soon see your savings grow.
There are apps that can help with this if you think you’ll forget.
Use your student discounts
No other part of society is offered as many discounts as students, so it would be rude to not take advantage of them. Get any and all relevant student cards and ask for student discounts wherever you go.
It’s the only time brands will actively offer discounts like this so don’t be afraid to ask.
With many brands offering decent discounts on everything from socks to smart TVs, it’s the perfect time to save!
Choose your student accommodation carefully
If you’re not staying in halls, be savvy about student accommodation. Try to balance quality of life with cost and try to get maximum value.
You’ll quickly find that many private landlords offer cheap student rooms but only a few will offer good quality cheap student rooms!
Accommodation is one of your most significant outgoings and can have a huge influence over how much you enjoy being a student.
Spend as much time as you need making sure you’re getting a good deal.
Used is the new new
Buying new is fine when you’re shopping for bedding or underwear but you can buy perfectly good used products for most other things.
Buy your books from university book sales, buy clothes from charity shops or vintage stores, buy most other things from eBay and check out car boot sales for housewares, books and most of life’s basics.
Buying used is a great way to get what you want without spending a fortune, which is why it’s so popular.
Plus, it’s the ultimate in recycling. Giving another life to something means avoiding landfill for another few years, which is good for everyone!
Go food shopping in the evenings
Even though many supermarkets are now open 24/7, they still discount food in the evening. From around 6pm onwards, you’ll see discounts on fresh food, sandwiches and items close to their sell-by date.
It’s a simple way to get good food for less.
Switch and save
One of the benefits of an open market is that competition is everywhere. Whether you’re looking for a new phone contract, car insurance, energy, bank account, internet or anything else, comparison websites are your friend.
Make sure to use more than one though. Each comparison website has their own deals and won’t always be a whole market comparison.
Compare everything you pay for to make sure you’re getting a good deal.
Don’t pay for software
Unless you need a specific program for your course, you should never pay for software.
For every premium program there’s a viable free (and legal) alternative. Think Google for office, Malwarebytes for free malware scanning, Comodo as a free firewall, Windows Defender for antivirus, VLC for video and the thousands of free apps out there that offer everything you could possibly need
Use cashback websites
Even though many supermarkets are now open 24/7, they still discount food in the evening. From around 6pm onwards, you’ll see discounts on fresh food, sandwiches and items close to their sell-by date.
It’s a simple way to get good food for less.
Use cashback websites
If you mainly buy stuff online, you should check out the many cashback websites out there. Think TopCashback, Curve, Quidco and Swagbucks among others.
You surrender some personal information but you also get cashback on all types of purchases. If you’re buying anyway, why not get a little back?
Those are just a few of the many ways to save as a student. We’re sure you can think of others, so why not share them in the comments?