- Money Mentor
Save Money as a Student
Updated: May 16, 2022
In order to save money as a student , you first of all have to identify where all your current expenditure actually goes, and as you will already know all too well, there are many fun things to do that cost money when you are a student...
As you cannot work full time yet because of your study timetables, one of the most important things to bear in mind is the total amount of money that you are spending, So you can identify exactly which areas need to be rained in or trimmed down a little.
If you spend too much you can very quickly accumulate a lot of debt that will ultimately cost you more money to service, and many more years to pay off.
Therefore these 7 great save money as a student tips can really help you and your student buddies get started on your journey to financial freedom.
1. Save money as a student tip 1 – Prepare a budget
Preparing a basic budget is really easy these days, whether you decide to do it on a piece of paper and pencil or with a spreadsheet in excel or even via one of the new apps you can download for free, it doesn't matter.
The key point is to start by making a basic budget As this is the foundation to saving money as a student.
In summary a budget is simply a list of money coming into your account from any activity, and in the right hand column is a list of all of your expenditure both fixed expenditure such as rent and bills, and variable expenditure such as social nights out meals cinema trips and so on.
Once you have tracked back for two or three months you will easily if you're if it is in a gypsy debt or credit are you whether you have been spending more than comes into your account. Once you have established this position you can then take action to correct it.
2. Save money as a student tip 2 - Cook at home
As you will already be well aware eating outside is one of the most expensive things you can do, especially when you study in a big city such as London, Manchester or Bristol, where restaurants are very expensive.
If you go shopping in bulk, perhaps with your house mates, and then make your meals Also in bulk, you will save a lot of money and time. Therefore try and cut down on The number of times you eat out, and it will save you a lot of money over your student days.
3. Save money as a student tip 3- Buy second-hand goods
It can be considered a bit of a cliché, but buying second-hand goods can be a great student money saving technique since the cost of items is usually far lower than brand new items. by browsing through your local charity shops you may be surprised by some of the relatively high quality and even knew items that find their way into the charity shops whether that is clothing books or other produce, there are plenty of second-hand bargains to be had.
4. Save money as a student tip 4 - Reduce spending on entertainment
No one is saying to cut out entertaining and fun completely, but one of the most costly entertaining activities a student partakes in is generally the evening night life in the pubs and clubs.
Pubs and clubs are very expensive these days, so a cheaper alternative form of entertainment may be things such as house parties where you can bring your own drinks and food, Or even some form of entertainment that doesn't actually cost any money for example sightseeing around your new city of residence or visiting the museums or art gallery's that often allow free admission or at worst a discounted admission for students.
5. Save money as a student tip 5 – Negotiate on all bills
There is no harm in trying to negotiate on literally all bills that come your way. They may be in the form of a new mobile contract or tariff Sky TV Netflix or the like or even be rent on your property, these are all potential opportunities to shave off a few pounds and therefore save yourself some money.
If you don't try it you will never know, and occasionally some people will agree and you will have saved a great deal. For example, if you are a really reliable rent payer then you may be able to squeeze a few pounds off your rent if your landlord really does appreciate you being in the premises and being a good player.
6. Save money as a student tip 6 - Live near the university
Living near the university is another great student money-saving strategy. Transport costs these days be very expensive, with can for you travel by car or rail or bus, travel expenses seem to increase by more than inflation each and every year.
By living within walking distance of your university and general entertainment area, you can save hundreds if not thousands of pounds each year by simply not having to travel anywhere by any other means than your own two feet.
7. Save money as a student tip 7- Look for discounts
In this day and age and apps all around us there is no excuse for not looking for discounts and coupons when you are out and about.
Whether you are eating out at a restaurant or takeaway, or shopping for new clothes or even electronics or furniture for your knew premises, there is usually a discount code that can be applied to your purchase of anywhere between 5% to 50% if you look hard enough.
A very quick Google can easily save you 10 to 20 pounds off your next restaurant bill.
8. Save money as a student tip 8 - don't pay too much interest on your debt
Most students will get into debt during their studies as that is often parts and parcel of the experience. However, do make sure that you are taking out an appropriate student loan at a reasonable and discounted rate, perhaps through the UK government, as opposed to any other institution that may seek to capitalise on lending money to vulnerable students.
If an interest rate is much above 1 two or three percent at the time of writing then that is probably too much, if you are being charged 5% or more then that is most definitely something you need to consider doing something about as that debt will snowball to an unimaginable level within a very short few years of studies.
Save money as a student tips conclusion
In conclusion of this save money as a student tips blog, whilst it is very hard to save money as a student, since there are so many exciting things to spend money on, having a bit of knowledge of where you can cut down on will at the very least minimise the debt you carry forward into working life, or even mean you end up with a little bit more, if you also add in a job or two to the mix, but that’s another blog altogether.