- Budget as soon as your loan comes in. We get it. As soon as your loan has dropped into your bank account, it’s hard to ignore that little inner voice screaming at you to “TREAT YO’ SELF!” – resisting the temptation to do so is nothing short of excruciating. But trust us when we say that budgeting as soon as your loan hits your bank account is absolutely crucial for saving your pennies at university. Seriously. Before you do anything else, set aside money for your essential expenses such as your rent, utility bills, food shop and any savings. As a result, you can be sure that all of your expenses will be paid and you’ll know exactly how much you have left to spend how you want to.
- Avoid using credit to pay your bills – While it may make things easier now, using credit only increases your monthly payments in the future.
- Separate wants from needs. Do you really need to go to the pub every night? Try to prioritise when money is tight.
- Cut down on take-away ordering. Even if the meal is not expensive, doing it frequently can really add up. A £10 pizza once a week will cost you over £500 a year!
- Take advantage of student discounts. Don’t forget to check your discount before you check out! One of the greatest perks of being a student? Your student ID. Not only does this card entitle you to discounts in a wide variety of retail stores, restaurants, and cultural institutions, it can also get you big reductions on tech products from Apple, Adobe, and Microsoft. Use your discounts wisely and you can make some big savings.
- Take on a side hustle –An excellent way to save money in Uni is to take on an extra job or two alongside your studies. Although a great deal of your time will probably be spent with your nose deep in a textbook, you can likely afford to spend 15–20 hours a week earning a bit of cash on the side.
- Plan your meals in advance – By planning your meals in advance, you can get a good estimate of how much your ingredients will cost so it’s easier not to go over budget as you shop. It also means that all the ingredients you buy, you will use. A staggering amount of household food waste is thrown away every week because of poor meal planning. When you start to equate throwing away unused food with throwing away money, it’s easy to see how having a meal plan can end up saving you a lot of money in the long-term.
- Thrifty Shopping – Buying second hand is not only good for your pocket, it’s good for the environment too. If you can’t find what you need second hand, there are plenty of online bargains to be found.
How to save money as a student?
