Life as a student can be hard, especially when it comes to managing money. If you aren’t sensible with your money when you’re studying, you’re going to run out sooner or later. Most people aren’t fortunate enough to have their parents supporting them when they are studying, and instead, rely on student finance and part-time jobs, neither of which pay very well.
If you learn to manage your money as a student, it will benefit you for the rest of your life. This article will tell you a few tips that you can use to save money as a student:
Use Student Discounts
You can get student discounts on more or less everything. It’s a surprise that more students don’t use these handy codes. You can get savings on your groceries, take out food, and even clothes. If you are interested in discounts, then explore this list of student discounts and try some of them out. If you are going to use student discounts, try to double up with other vouchers and discount codes. Doubling up will allow you to maximise your savings. You could also consider buying high-value items like computers with a student discount, then selling them for their original retail price online.
Staying At Home
If you live close to your university, then it’s best to stay at home instead of moving into student accommodation. While student accommodation is a very big part of the ‘student experience,’ it is also very expensive. The best way to save money is to stay at home with your parents and commute to university. Student accommodation can cost thousands. While living at home may be boring, it will save you a lot of money on rent. You can then use this money to enjoy yourself, see your friends, or save up for your first house.
Loan Budgeting
As soon as you get your student loan, work out a budget. Lots of people receive their loans and immediately treat themselves to fast-food, designer clothes, and nights out. If you want to make the most of your money and save as much as possible, work out a budget and stick to it. If you are living in student dorms, then you will need to work out a food budget. If you are going to go out partying as most students do, then factor this into your budgeting. Set aside a specific day for partying and limit the amount that you spend. Partying is a very easy way to fritter away one’s money.
Student Savings Accounts
A good way to save money is to open up a student savings account. These accounts are a good way to earn money and look after your cash. In addition, student savings account usually have lots of benefits, from regular promotional offers on food to discounts on vacations. You will also want to find an account that offers an interest-free overdraft. As a student, the chances are that you will go into your overdraft once or twice. If you accrue interest every time you dip into your overdraft, you will never be able to save your money. An interest-free overdraft can come in very handy in emergency situations.
Finding Work
You can work while receiving student loans, provided that you live away from home. A good way to save money while you’re studying is to pick up a job. In university towns, there are no shortages of bars, restaurants, and coffee shops. All of these places will likely be looking for students to hire. Finding work shouldn’t be difficult at all. Any money that you make from work, put straight into your student savings account. If you don’t have one then at least deposit it in your bank account so that it isn’t sitting around waiting for you to spend it. Make sure to find a job that you can balance with your studies, however.
Leave Your Card
Another way to save money is to leave your card at home when you go on a night out. Many students bring their cards along with them, which is a big mistake. When your card is at home, you can’t spend any money. If you bring your card with you, however, you can exceed your budget massively. Make sure to take the cash you need with you and leave your card safe at home. Try to avoid returning to collect your card during the night also. If you run out of money, then take it as a sign that the night has come to an end.
Food Shopping
Experts recommend never food shopping when you are hungry. When you shop on an empty stomach, you’re more likely to make impulse purchases. Shopping when you’re not hungry will allow you to avoid making impulsive purchases and to shop more carefully. Make sure that you write up a shopping list when you are at home and stick to it. Try to avoid buying snacks as a student, because they go fast. Buy ingredients for meals and try to cook once or twice a week in bulk. You can freeze your meals and then heat them up every day.
Group Cooking
Another good way to save money is to cook with your housemates. When you cook as a group, you all pitch money in. This allows you to save money. In addition, you can also buy more ingredients and cook larger quantities of food. You can then, as we mentioned previously, freeze these meals and eat them later in the week.
Textbooks
Textbooks can be incredibly expensive. At the start of the school year when you receive your reading list, don’t rush out and buy textbooks. Instead, wait a while and figure out which texts are absolutely necessary, then try to buy them second-hand. You can also see if the college library stocks them, which they likely will. Make sure to ask older students you know to borrow their textbooks from when they were in your year.
Saving money as a student can be hard, but it isn’t impossible. If you follow this article’s advice then you will be able to minimise your expenditure and maximise your savings. Make sure to use your money wisely when you are a student. If you get into the habit of spending it fast, you will never have anything and won’t be able to enjoy university.
