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Student life-after you start

Top tips to save money as a student

Making ends meet on a student budget isn't easy, but there are ways to make your money stretch further. Read our tips for saving as a student.

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CONTENTS

  1. Make the most of the bank

  2. Coupons, vouchers and money-saving incentives

  3. Thrifty shopping

  4. Frugal food

  5. Cheap travel tips

  6. Pay your bills when they're due

  7. Credit

  8. Careful budgeting

  9. Free money advice and support

Worrying about money when trying to study can lead to stress and affect you in many ways, both personally and academically. This year especially everyone is feeling effects of the cost-of-living crisis. Read some strategies of how to manage and save money as a student and avoid student debt.

Take advantage of all possible sources of income

Student funding

Make sure you apply for student finance early and check out what government grants and bursaries might be available. If you have a disability, a child, or are from a disadvantaged background, you might be entitled to extra support.

University bursaries and scholarships may be available if you excel in your subject or come from a low-income family. Charities and trusts can also offer financial awards. Even if you don’t think you’ll qualify for a scholarship or bursary, do check, as there can be some unusual criteria for some funds.

Part-time work and holiday jobs

If you can work in your free time to earn extra money it can help to make your maintenance loans and grants go further. If you’ve paid tax and your overall earnings for the year are below the personal allowance threshold, you can claim a tax refund from the government.

Make the most of the bank

Get the best bank account by weighing up your options. Keep an eye out for features that’ll save you money and check for charges.

Overdrafts

An overdraft is a good safety net to have to ensure you can still pay essential bills if you find yourself short on cash. If you get an overdraft, try to save it for emergencies and not to spend it all, as it can leave you in extra debt when you finish university. It’s better to budget for emergencies in the beginning.

If you're looking for an overdraft, ask yourself these questions:

  • Is the overdraft interest-free?
  • If it is, what are the repayment conditions?
  • Is the overdraft guaranteed?
  • How big is it?
  • Can I repay it?

Bank statements

Keep an eye on your bank statements and regularly track your spending. Checking it regularly as a habit can help you monitor your spending and ensure you don’t get carried away.

Coupons, vouchers and money-saving incentives

With a little research, you should be able to save money on almost everything.

Supermarket coupons or vouchers

Before you shop, check for coupons and offers to use in your supermarket – many stores have apps or loyalty cards with money-saving offers. Also check your receipts for savings on your next purchase.

Student discounts

Shops that offer student discounts usually have a sign on display. The NUS TOTUM card is an excellent investment to help find a wealth of discount opportunities. It can be used online to obtain discounts on takeaways, clothes, dry cleaning, books, music and more.

Other discount cards include Student Beans and UNiDAYS. If you’re doing a degree apprenticeship you don’t need to miss out, as there’s also the NUS Apprentice extra card.

Even if a shop doesn’t advertise a student discount, it’s always worth asking if they do one.

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. 

Textbooks

Textbooks can be expensive, but you can often find used ones for sale. Check the Students’ Union message boards, bookshops close to your campus and online marketplaces such as eBay to find the best deals. Make sure to buy the most up-to-date publications and when you’ve finished with them you can make extra money by selling them on. 

If you're able to share textbooks with other students, you can divide the cost equally between you. Alternatively, your university library should have several copies of the textbooks. You'll have to be quick though, a lot of students will rush to get their hands on these. 

Online shopping

Use the internet to buy and sell on secure sites (ones with the padlock in the address bar). This saves time and money. Online retailers don’t have high overheads, so they can apply discounts traditional retailers can’t. You can also find voucher codes via a quick google search for many of the top online retailers.

Check websites like Freecycle when looking for items, or when you have belongings you no longer need.

Check Facebook Marketplace, Ebay, and Gumtree for clothes and furniture at discount prices. You could also find free items in your area on Gumtree, a great way to do up your accommodation without spending a penny. 

Apps 

You can find great deals for second hand clothes on apps like Vinted and Depop. You can also sell your old clothes, go through your wardrobe and see if there is anything you can part with and make yourself a bit of extra money while you're at it.  

Charity shops

You may not have extra money to donate to charity, but by purchasing items such as clothes and books, you can bag a bargain while helping those in need. You may be able to purchase essentials such as crockery, pots and pans at the fraction of the price of new.

Close Up Of students paying with contactless Phone

Frugal food

You can be thrifty with your food shopping and still eat well. It can be one of the easiest ways of saving money as a student and there are plenty of websites dedicated to cooking on a budget. Check out #onepoundmeals on Instagram or the Cooking on a Bootstrap website.

Make a list before you shop to make sure you don’t buy what you don’t need.

Reduced food

Supermarkets often reduce fresh food later in the day. Look out for these discounted items, as well as food nearing its sell-by date. You can always put these in the freezer.

Cheaper brands

Go for value, basics or savers versions of essential foods. Discount stores like Aldi and Lidl may be cheaper than the major UK supermarkets.

Online shopping

This can help to save a great deal of money, even if you pay for home delivery. When online shopping, deals are suggested to you that you may miss when physically at the supermarket.

Plant protein

Eat less meat and try veggie protein or pulses instead. If you can’t ditch meat entirely, cut down and bulk out your bolognaise (or keema or chilli) with lentils.

Don’t waste your loaf

A lot of fresh bread is wasted because you don’t eat it all. If this happens, put the bread under the tap, wrap in tinfoil and place in the oven at 225°C for around 10 minutes. Remove the foil and place back in the oven for a further five minutes. You’ll have a completely fresh loaf again.

You can also freeze sliced bread while it’s fresh and toast the slices individually.

Communal cooking

If you and your flatmates are happy to agree, you can buy your groceries together in bulk. You could even plan meal schedules and share the cooking to save you money on energy bills too.

Cheap travel tips

Whether it’s the train, bus, a car or a bike, see our tips on how to save money on travel at university.

Pay your bills when they're due

Making payments late can attract extra charges. Make it your mission to pay all your bills on time. This includes your rent, service bills and any other regular payments. It's a good habit to get into and may be one of the most valuable life lessons you learn at uni. 

Bill splitting apps can help you manage bills if you need to split them with flatmates.

Credit

Understand how credit works, and how to use it wisely. The Money Charity has useful advice on what you need to know about credit. Understand how credit scores work by reading more on Money Saving Expert.

If you have a credit card, try to pay it off as soon as possible. At the very least, be sure you pay the minimum each month to avoid charges.

Careful budgeting

If you formulate a budget and stick to it, your finances will be more manageable. There are many free apps you can download to help you.

To help to eliminate the possibility of overspending and getting into debt, set a cash limit each week and draw it out from an ATM, then go out without your bank card.

Free money advice and support

Every problem has a solution. Some solutions may take longer than others but help is available – not just to resolve your debt problems but to help you manage your money better in the future.

Your university and Students' Union will have advisors to help you. There are also free and confidential services you can contact for help. Make sure never pay for this advice. Don’t be embarrassed, the advisors are not there to judge you.

The following organisations and companies offer free money advice and support:

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