Amongst the money management tips for students that we’ve looked at before, few will matter as much as finding the room for savings. Effectively, a student’s income is fixed. You get the maintenance loan you get, maybe a bursary or two, and you have to make sure you don’t spend it all too quickly. If you pick up a part-time job, then that will help you even more, but many don’t have the time to hold that down. Here are some of the big savings you should be looking to make while living your uni life.
Plan your food shops out
It’s easy to end up letting your shopping cart get away from you when you’re out grocery shopping. You see one thing you want, leading to another thing you want and while you might be enjoying a feast later, you’ll end up paying much more than you should. Instead, you should plan your shop ahead of time so you know exactly what you have to pick up, and you can ignore all the rest. Meal planning apps like Yummly will help you get a good idea of ingredients you need, and you can budget for meals ahead of time by looking at the online store if you’re shopping at one of the larger chains in the country. This can help you know what you’re going to spend before you spend it, so it’s easier to find wiggle room ahead of time.
Know how to get around for less
How well you are able to save on your transport will depend partially on where you’re going to university. However, many universities are in student cities or have a community that revolves predominantly around the campus. It’s often a better idea not to bring a car unless you’re getting help paying for it. If you’re using public transport such as the train, then you should look at things like the 16-25 railcard. You can pay £30 for a whole year’s worth of travel, cutting the cost of rail travel by a third for each journey. For local, in-town trips, buses are much cheaper than taxis on average, too.
Always, always ask for a student discount
A lot of shops, especially those set up in university cities or around campuses, will offer a student discount. Often, all you need to gain access is to show your student card from the university. This can help pay for clothes, food, and a whole range of services and goods. Furthermore, it’s important to bear in mind that student discounts aren’t always widely advertised. Don’t have any shame about asking upfront whether they have that discount or not. If you live near a shopping centre that you use regularly, you might want to consider looking for a job at one of the shops there. It’s not always the case but you might be able to get a staff discount that applies to a range of businesses in the centre, not just the place you work in.
Look for deals you can get on utilities, as well
Your student card is going to open a whole new world of discounts to you. However, it’s a mistake to think that those discounts are only going to count towards clothes, eating out, club entry, and other frivolous things. It can also apply to some utilities and frequent bills you have to deal with. For instance, student plans from SMARTY and similar mobile sim providers can help you dramatically cut down the costs associated with your phone. You’re not likely to find too much in the way of savings when it comes to gas, electric, and the like, but the less “essential” utilities are more likely to have student deals available.
Never buy books for your course first-hand
Textbooks are expensive. In fact, they might be one of the priciest things you buy during your entire time as a student. It’s important to be aware of which books are truly necessary to buy. Look at both the uni library and your local library to see which of those textbooks they have on offer. If you can’t find them anywhere else, then getting AbeBooks deals for cheap textbooks and using other sites and buy/sell/swap groups can be a lot of help. Just make sure you’re not getting out of date textbooks.
Staying connected
Broadband bills can be pretty hefty when added to the average student budget. When thinking about how to get online, you should look at the different options available from places like Broadband Choices. For instance, you can look at shorter contracts and go for lower download limits to help cut the costs, even if it does limit how you use the internet. Otherwise, if it’s proving too expensive, then you can get all the internet you need free from the uni, often in the library, or you can use the wifi available on the high street, be it in a cafe, pub or otherwise. You might have to buy a cup of coffee to justify sitting there for an hour but that’s not too bad a deal.
Pay your bills
You want to make sure you don’t land in financial hot water? Figure out what your bills are and make sure you pay them before you end up spending all your money on other stuff. Get a good idea of how much you spend on utilities and rent per month and start setting that money aside at the start of the month instead of trying to raise it whenever it’s due. There are plenty of energy-saving tips you can look up to reduce your monthly bills, but it’s more important to ensure that you don’t spend money that should be set aside for them.
Savings aren’t the only way to manage your money, but it’s an important habit to get into. A lot of students end up misusing credit and getting into debt early because they don’t know how to save. Don’t let that happen to you.
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