5 Top Tips for Saving Money as a Student
Student life can be a very tough financial balancing act. Constant expenditure on bills, food, studying supplies and having fun makes saving money tough for even the shrewdest of spenders.
Without any prior experience of living alone, it can be difficult for students to recognise effective ways to save. This article details five of the most helpful tips for ensuring every pound is spent efficiently. John Moores Student Accommodation offers modern, comfortable living spaces for students, with convenient access to campus and local amenities. Enjoy a supportive environment, excellent facilities, and a vibrant student community.
Tip 1: Save Money on Food
Being resourceful when purchasing food is one of the easiest ways to save a surprising amount of money.
For the best offers on food, shop later in the day when supermarkets begin reducing stock, usually after around 6pm. Signing up for a supermarket’s member scheme is a free way of getting enhanced deals at places you shop regularly.
Purchase a supermarket’s own brands over expensive, conventional ones. They are usually of a surprisingly good quality at a fraction of the price. Create a list prior to going shopping to avoid unnecessary impulsive buys.
Budget supermarkets such as Aldi and Lidl offer the cheapest standard prices of all and are a student’s best friend.
Tip 2: Student Discounts
One of the biggest benefits to any student is the number of deals offered exclusively to them. Many sites exist with the sole function of detailing the best offers available to students and where to find them.
Even when treating yourself, scan the web for student discounts on clothes or takeaways. Many forms of travel offer reduced fares for students, so purchase student tickets where available.
As well as bursaries, some university schemes also offer extra income for those with bills that are unsustainably high.
Furthermore, such discounts don’t just apply online and there are plenty of establishments that offer in-person student discounts.
Tip 3: Budget Straight Away
When that hefty student loan or wage first enters your account, it can be easy to get carried away. It’s crucial you stay economical.
Living in student accommodation in Leeds (or elsewhere) often means covering essentials like rent, groceries, and transport on a fixed budget, so every pound counts. Try to cook your meals instead of constantly giving in to takeaways or eating out.
Withdraw cash when going on a night out as alcohol may encourage you to get overly liberal with your spending.
Put some cash into your savings straight away. Don’t treat this as backup expendable cash and instead save it for emergencies.
Additionally, this is the best time to download budging apps as you’ll be able to see where every pound goes.
Tip 4: Save Money on Books
Books, especially textbooks, can come at an unexpectedly high cost and buying brand new should be an absolute last resort. There are plenty of inexpensive ways to access all pivotal material.
University, local or online libraries may have the titles you are looking for and should be considered first. These are usually free to access.
Sites such as eBay and Amazon have a great selection of used books at a low price. Alternatively, there are cheap dedicated second-hand book sites such as World of Books.
Don’t be afraid to ask to borrow a book from someone on your course or go halves and share. Purchase older, cheaper editions of textbooks, as long as they’re not missing any necessary content.
Tip 5: Save Money on Bills
Choosing the correct student accommodation can reduce the overall cost of living – see Sanctuary Students
Prior to living alone, many students have little knowledge surrounding bills and how costly they can be.
Regarding housing, there are plenty of much cheaper alternatives to student accommodation that won’t detract from the student experience. Remember what your parents have been telling you for years, to turn off lights and don’t leave water running unnecessarily.
In the winter months, try to wrap up warm, only using expensive heating when absolutely necessary.
Although very important, being frugal and cost conscious as a student isn’t easy. There are multiple unfamiliar outlays and budgeting aptly can be very challenging.
Luckily, almost all expenditures can be reduced with the above tips, which makes student life that little bit easier.
Without any prior experience of living alone, it can be difficult for students to recognise effective ways to save. This article details five of the most helpful tips for ensuring every pound is spent efficiently.
Tip 1: Save Money on Food
Being resourceful when purchasing food is one of the easiest ways to save a surprising amount of money.
For the best offers on food, shop later in the day when supermarkets begin reducing stock, usually after around 6pm. Signing up for a supermarket’s member scheme is a free way of getting enhanced deals at places you shop regularly.
Purchase a supermarket’s own brands over expensive, conventional ones. They are usually of a surprisingly good quality at a fraction of the price. Create a list prior to going shopping to avoid unnecessary impulsive buys.
Budget supermarkets such as Aldi and Lidl offer the cheapest standard prices of all and are a student’s best friend.
Tip 2: Student Discounts
One of the biggest benefits to any student is the number of deals offered exclusively to them. Many sites exist with the sole function of detailing the best offers available to students and where to find them.
Even when treating yourself, scan the web for student discounts on clothes or takeaways. Many forms of travel offer reduced fares for students, so purchase student tickets where available.
As well as bursaries, some university schemes also offer extra income for those with bills that are unsustainably high.
Furthermore, such discounts don’t just apply online and there are plenty of establishments that offer in-person student discounts.
Tip 3: Budget Straight Away
When that hefty student loan or wage first enters your account, it can be easy to get carried away. It’s crucial you stay economical.
Calculate how long the sum must last and budget accordingly, allocating a set amount each month. Try to still make your own meals despite the temptation of takeaways or eating out.
Withdraw cash when going on a night out as alcohol may encourage you to get overly liberal with your spending.
Put some cash into your savings straight away. Don’t treat this as backup expendable cash and instead save it for emergencies.
Additionally, this is the best time to download budging apps as you’ll be able to see where every pound goes.
Tip 4: Save Money on Books
Books, especially textbooks, can come at an unexpectedly high cost and buying brand new should be an absolute last resort. There are plenty of inexpensive ways to access all pivotal material.
University, local or online libraries may have the titles you are looking for and should be considered first. These are usually free to access.
Sites such as eBay and Amazon have a great selection of used books at a low price. Alternatively, there are cheap dedicated second-hand book sites such as World of Books.
Don’t be afraid to ask to borrow a book from someone on your course or go halves and share. Purchase older, cheaper editions of textbooks, as long as they’re not missing any necessary content.
Tip 5: Save Money on Bills
Prior to living alone, many students have little knowledge surrounding bills and how costly they can be.
Regarding housing, there are plenty of much cheaper alternatives to student accommodation that won’t detract from the student experience. Remember what your parents have been telling you for years, to turn off lights and don’t leave water running unnecessarily.
In the winter months, try to wrap up warm, only using expensive heating when absolutely necessary.
Although very important, being frugal and cost conscious as a student isn’t easy. There are multiple unfamiliar outlays and budgeting aptly can be very challenging.
Luckily, almost all expenditures can be reduced with the above tips, which makes student life that little bit easier.
