Money saving tips for students
Learning how to save money as a student is a valuable life skill that will serve you well in the future. Of course, it’s easier said than done, which is why we’ve explored a couple of nifty money saving tips below.
Create a budget
Out of all the money saving ideas out there, mastering your budget is probably the most important.
Draw up a budget that outlines all your income sources - like cash from your student loan, part-time job or parents - and then calculate all your fixed and variable expenses. Your fixed expenses would be set monthly bills like rent, groceries and utilities, and your variable expenses would be money for toiletries, travelling or going out.
Try to put some money away in your savings account each month as well - it’s always a good idea to have an ‘emergency fund’ just in case.
Try to stick to your budget each month, tracking all your spending and flagging where you think you may be able to save. You might also find it beneficial to use a budgeting app, set limits on ATM withdrawals and arrange an overdraft limit in case you need some financial flexibility.
Practice your cooking skills
Eating out has become quite expensive, so one of the best ways to save money in the UK is by opting to cook at home. As a student, it's not only a good way to save some cash but also to develop your culinary skills.
First, be thrifty with your food shopping. Look out for discounted offers and fresh food that’s often reduced towards the end of the day. Plus, you can find some savvy meal deals at stores like Sainsbury and Tesco.
Another tip on how to save money as a student is to use your freezer if you decide to buy in bulk and take advantage of websites dedicated to cooking on a budget - StudentEats and Beat the Budget are our favourites. Learn about how to meal prep to save your time.
If you need some recipes, join our SupperClub, where you can even bag some freebies in our giveaways. Find out more information about how to eat on a budget here.
Use student discounts
Many supermarkets in the UK have loyalty cards that allow you to accumulate points and get regular discounts or coupons. This may be the case for other local businesses like dry cleaners, bookstores, cafes or cinemas - do your research and see what student discounts you could get.
You can take advantage of sites like StudentBeans and UNiDAYS, which offer discount codes for lots of brands and products.
Keep an eye out for cashback opportunities as well - this is when you sign up to finance products (instead of going directly to the company) and get cashback rewards. Although a popular tip on how to save money, always read the fine print before doing this.
Remember to take advantage of student discounts when travelling. Opt for a ‘16-25 Railcard’ which allows you to get a third off eligible train fares and book your train and flight tickets through third-party websites that offer seasonal discounts.
Go thrifting
Another great tip on how to save money as a student is to thrift. The UK is known for having some trendy thrift stores, so you’re bound to find some cool things in your neighbourhood.
Not only is thrifting good for your budget, but it’s also a really sustainable way to shop. Of course, thrifting doesn’t just have to be clothing - you can thrift textbooks and even furniture nowadays.
Next time you need something for a party or have to replace an old sofa, check out your local charity stores, Facebook Marketplace or websites like Vinted or Depop.
Save on student living costs with iQ
When it comes to student accommodation, choosing your home with iQ will mean your bills and wifi are included. You’ll also be in a great student hub that’s close to uni, so you’ll save loads on travel and going out if you use the social spaces on site.
Need more information? Contact us and chat with our friendly team today.
