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How to save money as a student?

By FLtt 22 Feb 2021

As a student, we are all keen to make the most of our study years and create fun, new experiences. However, spending too much can lead to stress, anxiety, and the risk of accumulating debt or spending money that you simply don’t have. This week is National Student Money Week, and therefore it’s the best time to review our current expenditure and make changes if we feel like we aren’t doing so well – all without compromising on our lifestyle.

  1. Buy second-hand goods
    Without a question, second-hand goods are much cheaper than brand new items! And as a student, it’s a great way to save money. The best place to shop for second-hand goods is usually charity shops as they offer a variety of different goods, such as clothes, accessories, decorations, and even books! These items go through quite a bit of filtration before they are put on the shelves, so don’t be put off!
  2. Shopping with your flat/housemates
    If you don’t do this one already, it is well worth to get started. Many items, such as milk or bread, may not be consumed by us before the sell-by date. If you are your flatmates all chip in, not only will you be saving money, but you will also be producing less waste! Other items, with longer shelf lives, can also be bought together, such as pasta or rice.
  3. Cut down on takeaway
    Talking about food shopping, another top tip is to cut down on takeaways and ordering food. Of course, it is good to treat yourself every now and then but try not to rely on this as your go-to for eating. Not only do they usually have a minimum delivery fee of at least £10 for most food places, but that one meal will probably cost more than something home-cooked anyway!
  4. Make use of Student Discounts!
    Physical and online stores often provide a percentage off your bill or order if you are a student. All you need to do is register your student email address with their site. I’ve once seen a whopping 55% off on a student discount saving site. And the best bit, it’s free! The most popular student discount sites are Unidays, Student Beans, VC students, and NUS. So, sign up and start saving on clothes, beauty, food, tech, and even gym memberships!
  5. Start a savings account
    If you do find yourself having some spare money, it may be a good idea to put this money in a savings account so you can earn interest on it and watch it grow. You can do this with many banks. One that is currently being talking about now is Monzo. Monzo offers a few different types of savings accounts with automated savings challenges, and roundups too.
  6. Getting a part-time job
    Granted, this one may be a little tricky given the current climate with COVID. However, there are still many recruiters open and searching for jobs. Coventry University has even started posting new job opportunities on their Talent Connect portal again, so keep an eye out!

Other top tips…

  • Meal plan and do your big grocery shop on a scheduled day. This may be at the start of the week or month. This can help you avoid frittering money away on food without realising it.
  • Put money aside for essentials so you’re less tempted to spend it on things you don’t need.
  • Say ‘no’ sometimes. It’s important to have fun at university, but that doesn’t mean you have to do everything right now!
  • Remind yourself of the consequences of overspending without feeling bad but rather an opportunity for self-discipline.
  • If you’re not sure whether to treat yourself, wait a few weeks. If you still want it and can afford it, then go ahead

Topics

Money, Blog,

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