Budget, budget, budget…
Whether it’s your first or your third freshers’ week, the temptation to spend is everywhere – not least at the union bar. Problem is, you will need cash left until the end of term unless you want to become a starving recluse. Here are ten great money saving tips to budget your money better for old and new students alike…
1. Budget especially during the first weeks of term
With the student loan fresh in your account, the temptation to spend is guaranteed to be higher than ever. Proceed with caution!!
Someone organises a fancy dress party: you splash out on an expensive new costume. You need a new hobby: you acquire a selection of stamps… It’s hard to budget when you’re keen to have fun but it is worth holding off on extravagant spending early on. Why not check out the latest student budget apps to make sure you have something left to spend.
2. Plan meals in advance
Walking back from a lecture, you’re likely to want to pick up lunch and a coffee with friends. Harmless enough as a one-off but if this become too much of a habit, it will significantly impact your finances.
Preparing food at home is a great way to save money over the week, and there’s no need to cut back on the ingredients you love if you budget correctly.
3. Enjoy student discounts
Congratulations – you are now eligible for a ridiculous number of discounts. This doesn’t mean you should be increasing your spending just to enjoy them, but it does mean savings can be made when you do go shopping.
NUS Extra cards cost £12 for the year, and open the gates to over 150 offers and discounts. Odeon cinemas offer 25% off tickets, while retailers like ASOS and Topshop discount student purchases by 10%. Be sure to check the list of offers before registering for a card: it’s only worth buying if you are likely to use it.
4. Travel Smarter
Heading home for a weekend or visiting friends at other universities can be a costly affair. It doesn’t have to be…
The 16-25 railcard can get you up to a third off rail travel and National Express offer great rates and student discount on their coach fares. If driving is your preference, you could offer seats to paying passengers; recouping a third of your petrol costs for each person you take on board.
5. Sell, sell, sell
Your textbooks are surprisingly valuable, so when you’re sure that a book’s future is to sit and gather dust, head to Amazon to trade it in for a gift card. The same applies to your clothes. Rid yourself of fashion faux-pas at eBay, or head to the ASOS marketplace if you think they’re worth a bob or two.
6. Money saving tips online
Once you’ve arrived at university, chances are you’ll spend more time online than you ever thought possible – generally at 1am. As you’re already connected, make the most of your browsing time by heading to studentbeans.com or studentmoneysaver.co.uk for offers, discounts and budgeting tips.
Buy non-branded
We understand that there’s something less than glamorous about supermarket value ranges. Don’t let that stop you – the quality is often indistinguishable from that of branded produce. Avoiding the household names can mean a hefty saving on filling the fridge, so you’d be wise to look beyond the labels.
Next time an all-nighter leaves you with a headache, remember that the same principle also applies to medicines. Branded pain killers can be significantly more expensive than supermarket versions, which often sell for less than £1 and contain exactly the same ingredients.
7. Avoid the kebab shop
You’re on your way home from another night of dancing and trying to converse over a deafening beat. It’s time for something greasy, and you can already smell the kebab shop on the crisp morning air …
Stop! Adding fast food to each and every night out is going to take its toll, not only on your waistline, but also on your finances. Indulge in some cheesy chips from time to time, but if you’re serious about saving money, try returning home to a bowl of cereal or some good old cheese on toast.
8. Get paid to do stuff
Shouldn’t that say ‘get a job’? Well, sort of – but we’re aware that not every university gives you time to put your all into studying while working in a bar along the way. If you think you can balance it, by all means apply for a job. If you can’t, try taking part in paid online surveys or market research focus groups. After all, everyone secretly loves a good survey!
Ipsos rewards users for completing surveys online, offering vouchers from the likes of Amazon and John Lewis. If you have a little more time, a focus group like Saros will pay £30 to £100 for two hours’ work – a welcome boost to your budget.
9. ‘Pre-drinks’
We’re not advocating drinking, but you’re a student now, so we suspect you’re doing it anyway. Take our advice on this, though – you’ll save money if you drink before going out. Your local supermarket is almost always going to beat student bars on price, so buy accordingly, and start your evening at home with friends. Bonus: you’ll actually be able to hear what they’re saying.
10. Shop around for course books
We all know a large part of a students budget is usually spent on text books. With prices going up to over £100 a book trying to save on this expense is essential! There are many alternatives to paying full price for your texts books. The most convenient being second hand books. There will be second hand text books shops around all major universities, but here are some links to see how much you can save by shopping around! –
