Savings for Students
How much does a university student spend on average? £680 a month. Now whilst that might not sound particularly excessive, it’s still a few hundred quid above their student loan. Of course there are lots of ways and means students can make up the shortfall, but cutting the cost of university life whilst maintaining the same lifestyle is the Holy Grail.
Well, guess what? It’s been found. And what’s more, saving money as a student is really easy! Here are 7 easy ways to get you started.
7 Easy Ways to Save Money as a Student
Make money from the bank
Still choosing which bank to go with? Students should always go for the bank account with the largest interest-free overdraft, which can be as much as £3,000.
Now you need to resist all temptation, be bold and squirrel it away in an instant-access savings account. If you really need to use any of the overdraft, it’s there, but seize this rare opportunity to make money from the bank!
Wise up on student discounts
Just like with the banks, students get preferential treatment when it comes to high-street shopping. Flash that library card wherever you go and watch the savings pile up.
Whether a store advertises a student discount or not, always ask. If you’d rather find out before reaching the cashier, search this huge student discounts directory.
Save on travel
Well, wouldn’t you know? Along with OAPs, students are the darlings of transport operators. If you use the train more than a few times a year, invest in a 16-25 Railcard to save one-third on any fare.
Most bus operators in university cities also offer student bus passes. These make getting about university easy whilst saving you a small fortune over the course of a year.
Learn a few recipes
Let’s face it, takeaway pizza is amazing, but unfortunately it’s also incredibly expensive! Knowing how to rustle up a tasty spag bol not only satisfies your taste buds, but will make you friends and stretch your pennies too!
Cooking is much easier than it gets credit for. There are countless student cookbooks out there, but all you really need is the Internet. Write down a few easy recipes before you head off to university and you’ll be set on a frugal and healthy road.
Buy second hand
When it comes to buying anything from books, bicycles, clothes to cars, you’ll make the biggest savings when you go for second-hand.
Look out for student markets and car boot sales, step into your local charity shops and browse websites such as Preloved to catch some real bargains!
Cut the cost of bills
If you’re moving into a student house this year, some of the biggest savings are to be had with utility and energy bills.
Spend time hunting down the best deal before returning to university, and remember that it’s often better value to bundle services with one provider.
Refer to this student bills page which not only offers great advice but shares the best deals right now on everything from broadband to gas and electricity.
Apply for grants (free money!)
Student funding can be the biggest way of cutting the cost of university. Every year millions of pounds of funding is available to UK students but much of it remains unclaimed. With fees up this year, there’s more financial support than ever before. Even if you don’t think you’re eligible, it’s well worth applying for the various grants and bursaries.
For more information on student funding, and managing your money at university, download the free
Second Hand Student Savers
Star Car
Looking for a cheap motor with effortless eye-catching appeal? You're only young once, so this fab and fun French classic 2CV is a must-buy for zipping from halls of residence and lecture rooms.
Cut-price Kitchen Kit
Get your kitchen kitted out with everything you need to cook up a storm, from pots and pan, sandwich toasters and other kitchen appliances, to pukkah recipes from recipe books all at very tasty prices.
Dress to Impress for Less
Whatever your style, snapping up some nearly new fashions is a great way to get the latest looks and timeless vintage threads at knockdown prices.
Low Price Laptops
A laptop is an essential for any students' studies, with the portability that lets you work wherever you want – from library to Student Union bar! Opting for a hardly used piece of kit will make your money work just as hard as you do.
Get into Gear
Jump in the seat of a second hand bicycle and you'll instantly be cutting your travel costs, keeping in shape and beating the jams in town.
Wise Words
It's time to hit the books hard, but how to do it without also leaving a serious dent in your bank account? Easy, from paperbacks and hardbacks to academic titles buying secondhand is a real success story.
Owen Burek is the founder of student money site Save the Student, one of the richest resources freely available to students.
The website was started in 2007 in response to the growing cost of university and a lack of money education for young people. With tuition fees on the rise again, there is more need than ever before to support new students and graduates when it comes to money.
You'll find a wealth of free advice from other students, graduates and finance experts on Save the Student. New articles are published everyday, along with comparison tools, great money saving deals and hundreds of student discounts.
Earlier this year the team published The Essential Student Guide to Finance, the highly acclaimed free eBook available for any student to download. This easy to read book contains all the important financial information and practical advice that all university students really need to know.
