Your maintenance loan has just landed in your student bank account… what a feeling!
After you’ve splashed some cash and treated yourself to some brand-new trainers, here’s how to make the rest of that money last.
Track your spending. You can gain a better understanding of how and where you spend your money by doing so. Knowing this information will help you design a weekly budget. There are apps that can help you do this. Alternatively, you can create your own spreadsheet if that’s easier! Everyone’s finances and circumstances differ, so don’t pay attention to others’ spending habits. Stick to your budget as much as you can. You’ll thank yourself in the long run when summer rolls around.
We all love a Nando’s or a McDonald’s… but, when you’re trying to save money, a fake-away can be just as tasty. What’s the real difference between a Domino’s and a pizza from your freezer? A lot of fast-food recipes are easy to replicate, and you’ll save a lot of money by eating in – cooking can be a great bonding experience, too! The university campus or halls of residence often put on free activities for students to enjoy without having to fork out. Things like movie nights, yoga classes, and campus sports events are all great fun.
Another money-saver is planning your week’s meals. This results in being able to do a weekly shop instead of popping back and forth to Tesco Express every day. Try and do these shops at budget friendly supermarkets like Lidl or Aldi which offer great quality produce at excellent prices. Instead of spending £3.60 on a daily meal deal, maybe prepare some leftover pesto pasta or a sandwich to bring to campus. Similarly, it’s worth investing in a good flask to keep your homemade coffee warm all morning, instead of spending a further £3.50 on a flat white!
Students get good deals on public transport. Be sure to ask for a ‘Student Single’ when boarding the bus. Even though busses are reasonably priced and incredibly necessary to escape the British weather, tickets costs add up over days, weeks, months and even years. Could you walk, run or cycle to campus? It would help to avoid traffic jams and crowded public transport whilst also helping you get your 10,000 daily steps. If you have to use public transport, student travelcards are a great option. Similarly, it could be worth investing in a 16-25 Railcard for 33% off all train tickets. Some UK banks will even provide railcards to students who bank with them for free when they sign up!
Take advantage of your identity as a student. Student Discounts are offered in loads of establishments across the UK – cinemas, supermarkets, restaurants, cafes, bars. Be sure to download all of the biggest apps to maximise your savings – UNiDAYS, Student Beans, Totum. It’s easy to sign up and you’ll benefit from discounts from major brands and retailers!
You can definitely have a social life while saving money – making memories is what university is all about! When you are going out-out, try and do it on a student night. A lot of clubs and bars will offer discounted entry and concessions on drinks with a valid student ID. Keep your eyes peeled for these events, as they typically happen mid-week when venues are less busy.
If you want to earn money, a part-time job is always a great idea. Apply to roles that will let you prioritise your studies. Flexible roles like bar or event staff, baristas or jobs in retail are all great options. Establishments like Tesco, Sainsbury’s, Waitrose, Café Nero and Costa Coffee are some of the biggest student employers in the UK. Jobs on campus can also be really convenient, too. When you’re working, you’re not spending!
Here’s a link to a few webinars explaining all you need to know about Student Finance. Budgeting is a normal part of student-life and a great way to begin learning about financial responsibility. By making a few smart decisions you can be confident with your budgeting and have a fantastic time at university!
