Money Saving Tips for Students
Typically, students aren’t known for having loads of disposable income, and many have to penny-pinch in order to make ends meet. If you’re worrying about your finances and want some useful tips on how to better manage your money, read on for great advice and links to further reading.
Start Right by Banking Well
Did you know that there are special bank accounts for students? Provide the bank with a UCAS letter of confirmation to prove that you qualify, and get ready to reap the benefits. Some student bank accounts offer a 0% interest overdraft, while others give away free goodies such as Railcards, Amazon gift cards and other great deals. Read more about student bank accounts here.
With long holidays (2 months for summer, woo hoo!) and lots of time off for study (‘reading week’, otherwise known as vacation-here-I-come!) there are plenty of opportunities for students to travel or to visit home. However, being in full-time education means you don’t have much time for work, and therefore don’t have much time to earn the cash to travel. But following these handy travel hacks, you can still get out of town even if you’re on a tight budget.
- Great ideas for getting a good deal on train travel include booking ahead, split tickets, singles over returns, rail cards, season tickets, cheap deals, price prediction hacks… there are so many ways to beat the system (completely legally) and cash in. For further information on getting the best from your train travel, click here.
- While you rarely find student deals for plane flights or when booking hotels, there are lots of ways you can save money when travelling further afield. Universities don’t always have the same holidays as schools, and so if you can avoid travelling during these peak times, you’ll be sure to save money. Make sure you check out price comparison websites for the best deals on flights, accommodation and packages.
Manage Your Money
At the start of term, you might feel as if you’re on top of the world – you’ve got more money in your bank account than you’ve ever had before, and unlimited things you want to buy. However, this is one of the most dangerous times you’ll ever experience in your financial life. It’s all too easy for students to flush money down the drain before they’ve realised what’s happening, only to reach the end of the term and have no money in the bank and nothing to eat in the cupboards. That’s why it’s so vital that you get a handle on your finances early on, and plan how you’ll be budgeting.
There are plenty of Apps and tools you can use to help you work out your budget. You’ll look at money you have coming in (student loan, parents, part-time job) and all the money that will be going out (rent, food, bills, travel, shopping, etc). Using a budget planner will take the hard work out of analysing your finances and help you get to grips with your money.
It’s better to spend sensibly and then really enjoy yourself when you have money left over, than to go out and enjoy yourself to the point where you’re worrying endlessly because you can’t afford to pay the bills, so get organised. For top tips on how to manage your finances and recommendations of which budget planners to use, click here to read more.
Hearth and Home
With Student Rooms 4 U, our Plymouth student accommodation includes your bills (to a limit).
Also, remember that there are plenty of ways to save money on bills and other expenditures, and once you get into good habits, they’ll stick with you for life:
- Turn off lights and appliances when not in use to cut electricity bills
- Use the washing machine during economy 7 time
- Buy cheap food reduced when going out of date, or when on special offer
- Take showers instead of baths to reduce water usage, and reuse water for watering plants/the garden
- For other bill-cutting tips, click here
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