5 Easy Money-Saving Tips For Students
Going to university can be an exciting, yet daunting experience, especially if you choose to live away from home. For many, it is likely to be their first time living away from home however, with all this new independence comes responsibility, particularly when it comes to managing money.
While it may be tempting to spend your student loan all at once, it is important to budget, spend wisely and save money where you can! Here are some of our top money-saving tips for students:
- Budget as Soon as Your Loan Comes In
It’s a great feeling when your student loan comes into your bank account, however, it can be very tempting to spend it all at once. It can be hard to budget this money, especially when you want to go out and enjoy yourself, but it’s worth it!
Before you spend anything, work out how much you need to set aside for your essential expenses such as your rent, food and utility bills. Doing this will allow you to ensure that all expenses will be paid, and you know exactly how much you have to spend on yourself!
- Keep Track of Spending
While this isn’t the most exciting job, keeping track of your finances is a great way to ensure you are managing your spending habits. Why not create a spreadsheet showing your income and regular outgoings? This will help you see how much you have leftover each month.
You should also be smart with your spending particularly when you are food shopping. This is one of your biggest costs so why not try to reduce it by planning your meals and making packed lunches. You should also make the most of your mobile banking app and regularly check your balance.
If you do overspend, most student bank accounts will offer interest-free overdrafts.
- Make The Most Of Your Discounts
One of the best things about being a student is the discount! Most retailers will offer some form of discount or student incentives – so make the most of it. Find out which high street stores offer discounts and save money on all the essentials, including food, toiletries, study materials and clothes. Knowing the best places to shop could save you a fortune!
- Pay Your Bills On Time
If you are living in university halls, utility bills are usually included in your rent, making budgeting that bit easier. However, if you are sharing a student house, you will be responsible for paying any heating, electricity and internet bills.
Make sure to set up direct debits for your regular bills as this will ensure they are paid on time each month, and you will avoid late payment charges. If you plan on sharing bills with your housemates, be sure to manage it carefully.
- Turn Off the Heating & Electric
As you pay your bills, it won’t take long to realise they can quickly add up – especially if you are sharing accommodation and are careless with the heating and electric. Make sure to turn the heating off if it’s not needed as this will reduce the amount of gas or oil being used. Why not put an extra jumper on instead of turning up the heating?
Additionally, you should make sure to turn off appliances at the plug, rather than keeping them on standby. This will help save energy as well as reducing your electricity bill – it’s a win-win!
Although being a student is often associated with financial struggles, we believe that following these simple steps will help you reduce your bills and save money. For more super saver tips, click here.