5 Ways to Save Money as a Student
Being a student, all too often comes with financial worries. We all spend more than we realise sometimes and must try and make just a few pounds last until the end of the month. But, wouldn’t it be nice if we didn’t have to do this? So, let’s look at ways that we could be wiser with our spending.
- Keep Track of Spending & Budget
This is one tip that is highly underestimated.
As soon as your student loan comes in make sure you write down what needs paying out. Do this until you get the rest of your loan. Think about what you must pay for and when. It would be a good idea to put any money that you have ‘spare’ into a savings account, then if you’re a little short one month you always have something to fall back on. You may even have a part-time job to help support your finances. This is great but if you haven’t, then you need to be extra careful with your spending.
Example: Phone Bill – £40, Rent – £80, Transport £40, Food £100 = £260 – there may be lots more on your list that you’ll have to budget for. - Take Advantage of Student Discounts
Being a student doesn’t come without it’s perks! As a student, most stores offer student discounts. Anywhere that you can use this, make sure that you do! Most places offer 20% whereas others offer 10% but, the money that you save will soon add up. Even if it doesn’t seem like a large saving at the time. - Stop the £5 random transactions here and there!
I’ll hold my hand up and say that this is my biggest downfall when it comes to watching what I spend. You know when you go to check your bank balance and it’s a lot less than you thought? But then, you remember that you paid £4.79 at McDonalds, £2.50 on a birthday card, £3.50 at the shop buying a meal deal and a further £6.79 on a mini food shop. Already, you’ve spent almost £20 without having anything to really show for it.
Tip For You:
Not all mini transactions are avoidable, but work into your budget an extra amount, let’s say £20 and draw this out in cash to keep on you. By doing so, you won’t be tapping your card to pay for the smaller things that you’ll later forget about. Plus, you’ve already budgeted it into your spending, so you won’t expect to see more money in your account than you thought. - Don’t buy food when you have food at home!
Again, for me this is something I’m not great at either. It all ties in with spending the odd £5 here and there. If you know at the start of your day you are going to be out until after lunch time, then take your lunch with you. I know you might think about getting a sandwich whilst out, but this is a further £2.00-£3.00 that you don’t need to spend. Also, take a drink with you so that you have one to last you until you get home. - Extra Income
As students studying in Sheffield you probably won’t struggle finding a part time job. There are lots of retail shops, supermarkets, cinemas, pubs, restaurants and leisure centres that are looking for students needing to work a few hours. Having another source of income would give you the chance to put some extra money into your savings each month.
If you’re worried about not been able to manage a part time job and study, then the best thing you can do is create a plan. Once you have your contracted days then you should work out how these are going to fit round your lectures and when you’re going to do your studying.
Remember that your Uni work must come first, and you need to fit the extra work in around your Uni work, not fitting Uni around a part time job. There will be other jobs out there, but this is your one shot at making a go of Uni.
If you’re still needing some help finding your student accommodation, then please contact us today. We’re more than happy to help.
