As a student you are well and truly settled into student life and entering your second term at University. Not only keeping up with your studies, but you should also make it a priority to manage your money and make it stretch, not just blowing it out as soon as your maintenance loan comes in.
Here are our essential money-saving tips for students to help you to keep on top of your finances:
- Budget as soon as your loan comes in by setting an expenditure sheet
Now that you’ve seen out your first term of University you should be aware of your regular incomings and outgoings, prioritising them from most to least important. The three student loan instalments you get need to last for that whole term, so budgeting and spending wisely is important to seeing you through.
Not sure whether to fork out for something, ask yourself some simple money mantra questions before you make a purchase…
- Do I need it?
- Can I afford it?
- Is it worth it?
2. Don’t abuse your overdraft
As enticing as it can be to think as your overdraft as free money, it’s crucial you don’t fall into this trap early on and let your overspending get out of hand. Even though most banks don’t charge interest on student overdrafts, it is still money which is being lent to you on a temporary basis and must be paid back eventually.
You also need to bear in mind that as soon as you graduate, your student bank account will automatically switch to a graduate account. Meaning that if you have dipped heavily into your overdraft, you’ll start paying interest and fees straight away and this is where debt issues can start to escalate.
- Batch cooking in advance instead of buying fast food and take-outs
Even though as a student it’s tempting to eat out and grab food on the go, the cost of this will soon add up and could chip away hundreds of pounds from your account every month.
Batch cooking can save a lot of time and money in the long run, especially when you are trying to scrimp and save as a student.
You don’t have to be the next Gordan Ramsey in the kitchen, but staples such as spaghetti bolognaise, chilli con carne, soups and stews are super easy to make, even for the most kitchen-phobic cooks. You could quickly rustle these dishes up and portion out in the freezer for when you are short on time or for those days you’re craving a quick take out.
- Getting to know the discounts available could save you a fortune
Don’t forget that little piece of plastic called your student ID. It could get you serious discounts from bars and restaurants to shops and events, so make sure you take it with you wherever you go, as you can find student discount offers just about anywhere, helping to save you lots of money.
As well as your student ID, there are other discount schemes such as UNiDAYS that provide you with deals galore and offers exclusively for students, with a range of retailers like JD, O2, PureGym, Samsung, Sky, and many more.
- Earn some extra income if you have spare time alongside your course
You might be undertaking a full-time course, but that doesn’t always mean you will be at university for full time hours, sometimes you can find your timetable is quite flexible and you have some spare time on your hands. Utilise this time effectively by finding yourself a part-time, freelance or zero hours contract job. Not only will it help to keep a regular income flowing in, but it will also give your employability a boost once you graduate to include this experience on your CV.
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If you’re struggling to manage your money effectively, get in touch with us for free debt advice.
