7 Ways To Save Money As A Student
7 WAYS TO SAVE MONEY AS A STUDENT
Author ATIANASHIE MIRACLE, Editor, 2019
Managing your budget while at university is not easy, but there are a
number of ways you can keep your costs down
KEEP TRACK OF YOUR SPENDING
It might not be the most exciting job, but keeping track of your
finances is the best way to make sure you don't overspend and land yourself in
trouble.
As a starting point, you could create a spreadsheet showing your income
from student loans, scholarships and bursaries, parents and any part-time job
you have, and note down regular outgoings such as your rent and mobile phone
contract. You'll then be able to see exactly how much you have available to
spend each month.
Sticking to your limits has never been easier, now you can check your
balance at any time using your mobile banking app. If you do go overboard, the
interest-free overdraft offered with the majority of student bank accounts will
help tide you over.
Try not to spend too much of your student loan once it comes in - as
tempting as it may seem, you don't want to be left penniless for the rest of
term.
BE SMART WITH YOUR FOOD SHOPPING
Food will be one of your biggest costs, so it's worth finding ways to
reduce your bills. Buying supermarket value products rather than well-known
brands, and shopping at the end of the day when many items are discounted, are
some of the simplest ways to save money.
Where it's possible, you might look into cooking with your housemates or
planning your meals in advance. Either way, you'll be able to do a
cost-effective 'big shop' at the start of each week and avoid the need for too
many expensive takeaways, working on your culinary skills at the same time.
You'll also be saving money by making your own packed lunches rather than
buying a sandwich or going to a coffee shop every day.
DON'T OVERPAY FOR TRANSPORT
Most universities are either city-based with excellent public transport
links, or campus-based with everything you need on your doorstep. You probably
won't require a car while studying, which will save you a lot of cash.
If you plan on taking the train regularly - whether you're visiting
parents or friends at other universities - make sure you buy a 16-25 railcar.
Costing £30 for one year or £70 for three years, this will give you a third off
all rail fares. Combined with cheap advance tickets, the card will soon pay for
itself in the savings you make.
More locally, buses remain one of the cheapest ways to get around town.
Check whether there are any student discounts or weekly/monthly passes
available on services you use regularly.
TAKE ADVANTAGE OF STUDENT DISCOUNTS
Many shops and food outlets offer student discounts. Even where they
aren't advertised, it's worth asking as they are sometimes still available.
To make the most of more than 200 student discounts buy an NUS Extra
card from the NUS website or your student's union, costing £12 for one year,
£22 for two years or £32 for three years. Savings include 10% off at the Co-op
supermarket, 10% off at ASOS and up to 40% off food at Zizzi. View the full
list of discounts.
If you have a favorite shop, you could try to get a part-time job there
in order to take advantage of the staff discount.
BUY COURSE BOOKS SECOND-HAND
Course textbooks can be expensive, but luckily there's no need to
purchase every item on your reading lists. You can usually borrow set texts
from the library whenever you need them. Only buy the most important books, and
even then you'll be able to find cheap second-hand copies online or through
your university. Sell them on when you're finished with them to recoup some of
the costs.
Books aren't the only course essential you can save on. Depending on how
much your university charges for printing, it might be more cost-effective to
buy your own printer.
PAY YOUR BILLS ON TIME
When you're living in halls of residence utility bills will usually be
included in your rent, making budgeting a little easier. However, if you're
sharing a student house you'll normally be responsible for paying for your gas,
electricity, water and internet. Use comparison websites to ensure you get the
best deal and keep costs down by saving energy. Put an extra jumper on instead
of turning the heating up a notch, and don't use the tumble dryer every day if
you've got one.
Setting up direct debits for your regular bills, so that they are paid
automatically each month, will make them easier to keep on top of. You may even
receive a discount for doing so, and you'll avoid any charges for late payment.
Sharing bills among housemates can be effective (one pays the
electricity, another pays the gas, etc.) as long as it is managed carefully. If
you pay a bill on behalf of your housemates, make sure they give you their
share promptly. Similarly, if a housemate pays a bill for you, repay them as
quickly as possible. This way, you'll avoid any unnecessary tensions developing
should anybody consistently fail to pay their share.
ENSURE YOU PAY THE RIGHT TAXES
If you work part time while studying, you pay income tax in the same way
as anybody else. This means that if you earn less than £11,000 a year, you
shouldn't have to pay any taxes. Depending on how you're paid, you may be
wrongly charged income tax - in this case, you can claim a refund through HMRC.
Meanwhile, recent changes to licensing laws mean you need to buy a TV
license even if you only use catch-up services on BBC iPlayer. You can claim a
partial refund if you have three months left on the license when you leave
university at the end of the academic year - find out more at TV Licensing.
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