How to Save Money at University

How to Save Money at University

Everybody knows that one of the biggest challenges at university can be how to manage your money. For many students who are living away from home for the first time, this is the first experience of managing their finances across the board, from paying utility bills to stocking up the fridge and everything in-between. 

Whether you are a first-year student or are just looking for new ways to save money at university, there a plenty of easy tricks that can make a big difference without any strain.

Set a budget

Be realistic with your budget and make sure it is something you can feasibly stick to. Having a monthly or weekly budget can really help you to keep track of your spending and make sure you are not going to run out! As well as your spending, make a note of any foreseeable income so you can factor this into your budget. 

It is also a good idea to keep a certain amount of money held back for your savings or in case of an emergency – if you need to fork out for a broken phone screen or unexpected transport home then it helps to have money ready to fall back on.

Related blog: A Guide to the Typical Student Budget

Get a part-time job

A great way to save money at university is to get a part-time job alongside your studies to supplement your outgoing spending! Not only can this earn you cash, it is also a great way to boost your CV and meet new people. 

Most universities will offer advice on finding a job during term-time, with plenty of universities offering jobs which are great for being flexible around your studies.

Go for affordable accommodation

For most students, accommodation will be your biggest cost whilst at university. Therefore, a great way to save money is to opt for more economically-friendly options. Whilst having a studio or en-suite room can be great, shared accommodation is much cheaper and often much more fun! 

When looking at accommodation, make sure you find out if utility bills are included in the price or not. At Beaumont House, all of our bills are included in the price of our rooms, but other accommodation providers and landlords may not incorporate them. If they aren’t included, then make sure to budget for the additional costs. 

Make use of student discount

One of the biggest perks of being a student is the student discount! In many restaurants, shops and leisure complexes, you can get a discount simply by showing your student ID. Online companies such as Unidays offer hundreds of discounts whilst a TOTUM card also gets you substantial discounts on food, clothes and plenty more, with the option to get an international card to use around the world too! 

If you are going to be using public transport a lot, consider a bus pass, student railcard and, if you’re based in London, a student Oyster card to save more. Alternatively, walking or cycling instead of using public transport is a brilliant way to stay fit, get some fresh air and save money!

Reuse!

Don’t underestimate the savings that can be made by using charity shops and libraries. Not only is using second-hand much more sustainable and better for the environment, but it is also a brilliant way to save money at university. 

Don’t waste hundreds of pounds on books that are readily available at your university’s library or being sold cheaply second hand. If you are looking to refresh your wardrobe, then trawl through some charity shops to find some unexpected gems at bargain prices!

Learn to cook simple and healthy foods

Another big expense for students can be food. Whilst Deliveroo is always tempting, regularly ordering food can make a massive dent in your funds. Learning to make some simple, healthy meals will save you a lot of money – especially if you make several portions of a meal at once which you can then freeze and eat later on. This saves you the effort of having to cook properly when you don’t feel like it as well as the expense of ordering takeaway food.

So, there you have a few easy suggestions for how to save money at university without having to miss out. There’s no perfect way to do this, so find the best strategies that work for you and don’t let finances stress you out! You can always speak to staff at your university, such as your personal tutor, if you feel as though you are struggling.

Keep an eye on our student life blog for plenty more advice for your time at university.