10 money-saving tips for students
University will teach you various life skills but probably the most important of them all is managing your finances. With the current cost of living crisis, learning how to manage your money is more important than ever before and there are quite a few tips and tricks included in this article which help your money stretch that little bit further.
Worried about your money? Understanding your money, how to budget, how to make more of your money and knowing what to do if things are going wrong are essential skills for life. Here are links and guides to help keep your finances on track.
- Joint shopping and cooking
If you live in a student house with other students then you should definitely take advantage of this, as you can all help each other out. Why not suggest to your other housemates that you cook all together, this is not just a cost-effective way of cooking but also makes you closer to your housemates as you can all sit down together at the end of a busy day and eat. It means that you will have less food wastage too as you are more likely to use up everything you have bought.
This also means that you can go shopping together too, if this sounds like an idea you want to pursue then sit down with your housemates and put together a meal plan so you can go to the supermarket with a clear idea of what you want to buy. It’s also a huge bonus if one of your housemates has a car!
2. Sharing the laundry
As bills are increasingly more expensive, it is worth planning your laundry with your housemates. Maybe your washing basket is not full enough to do a load yet, but your other housemate is about to stick on a wash. Communicating with your housemates is really important and will save you money in the long run. And if you can, avoid putting on the tumble dryer as they drain electricity, stick to a good old-fashioned clothes dryer which does exactly the same job and uses no electricity.
3. Plan your meals!
Planning your meals can be done alone or if you want to cook with your housemates, it can be done together. Either way, it plays a vital part in helping you save money, which means you are less likely to buy on impulse at the supermarket. Plan out all of your meals for the upcoming week or in line with how frequently you visit the supermarket. Be mindful too of where you shop as inevitably some supermarkets are more reasonably priced than others and most start to heavily reduce produce after 6 pm so you might be able to pick up a few bargains. Watch out for the expiry dates and what food can and cannot be frozen as this plays a huge factor in food wastage and therefore wastes your money, opt for tinned foods where you can as these preserve the longest. Your freezer will also become your best friend, so that when you meal prep you can store these away in your freezer and defrost them as and when you want.
4. Ditch the meal deals
I know how tempting it is to nip into the Co-Op or Tesco and buy a meal deal, but although it’s only a few pounds here and there, it all adds up, especially if you are treating yourself a couple of times a week. Instead, nip to the supermarket and wake up five minutes earlier in the morning to make yourself a packed lunch. You don’t need to whip up anything extravagant, just a sandwich will suffice and will end up saving you money.
5. Take advantage of your student status
This sounds a little obvious, but you will be surprised how many offers are exclusive to students. From getting a student-saver ticket on the bus to getting money off the bill at your favourite restaurant, use your student status to the best of your advantage, as and when you can! It is also worth downloading specific student savers apps such as Unidays and Totum as you can see clearly what discounts are available (take note that the discounts fluctuate too so it is worth checking!)
6. Don’t underestimate buying second-hand
Not only is this good for the environment but it is also good for your bank account too. If you are a student in Leeds, venture into Headingley and take advantage of the multitude of charity shops that are filled with treasures. Furthermore, before you spend loads of money buying books for your course, check online to see if you can find them second-hand as they will be significantly cheaper. If you have friends on your course who are the year above you, it is worth asking them if they have any of their old books that you could buy off them. And it is not just books that you can buy second-hand, if you are living in a student house and want to furnish your room have a look on sites such as ‘Facebook Marketplace’ as there is so much selection. You could also consider it a platform to sell any old furnishings that you don’t want anymore.
7. Banking
Some banks that are particularly useful for students are Monzo/Revolut as they give you a daily breakdown of how much you have spent. This is really useful as you are not just mindlessly spending and can see clearly where your money is going. You can also set budgets too and will be notified once you have gone over your budget. Monzo has a feature called ‘Monzo pots’ which allows you to separate your money into different sections, for example, if you are saving for something in particular you can create a pot for it which keeps that money separate from the rest of the money in your account. You can also have a pot that is specifically for your bills, so you can manage them more easily.
8. Apps designed to manage your money
If you live with other people it is a good idea to get an app called ‘Splitwise’ which enables you and your housemates to keep on track of who owes what. This is a particularly good idea if you have agreed to do your food shop together which might result in somebody buying it all with one card. Splitwise does all of the maths for you meaning that all you have to do is input how much you spent and whom it is split between, so easy! You can also send friendly reminders too which means that you don’t have to send any awkward messages asking people to transfer you when they forget.
9. Loyalty cards
Getting a loyalty card is often quick, free and very worthwhile. Notably, some of the best are the Tesco Clubcard, Boots advantage card and Sainsbury’s Nectar card. Most cafés such as Caffè Nero have loyalty cards where you can claim a free drink after buying a certain amount. Caffè Nero also currently has a 25% student discount on their app, which is really worth taking advantage of (and if you’re a University of Leeds student then you can find lots of Caffè Nero cafes on campus such as in Laidlaw Library, the Roger Stevens building and also the Business School building.)
10. Be conscious of your overdraft
As great as it is to have an overdraft, be cautious of how you use it. Do not make the common mistake of thinking of it as ‘free money’, instead consider it as a ‘backup’ should you need a bit of financial support. Also, consider the interest rate when choosing which bank to go for as you will have to pay this back.
Written by Phoebe Green, BA Modern Languages (French and Spanish)
