Student money tips

For many people, starting university will be the first time they have had to completely manage their own money. Managing a limited budget can be a headache when you first start out but luckily most people experience the same difficulties, so you’re not alone if you struggle with managing your money. As a third-year student, I have definitely experienced my fair share of ‘can I afford this?’ moments and so I have compiled my top tips for making the most of your money whilst living on a student budget.

Setting your budget

When that very first instalment of student finance lands in your bank account, the temptation is all too real to go on a spending spree. But remember, this has got to see you through for the next three months or so. The most useful thing to do at this point is to sit yourself down with a pen and some paper, and write down all of your outgoings. Things like food shopping, phone contracts, rent, car insurance, train/bus fares, textbooks/ stationary for uni. All of these items will form your ‘compulsory outgoings’- set aside an adequate amount of money to cover these costs.

Any residual funds (or additional money earned through work/ other income) can then be separated either into a separate bank account or withdrawn as cash. I find that by keeping a pot of money designated for compulsory outgoings, it is easy to keep track of your money and ensure that at the end of each week or month, you won’t be in debt. As for the residual funds, this can be divided by each month, week or day to form your ‘spending money’ for things like nights out, new clothes, and anything you want to treat yourself to. I started doing this in my first year and it has been the one habit that has been the most useful, it not only helps you stick to your budget but it also helps you to understand your spending habits which can help you save money (now if you have sufficient funds, or when you enter employment).

Student discounts

Arguably one of the best perks of being a student, and something I will miss when I graduate, is access to student discounts. Always check if you are eligible for a student discount when at the checkout- you can grab some absolute bargains. Most big retailers offer student discounts and the easiest way to access them is to download the Student Beans and Unidays apps. Downloading both apps is highly recommended as the offers differ and sometimes brands will alternate between the two. My favourite and perhaps most used discounts are for Domino’s (usually around 35% off) and Amazon Prime Student (a whopping 50% off).

Hunting for deals

This is key especially for any big(ish) purchase such as a new phone or laptop. Firstly think of the time of year you are buying, if you don’t NEED a new phone then consider waiting until the Black Friday or January sales where you can save money without really doing anything. For items such as clothes, shoes and accessories, shop in the end of season sales for items which you can wear all year long by layering through the winter.

Perhaps get into the habit of buying second hand in charity shops, vintage kilo sales, or on apps such as eBay or Depop. Platforms like Depop are particularly useful if you notice your funds are running a little low- maybe you had an unplanned night out or an unexpected cost. Use these sites to sell unwanted items you no longer need like old clothes, shoes, electronics, and CD’s. Ever since my first year, this has been another habit I have kept up with- it has helped me make ends meet and declutter my living space at the same time.

Bulk buying

A good tip for helping save cash on your weekly food shop is to buy items that are dried or canned (think beans, pasta, chickpeas, tinned tomatoes, fizzy drinks etc…) in bulk as it often works out cheaper per item. Obviously, this will only be an option if you have the means of storage. Alternatively, have a chat with your family/ housemates (whoever you live with) and see if any of them are willing to split the cost of the bulk bought items and share them- saving everyone money in the long run. 

Hopefully, you find these tips as useful as I did. If you still require additional financial support then be sure to contact the Student Money Advice Team or the Students' Union.