We all know how hard it is being a student and usually living on the bare minimum. If you’re like the majority, then most of your money goes on takeaways, nights out and train journeys – right? Well if you’re looking for some tips on managing your funds before you hit the overdraft then you’re in the right place. Saving as a student doesn’t have to be tricky if you follow some simple steps.
It might sound tedious and excessive at first, but try to make notes of everything you buy for a little while. The coffee you bought on Monday, the new pencil case you got in town, the pizza you got with your friends – add it all. This will allow you to work out how much you averagely spend in a normal week, meaning you can start to budget. You can do this on your phone notes page, or write it down in a little notebook that you can pop in your bag wherever you go.
It’s not easy starting university and, all of a sudden, having to budget in buying things like toilet roll, food and paying rent. That’s why it’s important to work out how much you have each week before you go and blow it on shots for you and your housemates. Don’t worry, we’ve all been there.
Always look for discounts
This is probably a no brainer to most students but a lot of people can’t be bothered to even look for discounts, and they’re always there! Students are given the privilege of having a discount on most things. Make sure your signed up to accounts like UNiDays, TOTUM and Student Beans to make the most out of your money!
Don’t miss out on your student privileges – you’ll miss them when they’re gone! And this is the bread and butter of saving as a student.
See also: When Are The Student Finance Payments For 2023?
Find cheap things to do
Once you’ve worked out how much money you have each week by noting everything down for a little while, you can start to do cheap things and budget. Not everything is expensive.
Why not see if your friends want to go for a picnic and all bring or make some tasty food each? Go on a bike ride and explore your uni area, or have a movie night in one weekend? And if you are still desperate to go out and party, try and buy the early bird tickets to events or go in before the ticket prices jump up to avoid paying more!
Ask yourself why you want to save
We all want to have lots of money and save up where we can, but why do you actually want to save? Is it to go travelling after university? To be able to go out and socialise more at uni? Or is it to buy a place when you graduate?
Whatever it is, big or small, think about why you want it so much. Try to let this be your motivation whenever you get stressed out about saving! Saving as a student can be long and often difficult but, if you want something bad enough, then you can do it! Keep reminding yourself about the long run and what you’ll get out of it if you succeed.
Make a separate account
Lastly, if you’re able to, then try to set up a separate savings account. This way, you can totally separate your spending and saving money to avoid any crossovers. Your savings will be ‘out of sight, out of mind’ and you can focus on what’s in your spending account each week.
So for whatever you’re saving for, try these tips, save up and go get it!
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