Money Saving Tips for Students

Starting university can be a costly experience for most, and we all know that student loan isn’t going to last forever. But thankfully with a little know-how you can reap the benefits of being a student and have a lot more cash in your pocket than you would have expected. Being a money-savvy student has never been easier – check out these top money saving tips for students. 

Money Saving Tip #1: Save money on food

Student life doesn’t have to be about empty cupboards and living off takeaways or ready meals. In fact this can be an expensive habit, which brings us to our first money saving tip – save money on food. Shop around and find the cheapest options – one of the easiest and most efficient ways to do that is by using a price comparison site.

These compare the prices of different products on the shelves across all major stores. Generally, larger supermarkets offer the cheapest prices on basic supplies, but for fresh produce (fruit, vegetables, bread, eggs and so on) local markets can also provide some tasty savings.

Sharing the cost of your food shopping with your flatmates, particularly on household essentials like coffee, washing-up liquid and large packs of pasta or rice, is also another handy way to save money on food. Don’t forget, there’s nothing wrong with buying supermarkets’ own-brand products either; don’t be sucked in by the brand names when you can get a good alternative for just a fraction of the price.

Money Saving Tip #2: Look for student travel discounts

We all have a love-hate relationship with public transport, and while it may be essential to use public transport (especially if you’re studying in a big city), it’s not always cheap. Luckily, there are usually student travel discounts available.

Most cities have local bus operators that offer student passes, which will end up being much cheaper than buying standard tickets. These can usually be used at all times of the day, including peak travel times when the cost of a single ticket can often be twice as high. Even if you don’t think you’ll use the bus that much, travelling to and from lectures as well as nights out and other trips into town will soon add up.

And, instead of the expense of running a car, why not invest in a bike? Once you’ve got one your travel will be completely free and often a lot quicker than walking or waiting for a bus to show up – it’s also a great way to exercise without having to pay a monthly gym membership!

Money Saving Tip #3: Use student offers when socializing

Socializing is an important part of any new student’s life, but you don’t have to spend a small fortune just to have a good time. Going out to a nightclub can be expensive, so take full advantage of student offers, where drinks are cheap and entry is often free.

Your student union bar will also offer cheap drinks, as well as food and special events, and is an ideal place to start your evening before a big night out. They may even offer their own money saving tips for students, providing a list of local shops and venues that offer good student deals.

Be sure to keep an eye out for any freebies and special student offers advertised at local restaurants, cinemas and high street shops. Finally, when you do go out, remember to save money on your electricity bill by turning off lights, unplugging phone/laptop chargers and turning off the TV.

Money Saving Tip #4: Spend less on textbooks

Before you rush out and spend your entire student loan on books, check your lecture outlines and figure out which books you really do need to own, and which ones you can just borrow from the library. If there are some you need to buy, see if you can get a copy second-hand, and maybe even split the cost with course mates and share.

A few wise investments are necessary, as you’ll find that some of the key reading list textbooks will be useful throughout your degree. If you keep these in good condition, you’ll also be able to sell them to other students when they’re no longer needed.

Other ways to save money at university

There’s nothing quite like the feeling of finding some spare change down the side of your couch. So why not save money by collecting all the change you can find in a jar? Rummage around and you’ll be surprised at how fast this will add up. Use the coins for laundry, or when your jar is full you can take it to the bank and exchange all the coins you’ve been saving for some brand new notes! Speaking of which, be careful of cash machines that charge you for taking your own money out. It’s always worth walking a little further to avoid the fee.