A guide for students on how to save money in university
Congratulations on achieving your university place, and welcome to one of the most exciting, inspiring, and rewarding periods in your life. As you take on new challenges and push your studies ever forward, the last thing you want to do is worry about finances. To help you get a grip on your resources, we've put together a short guide with some helpful tips on how to save money in university.
Learn how to budget
According to the 2019 National Student Money Survey carried out by top UK site Save The Student, nearly 80% of students worry about making ends meet. However, almost the same proportion of those asked also wished that they’d had a better financial education in the first place.
From balancing a checking account to understanding how to budget a finite amount of funds over a period of time, learning how to manage your money is the number one priority. If you've never had to manage your own funds, spend time researching how to budget. Talk to older family members who may have some great first-hand tips.
You’ll need to consider expenses such as:
- Tuition fees
- Accommodation costs, including rent
- Groceries and living costs
- Books and equipment
- Phone and broadband costs
- Transportation
However, you'll also need to have a little fun while at university, so your budget should also consider things such as events and entertainment, eating out, clothes, and even a small emergency fund for those unexpected bills.
Using a student budget calculator is the best way to keep track of your finances. Alternatively, you could create a spreadsheet where you can see exactly where your money is going. Look for free online trackers and apps to help you manage your money.
Establish what you need versus what you want
It can be hard to give up on those impulse buys, but they can seriously impact your finances in the long run. Budgeting requires a certain amount of personal discipline, and there will be times when you'll need to look at a potential purchase and say to yourself, "Yes, I'd like it. But do I need it?” As with all tips on how to save money in university, a certain amount of planning and even a little bit of self-sacrifice is necessary to keep your finances healthy in the long term.
Go bargain hunting
Being a student brings with it some perks, such as special discounts and deals. Keep an eye on student notice boards for money-saving deals such as special offers on eating out, student discounts on entertainment or movies, and even money off on groceries for students. Some mobile phone companies will offer deals on phones or broadband packages, or bus and train companies offer discount travel for registered university students.
Cut back on eating out
It might be tempting to grab a burger when you’re busy studying. But your costs will soon mount up if you're eating out every night. Learning to cook is an essential skill that will serve you well for the rest of your life. Cooking your own food is also much cheaper than eating out continuously. There are thousands of cookbooks out there, many of which focus on simple, nutritious and inexpensive food for students.
But don't forget to give yourself an occasional treat - after all, you've earned it!
Hang on to your gadgets
Laptops, phones and electronic gadgets can run up your expenditure very quickly. If your computer is a little old but still perfectly functional, hang on to it. Most modern laptops will be suitable for the software you'll be using in university and are perfectly capable of meeting your study needs. If you are going to spend any money on your tech, our top tip is to ensure you have a good security system, such as McAfee, to protect your device from malware.
Build up your funds by downsizing
The more money you start your university career with, the more you can relax. Before you head to university, try 'downsizing' and selling items you no longer need. Online auction sites are ideal if you want to get rid of games consoles you no longer use or vintage clothes that someone else might like.
Budget for your university equipment
Textbooks and equipment for your course will impact your finances. Look for book swaps where pre-owned textbooks are on offer from former students at a reduced price. When you’re finished with your own textbooks, you can do the same and sell them to make a little bit of money back on your expenses.
Bursaries, scholarships and awards
Many universities offer scholarships, bursaries and awards that can make a massive difference to your fees. It is always worth applying for these as if you are awarded one, it can reduce your university fees considerably.
And finally…
Never be afraid to ask for help
Never wait until you're in financial trouble to ask for help. Universities have student welfare officers and counsellors who help you deal with the challenges of life on campus. They may not be able to help you financially, but they can point you in the right direction and offer tips on how to budget your finances. They’ll have plenty of great ideas on how to save money in university, so don’t be afraid to ask them for advice.