Being broke is one of the rites of passage as a student, but sometimes we don’t help ourselves. With exams and assignment deadlines constantly looming, we never take the chance to step back and look at where our money is going. Here are some of the main ways students overspend:
Food shopping
One of the largest expenses (after rent and bills) is spending money on food. Now, it’s obviously a necessity but there is a cheaper hack. By shopping with flatmates and cooking together you can save a lot of money. Trust me, it’s much more expensive to cook for one person than it is if you cook as a group and split the cost. Also, try to avoid the rookie mistake of shopping whilst hungry, all you have to do is blink and you’ll have spent £30 on snacks.
Don’t forget that there are ways to get cheap food with apps like Too Good To Go and student discount apps which can get you money off.
Cook in bulk
This is similar to the previous tip, but if you cook in large batches, you not only save money on bulk buying ingredients, but your food also lasts longer. This is a great way to stop you spending money on takeaways during exam season too if you freeze your leftovers.
Ready meals
You may be tired but there are some simple recipes that don’t take much effort and will save you money [link]. Save money by not buying pre-sliced, pre-cooked, and pre-grated food too.
Eating out
Eating out, getting takeaways, buying coffee from the café – we’re all guilty of getting a sweet treat to cheer ourselves up but sometimes once we start treating ourselves it’s hard to stop. NatWest says, “almost half of students (47%) regret spending money on eating out or takeaways, making this their most common regret.” Instead, why not spend some money on a flask or reusable coffee cup and save your pennies in the long run.
Going out for drinks
Nightlife used to be one of the biggest parts of university and whilst it has decreased in recent years, a fair few students still enjoy a good night out. So, my biggest tip would be if you’re going to drink alcohol do it before you leave the house by pre-drinking to save money. Buying drinks out is much more expensive.
Buying brands
Don’t be a snob, you’re a student and sometimes you will have to sacrifice buying own brand. Honestly, most of the non-branded products taste just as good too so you won’t be missing out.
Study materials
You don’t need to buy books, borrow them from the library! Some people buy resources before they start their course and then they never even pick them up…
Find out some more of our budgeting hacks here.
