Money Saving Tips for the Average Student
As the world adjusts to ever-changing scenarios, we see that in Great Britain, nearly 90% of adults are experiencing an increased cost of living. That’s 14 million more adults than just 10 months ago.
As a university student—some perhaps living away from home for the first time—we have to balance organizing our own schedule, assignments, and maybe a job, alongside daily tasks like washing, cleaning, and cooking. This can make finding time to gather all the handy tips and tricks to save money rather difficult. For this reason, I’ve decided to trawl the internet for what I think are the most useful money-saving tips for students and compile a handy guide of recommendations for you. I’ve reviewed a few guides and picked out the best tips (highlighted in bold) that suit student life.
Money-Saving Tips for Students
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Shop in the evenings: According to SaveTheStudent, shopping in the evenings can help you snag reductions on items that need to be sold quickly.
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Try a no-spend day: Allocate one spending-free day each week to save money.
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The penny-saving challenge: Barclay suggests a simple challenge—put aside a penny a day, increasing the amount each day (1p on Day 1, 2p on Day 2, etc.). By the end of the year, you could save over £600!
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Secret Santa tips: During the festive season, you might join a Secret Santa group. Money Saving Expert runs a competition for finding fabulous gifts for under £5. You can check out some of the winning ideas for inspiration.
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Get a Railcard: Commuting for classes or holidays? A Railcard is a great option. SaveTheStudent notes there are nine types available, which you can explore here.
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Buy second-hand textbooks: The Complete University Guide recommends purchasing second-hand materials to save money. If you buy the newest editions, you can resell them later. Additionally, platforms like Perlego advertise access to hundreds of thousands of books and study tools. Kindle Books is another great resource for affordable reading material.
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Use free or discounted software: UCAS, in partnership with Money Saving Expert, provides a guide to affordable software for writing, presenting, and editing music or photos.
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Choose the right bank account: UCAS, with credit to money.co.uk, suggests getting a student bank account with good interest rates and overdraft options to help you manage your money effectively.
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Cook in bulk and share meals: To save on food expenses, SaveTheStudent suggests sharing cooking responsibilities with housemates and buying in bulk for better deals.
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Get free entertainment: Need to relax? SaveTheStudent recommends applying for BBC audience tickets. You can find shows you love and sign up to be an audience member.
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Shop smart on eBay: For essential items, SaveTheStudent suggests using eBay. A clever trick is to look for misspelled product listings—these are often overlooked by other buyers and can be purchased for less.
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Wait before checking out: When online grocery shopping, consider waiting before completing your checkout. Some companies may offer discounts to encourage you to finalize your order.
Bonus Tips
If you’re interested in more, check out my article on:
- Helping the environment and saving on bills
- Becoming more carbon-neutral
- Reducing waste to save money
From one money-saving student to another, I hope this guide helps!
