There’s no doubt about it – the cost of going to university is continuing to rise. Indeed, a recent study by Save the Student found that the average monthly cost of living as a uni student was around £500 higher than the sum most individuals received in their maintenance loans. As a result, it is now becoming more important than ever for students to save money wherever they can.
We know that sticking to a budget can feel overwhelming when you’re living away from home for the first time, so we’ve compiled a list of ten quick and easy money-saving tips that’ll keep your cash flowing!
- Cut your transport costs:
Hopping on a bus to uni or catching a train home every so often might not feel like you’re spending a lot of money, but it can quickly add up. If you live close enough to campus, you could consider walking or cycling to uni one way, or a couple of times a week. Getting some fresh air can also help reduce stress and be extremely beneficial for your mental health.
Similarly, if you’re planning to visit home a lot, it is definitely worth investing in a Railcard. This can save you a third of your ticket price every time you travel, meaning it will quickly pay itself back. As well as a Railcard, a season ticket can also be a great option if you need to commute to uni and many offer monthly payment options, meaning you won’t need to pay outwith term-time.
Finally, if you’re studying in Scotland, make sure you apply for a Young Scot National Entitlement Card. This will give you free bus travel until you’re 22 years old, as well as discounts on trains and ferries, retailers and museums across Scotland. - Save in the supermarket:
Whilst your weekly food shop is a necessary expense, there are still plenty of ways you can save money. Start by making sure you’re signed up to the loyalty scheme of your chosen supermarket (such as getting a Clubcard or Nectar Card, or downloading the Lidl Plus app). Many offer special deals exclusively for card holders, allowing you to save money on items you’d be buying anyway.
Shopping in the evening can also be a good idea, since there’s often a lot of reduced items. You can additionally make use of apps such as Too Good To Go, to pick up short-dated products from cafés, restaurants and supermarkets at a highly reduced rate. Other tips include always making a shopping list before you go (to avoid the temptation of just ‘grabbing’ things and figuring out meals later on), and choosing supermarket-own items over more expensive brands. - Don’t buy textbooks in advance:
Textbooks are known for costing an arm and a leg and can quickly blow your entire budget. Particularly when you’re just starting uni, it can be tempting to buy all of the ‘bundles’ offered by student bookshops to make sure you get off to a good start. However, in reality, most of your readings will be available online or in your uni library. Holding off any purchases until you’re at least two weeks into your modules allows you to see which books you really need to buy. You can also usually get textbooks much cheaper by purchasing them second hand or from previous students. However, if you are planning to do this, make sure your modules do not require the most up-to-date version as the content of some courses (such as law) does change. - Choose your bank account wisely:
You can start making smart budgeting decisions before you even get to uni. By selecting a bank with good interest rates and overdraft options, you’ll set yourself up for a smooth financial transition. If you do opt for an account with an overdraft, make sure it’s interest-free, and check the conditions around repaying it. Many banks also offer free incentives when setting up a student account (for example, Santander provides a free 4-year Railcard, whilst the Royal Bank of Scotland offers £100, as well as a Tastecard). - Splurge on second-hand items:
Make the most of charity shops and sites such as Vinted and eBay to purchase clothes and textbooks, and Facebook Marketplace to kit out your accommodation for less. Browsing charity shops can be a fun activity to do with friends, and you can usually find some great bargains (particularly if you go to shops in more affluent areas of your uni city). - Do budget-friendly activities with friends:
Socialising is a fundamental part of uni, but it doesn’t always have to be expensive! There’s plenty of free things you can do with your friends, such as going for walks or bike rides to explore new areas, joining a run club, or wandering round free museums. Most university societies are also free and usually run some fun events throughout the year. You can also choose to stay in and host a karaoke, board game or movie night! - Find a part-time job to fit around your studies:
Most students now find it necessary to have some sort of part-time job to support themselves throughout their degree. Where possible, this should be something that fits around your studies and social life, such as a retail or hospitality job. You could also consider applying for jobs at your university itself. These often pay well and they will understand and support your academic commitments more than other employers. If you don’t want to work during term-time, you could look to find a job during your holidays. Particularly in touristy cities, it’s usually easy to get a gig helping with any festivals or events occurring and it can also be a lot of fun! - Check for any bursaries, grants or scholarships:
If you’re struggling with your finances at uni, it’s really important to remember that there are plenty of schemes in place to help you. For example, in Scotland, the Student Awards Agency Scotland, offers bursaries to students with a household income of £34,000 or less, which do not have to be repaid at any point. The position is more university-dependent in the rest of the UK, with each deciding which students qualify for bursaries, but it’s definitely worth checking if you’re eligible.
Most universities will also offer grants for students who have additional financial needs, come from an underprivileged background, or have some sort of disability or other hardship. Scholarships are also worth researching, and are available for academic merit, sporting or musical ability and particular subjects.
If you are still struggling with money-related matters or are unsure whether you’re eligible to receive financial assistance, remember you can always turn to your university’s support services. - Always use your student discount:
Anytime you’re out and about in shops, cafés or bars, make sure you check whether they have a student discount. Some places may not advertise it, but will be more than willing to give you it if you ask. It can save you around 10-15% off your bill, which will quickly add up!
As well as having your physical uni card on you, you can also use apps such as UniDays or Student Beans that will tell you which retailers (both online and in-person) you can use your discount with. Student discounts can come in all shapes and sizes, including free nightclub entry and discounted drinks on certain days of the week, cheap coffee deals, and even reduced theatre tickets. - Save money on accommodation:
Your rent is probably going to be one of the biggest expenses you face at uni, so making savings where possible is key. It’s always a good idea to start looking for your accommodation early on, in order to avoid last-minute price spikes.
If you like your current accommodation, you should also check whether there’s any cashback offers for returning students. Many will offer an incentive of around £200-£500 which you can use towards your rent or keep as extra cash.
You should also make sure you’re using sites such as Accommodation for Students, which offer a lowest price guarantee. This means they will match any price you find for the same room elsewhere, provided the tenancy length and booking details match, ensuring you get the best price for your accommodation.
Save smart and stress less!
With living expenses continuing to rise, sticking to a budget and saving at university can feel like an impossible task. Nevertheless, these tips should help you to stay on top of your finances, allowing you to save money easily and minimise financial stress, whilst ensuring you still have a great university experience. Managing your finances is something that takes a while to get used to, so stick with it, be kind to yourself if you find that you do spend more to start with, and we’re sure you’ll have it down in no time!
