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Articles > Money August, 15, 2022

Money saving tips for students

The OPC Editorial Team
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Let’s face it – saving money is challenging, especially when you’re a student. However, it is not a secret that receiving your monthly allotment in green digits rather than in red will reduce financial stress and financial difficulties and make budgeting much more straightforward. 

Do you still want to learn the tips you can use to save money as a student? Our editorial team have joined forces with experts from job aggregator Jooble to enlighten you more. Let’s delve right into details.

Experiment with money management

It is generally accepted that putting theory into practice is the best thing to do. And even if you are not a university student studying business or economics, you should think about doing something fundamental in financial terms —budgeting!

Just grab a pen and paper or launch an excel document, and then list your expenses for the preceding month. Once you have done that, assess your income to get a clear picture of your monthly financial situation. Do you notice any places where you could make additional savings? If you can start saving even £20 here and there, that will be great, and it will help you manage the budget deficit.

And this doesn’t mean cutting everything apart from food and bills! What you deem essential is up to you, so keep that takeaway budget and streaming service if that’s what you enjoy and makes you happy!

Utilize the student status

Student status is legal, in case you haven’t given it much thought. You are currently a student, making you eligible for various special offers and discounts to have a sustainable budget. 

In light of this, try requesting student-specific special conditions whenever you see the chance. Things like railcards to get discounted travel, utilising student discount portals, and attending student-only events (and taking surveys to get shopping vouchers!) .

Use free online services to save

Technology is crucial for maintaining a regular living in today’s environment, and it is particularly essential for students with a lot of project work and other university obligations. But is it better to use expensive services rather than something free?

Consider a service you use every day, such as Microsoft office. Did you know that Office 365, a free online version runs the most recent versions of Excel, Word, and PowerPoint? Or that you can get it for free via many universities? There are also extended trials on so many streaming services, with student-only perks. Know of any others? Share in the comments below!

Get the recipe book out!

Food is life, as so many people will attest. It is acceptable to have a passionate relationship with food. However, eating out for every meal is going to add up and cost you a lot more than cooking, even if it’s just from time to time.

It may work for you to treat yourself occasionally, and make your own rule on when you eat out – for example only having one Starbucks a week instead of 5, and having that special iced coffee homemade instead!

Other ways to exercise

Even if your university may have a state-of-the-art gym with various sporting events, the issue is always that the access fee can be expensive.

There are plenty of ways to stay fit that don’t require specialized equipment, a particular setting, or going to the gym. Something unique that you can do at home, like yoga, or some sports like basketball, football, or table tennis can work. Save money while relieving your stress and getting the exercise in.

Consider your purchases carefully 

Although it may be tempting with all of the student discounts available, consider what you are spending on and if it’s something you can skip. Try to keep watch on vouchers and limited-time offers to prevent over spending, especially during the change from one season to another. 

As well as this, shop sustainably (and cheaply) on sites like Vinted and visiting your local charity shops. You may find some gems in terms of clothes and homewares!

Make a list of the things and be patient; you might get them at a lower price around Easter, Christmas, or a national holiday. Additionally, the internet and occasions like black Friday and cyber Monday can benefit you for times you need to buy gifts!

Accept freebies

Whether it comes as a surprise or not, modern business is well aware of the student’s limited financial capacity. And that’s why you virtually always see various goods being distributed for free around your institution. 

Keep an eye out for additional gift cards and vouchers. Sometimes, you might even have to participate in games to win much bigger prizes. Never miss out on these opportunities, as there are other alternative products you can use that will give you satisfactory results like your preferred ones for low prices.

It goes without saying, but always accept the freebie!

Share with your friends

Ever thought of sharing stuff with your friends? This is very helpful in saving money. How about sharing prices for services, like internet subscriptions or TV subscriptions? You can try it out with your roommates or friends; together, you all can come up with intelligent suggestions for how to cut costs. Sharing is caring!

Student life is not easy as it may come with different challenges, including a lack of funds. Therefore, it is an excellent move on your side to look for ways to cut costs and still get those essential things you will be needing. If you follow the tips highlighted in this article, you might save a lot of bucks at the end of the year, making you feel fulfilled. Let us know in the comments below if you have more suggestions!

Click here if you’d like to know more about sending your article through to us to be published. Remember, if your article is the most popular of the month, you’ll win £50! 🤑

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  1. Jake Henderson

    I think that all of these points are very useful. For my personally it’s buying food every day what drains my money. University is very challenging at the best of times financially and these tips are very useful on understanding on where to save