Student life has never been particularly affordable. Between the tuition fees, accommodation,
clothing and food, money is stretched. When you start to factor in socialising as well,
balancing your finances can start to seem impossible. This is especially true in the
current climate as the cost of living in the UK continues to climb with no sign of stopping in 2023.
If you or your children are getting ready to set off to university this year, check out these top tips for
students seeking to save money while studying for their degree. Careful preparation can go a long
way towards minimising costs and keeping you in control of your finances.
Understand your outgoings
First and most importantly, get a good grasp on your essential costs. Understanding your outgoings
is key to making sure that you do not spend beyond your means. You will need to factor in major
costs such as term fees and rent, as well as other fundamentals like bills and your phone contract.
This will help you to figure out how much money you have left over for less important purchases.
Create a detailed budget
One of the best ways for students to develop good habits with money is to create a detailed budget.
This should balance your income with all of your outgoings including food, clothing, textbooks, and
socialising as well as the major monthly costs. A budget will help you to stay in the black and guide
you on how much money you have left over for spontaneous spending once you’ve covered the
essentials. You can create a budget on a traditional spreadsheet or use a mobile phone app.
Invest in annual arrangements
For long-term arrangements such as transport passes and gym memberships, it is often financially
beneficial to invest in annual contracts. These are usually cheaper overall than buying monthly or
weekly options. It also gives you peace of mind knowing that these essentials are sorted for the full
year. Short-term loans for students are available to help you cover these costs ahead of term
starting and can be paid off as soon as you receive your government funding in September. Just
make sure that you have the means to make these repayments, should you not be eligible for the
student loan.
Shop second-hand
A key money-saving hack for students is to shop second hand where possible. You can revamp your
wardrobe at a fraction of the price by buying clothes at charity shops or through online retailers
selling vintage pieces. Further savings can be made if you have any old clothes that you can sell
yourself – there are many online retailers that offer this service.
Pre-owned versions of most standard university coursebooks and set texts are widely available as
well as older students flog materials they no longer need. Look out for copies that are in excellent
nick rather than settling for books that are covered in old notes.
