The back-to-school season is quickly approaching, and it’s time for students all over the country to return to university. As the season begins, so do the challenges of managing student loans, social expenses and financial planning with the cost of living all whilst keeping that bank account filled up. It can be difficult to keep to your savings goals whilst juggling the demands of university life.
So, in this blog, we've listed a collection of clever ways how to save money as a student to make your life much easier and build that savings account up.
Purchase a reusable water bottle:
Instead of spending extra money weekly (or even daily) on plastic water bottles, why not purchase a reusable water bottle? This way, you only have to spend once, and then you have unlimited water. Carry around your reusable water bottles wherever you go, you won’t have to worry about losing them, as they will look different to everyone else’s. Save water save money!
And what’s even better? Reusable water bottles are much better for the environment as you won’t have to keep throwing the plastic away.
Download budgeting apps:
Budgeting apps are helpful because you can keep an eye on your spending whenever you want. Most budgeting apps help track outgoing spending and make it easier to identify where you need to cut back.
Wally is a great example of a budgeting app. With Wally, you can track all your daily expenses, keep up to date on what money you have spent, and split bills with your friends. To make it better… Wally is free!
Best budget apps UK:
- YNAB – Budgeting app helping you save cash.
- Goodbudget – Budget tracker, ‘envelope budgeting method’.
- Pocketguard – Reports of your finances.
- Honeydue – Finance app for couples.
- Mint - Track expenses and debt payments.
Go food shopping later in the day:
Shopping later in the day is better for keeping your spendings low because there is a better chance of finding reduced items at night. Some supermarkets have started reducing their items for the evening, so this is the best time to grab those quick deals.
Visit the library:
When studying, it can be a pain to spend all that money on study books and leaflets. So why not borrow your study books instead of buying them? Take books out of the library so you don’t have to spend any money, most libraries have a study section also, so you’ll find all types of topics.
And if you are worried about forgetting to return your book and ending up with a fine? Don’t take the book out – why not just sit in the library and study?
Reward Cards:
Reward cards are great ways to get money off your purchases. Most reward cards offer cashback, loyalty points and general discounts meaning the more you spend, the more you earn.
Lots of reward cards are free, however, some come with a small annual fee. It is simple to get a reward card, almost all superstores offer them like Aldi rewards cards, Asda reward cards and BP rewards cards, just ask the next time you are in the store! There are even student account reward cards, where you can get more money off compared to the general public.
Check clearance lines/sale lines:
Lots of companies offer continual sale, and clearance lines, where specific products are continually on offer at a discounted price. Shopping online is great, as there are plenty of regular discounts you can get, plus you can buy in bulk. You may have never thought about it, but you could always go to vintage stores or charity shops to get your second-hand items.
Make sure to check out Stock Must Go’s Clearance Lines, where you can find a bargain on a variety of top brands. We have smartwatches, headphones, laptops and more all at discounted prices. Buy second hand... it's always a great option.
Student Discounts:
Student discounts are offers on products exclusively for students at school, college, or university. Usually, most discounts tend to be money off products, but they can sometimes be trials or buy one get one free. This means you will be saving money without having to budget, you can still enjoy the shops and activities you like but at a much more discounted price.
Buy refurbished tech:
Refurbished tech is simply products that have been purchased and then returned, either because they were damaged or unwanted. These are then professionally checked and tested before being put back onto the website. Although these items are ‘like new’ they cannot be sold as brand new, so their price is reduced to a much more affordable amount. This means you are getting much higher quality at a lot lower price.
At Stock Must Go, all our products are refurbished and graded so you know the exact condition they will be in when they arrive.
We have plenty of refurbished tech, perfect for students on a budget, take a look at our Laptops, Mobile Phones, Tablets, and other Computing collections.
Other money saving ideas:
- Get a part time job
- Buy second hand
- Always buy from a supermarket own brand
- Check out a 16-25 railcard
- Look at the perks available on your student id
If you do have a job, if you are wondering how to save money from your salary, it is important to follow the 50/30/20 approach. 50% of your salary goes towards expenses, 30% goes to personal use and 20% should be saved.
Conclusion:
Navigating the world of student finances doesn't have to be a daunting task. These simple money-saving tips are a great way to allow students to pave the way for a smoother financial journey throughout their academic years. And don't forget, uni isn't long term... you won't have to deal with these money issues forever.
