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Money saving tips for university students
Earlier this week, we showed you how to create a good budget for your student loan so you could live more comfortably while at university. But now we have some tips to help you if you are struggling to manage your money.
These 5 simple tips should help you save some cash and make your student loan go further while you are at university. Some of these tips can help you create good practice to make use of throughout your life post-university for managing your money effectively whatever your situation may be.
Don’t forget about your budget
When you create a budget, you need to stick to it. A budget will only work if you follow it and amend where necessary. Managing your finances and keeping track of them on a regular basis is the best way to save yourself money and see exactly where you are overspending.
Get what you can for free
There are many freebies available for students and you should take advantage of as many as possible while you can. Events at your university and students union are particularly good places to pick up freebies including food, stationery supplies, tote bags and more.
Some brands also specifically target students by offering free delivery, free gifts, events and more. It may be advertisement of their brand, with the intention of making a customer of you, but there is a lot for you to gain from student incentives by brands.
If you live in a house share, the best way to save you and your housemates some money is to do one big monthly shop where you pick up all the stock cupboard basics needed for a month. The final bill may total to a hundred pounds or more, but when split between you it will be a manageable, affordable amount.
When shopping for things such as clothes or university supplies, make use of discount codes, vouchers and special offers. Search the internet for voucher codes and sign up to email newsletters for special discounts in order to make your purchases as cheap as possible.
Save on travel
Most students rely on public transport to get to and from university and to travel around the country. There are many ways you can make your travel costs much cheaper and you should use these to your advantage.
Most major cities have weekly/monthly student bus passes which are a few pounds cheaper than standard passes. You will need an NUS or student union card to obtain these to act as proof of being a student.
For train travel, you can make use of the 16-25 travel pass that will see you save a third on your rail fares around the UK. The passes usually cost between £30-70 to obtain but some student bank account providers offer a free pass for a year or longer.
If you do a lot of train travel between university and your parents’ home, one of these passes would be a great way to save you money. These passes can be even more profitable when coupled with early bookings (usually when train tickets are cheaper).
Be savvy with savings
There are many savings accounts on the market specifically aimed at students to maximise their savings while at university. Many of these student savings and current accounts offer good interest rates, a 0% overdraft and/or incentives, such as the 16-25 railcard.
All of that makes for some great accounts that can really help you to build up some savings as well as with your money management. As a result, it is something to be taken advantage of before graduating when bank accounts become slightly less favourable.