STUDENT BUDGETING TIPS

As the last instalment of student finance comes in, you might be wondering how you can make your loan stretch as far as possible. I’ve compiled a list of money-saving tips that have helped me during my entire time at university and some others that I’ve only just recently started to adopt.

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Whilst I do not promise to have all the answers, here are some small pieces of advice from my experience that might help you save a little bit of money:

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1. Figure out your budget

It seems like a pretty obvious tip to be first on the list, but so many students do not do this so it is definitely worth a reminder.

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Calculating a monthly or weekly budget can help ensure that you do not go into that overdraft (it also means you won’t spend all your money on a night out and then not be able to afford rent).

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Take into account all of your earnings and incomings, whether that be from student finance, part-time jobs, or anything else. Then calculate how much you’ll need to pay on rent, bills, and any other regular monthly costs.

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It is best to overestimate bills, especially as the energy prices continue to increase! From there you’ll be able to figure out how much you can have per month for food, toiletries, nights out, and any other spending.

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2. Set a budget for a night out and stick to it

We’ve all been there — one drink out in the pub with friends turns into a pretty expensive night out. Whilst nights out are a common part of university life, it could be a good idea to set a budget for each night out so that you don’t overspend. So you are not tempted to overspend you could transfer a set amount into your current account for the evening; by doing this you avoid surprises when you check your bank balance the morning after a night out!

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3. 16-25 Railcard

If you’re a student and you are between 16-25 years of age then I really recommend a railcard! Trains are SO expensive, and if you’re travelling back home often or visiting friends at other unis, train fares add up pretty quickly.

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Getting a 16-25 railcard is a huge lifesaver when it comes to train travel and can take up to ⅓ off of fare prices. It can seem like a big investment at the start, with one year costing £30, but if you travel often you’ll make up the initial cost in savings in no time.

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There is even an option for a three-year railcard that costs £70, which is cheaper than buying three railcards separately!

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4. Meal prep

Although I’ve only taken it up recently, one thing that’s really helped me save money at university is meal prepping.

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Buying ingredients for multiple of the same dinners is a great way to save money. Although this can get repetitive, it can be done for breakfasts, lunches, and dinners, making it a great way to save a little bit of money in your weekly shop.

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This will not only save you so much money but it also saves you cooking time every night. If you are close with your housemates, you could try cooking together or making a large batch meal to save money.

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Hopefully, these few tips will help you navigate life on a student loan and ensure that you can save as much money as possible, while still having a memorable university experience.