Student Budgeting Tips – How to Save Money at University

Even though your student loan payment may seem like a lot at the time, you’d be amazed at how quickly that money can flow out of your bank account. That’s why budgeting at university and saving money where possible is so important. When money’s tight, being aware of some amazing student budgeting tips can make all the difference. With that in mind, here are our favourite student budgeting tips to help make your student loan stretch that little bit further. 

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Navigate our article on student budgeting tips:

• Combine your bills for one simple payment
• Leave spending sprees as late as possible
• Try the piggy banking technique
• Save money on your most common purchases
• Get shrewd with your cooking
• Withdraw money in advance
• Look out for money-saving deals
• Use library textbooks or buy second hand
• Switch bank accounts
• Sell rather than chuck
• Earn a passive income
• NHS prescriptions
• Keep yourself insured

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Our Top Student Budgeting Tips for Money Saving

Combine your bills for one simple payment

Having multiple direct debits leave your bank account each month – including rent, utilities, water, broadband, TV and more – can make budgeting much more complicated than it needs to be. Through Resooma Bills, we can roll these numerous bills into one simple monthly payment. We even set up the bills for you! All that’s required on your end is to get a quote and add any housemates who also want to take advantage of the service.

Leave spending sprees as late as possible

While sticking to a budget is important, there are inevitably going to be times where you simply can’t resist splashing out on something that’s grabbed your fancy. On these occasions, our advice would be to leave these splurges until just before your next student loan is due to come in. This way, there’s no chance of you being left short-changed.

Similarly, if you’ve devised a weekly or monthly budget, then it equally makes sense to leave your spending spree until the end of these budgeting periods. Having a little bit of restraint to begin with will lead to much more financial relaxation and enjoyment later on!

Try the piggy banking technique to help control your spending

This is a great method for sticking to a budget by automating your spending. We’ve outlined the main steps below:

1. First, identify the main categories of spending that regularly cost you the most. These could include food, eating/drinking out, clothes, hobbies or anything else you regularly spend money on.

2. Alongside your main bank account and bills account, set up several additional bank accounts, each with a different spending category in mind. These can be thought of as different piggy banks.

3. Create standing orders for each of your new accounts – as though you’re feeding the piggies! When sending money to your bills account, you should slightly overestimate in case of any unforeseen costs.

The result of this is a main bank account that displays exactly how much disposable income you have, as money for bills and other key areas have all been transferred to your smaller accounts.

Save money on your most common purchases

Think about what your most common non-essential purchases are. While your extra-large, double shot espresso or Greggs breakfast meal deal might feel like the only thing getting you through lectures, regular spends like these can quickly add up and cost much more than you realise.

Try limiting these types of purchases where possible. There are a bunch of easy alternatives, like taking a flask of coffee on the go or pre-preparing breakfast/lunches for when heading off to your university campus.

Get shrewd with your cooking

Food is unavoidably one of the things you’ll spend the most money on while at university. With that being said, there are ways to cut down on the cost of your meals: 

• Supermarkets often slash prices towards the end of the day to shift stock that’s due to expire
• When shopping, try to avoid impulse purchases. And while we’re on the subject, don’t shop hungry, as that’s when impulse purchases are the most common
• Planning meals for the week ahead means that you only have to buy exactly what you need from the supermarket
• Preparing lunches in advance will also minimise the amount of overpriced food you purchase on campus
• The more meals you cook at once, the cheaper it becomes. You could either cook personal meals in bulk or cook communal meals with your housemates. Not only does this save money on ingredients, but it can also make the process of cooking and eating a more enjoyable one

Withdraw money in advance

It might sound a bit odd to say, but cash just feels more real. Meanwhile, online transactions and contactless payments make spending money far too easy. If you find this to be the case, then consider withdrawing the cash you need for the rest of the week (though for safety reasons, don’t withdraw too much at once).

The best way of doing this is by working out your weekly budget and then withdrawing that amount. Having your week’s spend in physical form should help avoid any unnecessary purchases. Any money that’s leftover at the end of the week can either go back into your savings account or can be spent on a nice treat if there’s something you really fancy!

Look out for money-saving deals

A TOTUM card (previously NUS Extra) costs just £34.99 for three years and unlocks all sorts of offers that you can take advantage of, including Co-op discounts, 6 month Prime Student trials and cheaper phone deals.

A 16-25 railcard costs £70 for three years and shaves a third off off-peak train tickets and tube fares, so can make the money back in just a few journeys. To make the most of this, our top tip is to renew a three-year card just before you turn 24, meaning it’ll remain in use until just before you turn 27. You can also get a free railcard with a Santander student account.

Use library textbooks or buy second hand

At the start of your university year, it’s fairly common to be given a long list of books from several different lecturers. When you add up the total cost of these books, it can often be a pretty staggering sum. Straight-up buying all of these books isn’t always necessary, with there being a few different alternatives we’d recommend trying first.

Check out what books your library does/doesn’t stock. It’s best to check early, as many of your coursemates will probably have the same idea. Specialist websites such as JSTOR are great for finding online academic resources that are often free. Department noticeboards, Facebook selling groups, eBay and Amazon are all places where you might be able to find what you’re looking for at a much lower price than in an official bookstore.

Switch bank accounts

When it comes to banks, loyalty doesn’t pay. To acquire new customers, banks will offer all sorts of incentives for switching. Right now, HSBC is offering new student customers a free £80, along with a £20 Uber Eats voucher or a one-year ASOS Premier membership. You should also look at which banks are offering the most desirable overdraft schemes.

Sell rather than chuck

If you’re done with something but it’s still in usable condition, then sell it for a little bit of extra cash, rather than simply throwing it away. You won’t be short of online selling options either. Facebook is now chock-full of area and university-specific selling sites, while eBay and Gumtree remain solid and reliable options.

Earn a passive income

There are loads of ways to earn passive income, some of which work better than others. While these sorts of money-making schemes aren’t going to earn you huge amounts straight away, over time they can earn a profit while you sleep and avoid the hassle of actually getting a job.

Some examples of ways to earn through passive income include affiliate marketing, selling stock content – such as images, music and videos – and a whole host of money earning apps like Swagbucks and Survey Junkie.

NHS Prescriptions

If you have any long-term health conditions or regularly attend health-related appointments, then you might want to consider getting a prescription prepayment certificate. Though these cost £29.10 for three months, they’re still worth it if you require more than one prescription per month. Students on a low income (or from low-income families) can complete the NHS low-income scheme form for further help.

Keep yourself insured

Have you ever considered what you’d do if something happened to your belongings? If disaster struck and your valuables were damaged beyond repair, then having contents insurance could make or break your university experience. Contents insurance is a type of policy that provides household items with added security by covering them against these unfortunate circumstances.

Getsafe’s policies start from just £2.71 a month and cover the vast majority of household items. The insured sum (what you receive from Getsafe) should equal the amount that it would cost to replace all your contents as if they were brand-spanking new.

Get £15 credit on your account when you sign up to Getsafe through our link.

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