As a student, it can be easy to say yes to everything, no matter the cost. Whether it’s eating out or going on a pub crawl, we understand that those sorts of activities are a big part of uni life! Plus, no one likes FOMO.
So, we put together some advantages of saving money for students to give you another perspective. Additionally, our ideas to save money as students aren’t centred around NOT spending, but about how you could responsibly spend money, look for discounts in the right places, and curate a student budget that you stick to. Within this, we list lots of the benefits of saving your money as a student or young professional, so read right to the end to gain this insight – we think you’ll be surprised.
Going to university is already a major step in life because it’s up to you to study hard and support yourself if you choose to move away from home. If you start saving money as a student, you’ll have sufficient funds as an adult to afford to do what you want with your life. You’ll be able to make your own decisions without depending on others.
If you’re at uni, it’s likely that you’re studying to get a job related to your field of interest or building your employability skills. Whichever it is, the job that your degree helps you into will help fund your financial goals. This ranges from saving for a house deposit and buying your first car, to paying off your student debt, and even saving for future children. The earlier you start saving for these goals, the quicker you’ll see yourself making progress and start living your dream.
Another pro of saving money is that if you have cash in the bank, the chances are you’ll be more stress-free than if you didn’t. Not only does it set you in good standing for the future, but it also has the power to put you at ease now.
If you save money as a student, you’ll create a positive habit of saving when you get into later life too. The more you do it, the easier it becomes, and the more you’ll save!
Sometimes, as much as you plan, you can’t avoid some things. If something unexpected falls on you financially, you’ll have savings to rely on. This could be related to losing your part-time job, experiencing unexpected health issues, or separating from your partner with whom you live. Whatever it is, having savings can make a huge difference in how you can handle the situation.
It’s never too early to start looking far ahead. Saving money for retirement is a fantastic way to ensure you can be comfortable later on in life. After all, your pension may not be enough to cover everything you want to spend money on.
Having some extra money in the bank can help limit your dependence on credit cards and high-interest loans, therefore reducing the chance of landing in debt.
A final benefit of saving money is that you can support your loved ones should something happen to you. Knowing that your savings will eventually help out those you love can be a fantastic motivation to get started.
If you have a good idea of your income and monthly expenses, you’ll be able to save and spend accordingly. It’s important to manage your finances responsibly, especially when living away from home. So, work out how much you want to spend on each area of your life (eating out, rent, cinema, etc.) every month, and stick to it as strictly as you can! We’re not saying to limit yourself to how much fun you can have – still, make sure you treat yourself – but if you want to manage your money effectively, budgeting is where that begins.
Some of the most popular student discount apps are Student Beans and UNiDAYS. If you’re an undergraduate or college student, once you’ve signed up, you have access to an extensive range of discounts from retail and food stores. This includes River Island, ASOS, JD, Schuh, Uber Eats, and more.
If you’re going to travel by train, make sure to get your 16-25 railcard. You save one-third of the price of every train ticket in the UK by having one!
Not only is this a great way to save money, but it’s also a fantastic way to shop sustainably.
Rooting through the charity shops for new clothes, shoes, jewellery, or even books can sometimes have great outcomes. Most cities have an abundance of vintage, second-hand stores, so make sure you check out these too. You’re bound to find something that suits your style, and if not… go back again the week after! The great thing about these stores is that there’s always something new in them, so don’t give up if you don’t find something the first time around.
If your course requires you to purchase course materials, search eBay, World of Books, Abe Books, and Vinted to find second-hand textbooks and academic sources. This can save you a lot of money! If you know anyone on your course in the years above you, it might be worth asking if they’re giving away their old ones!
Managing your finances as a student can be challenging, especially when it comes to shared expenses in student housing. Whether it’s splitting rent, utilities, or groceries, keeping track of who owes what can quickly become complicated.
That’s where Split The Bills comes in. At Split The Bills, we set up utility accounts for student houses so you don’t have to deal with the hassle of ringing suppliers, setting up direct debits, or calculating how much everyone owes!
Our bill package includes uncapped energy, your choice of broadband, and an optional TV licence (if you plan on watching live TV). All you need to do is pay one monthly bill, which automatically covers all your household bills.
By choosing Split The Bills, you can focus on your other money-saving strategies because we’re here to help you stay on top of your bills and avoid unexpected financial stress. Just a reminder – you don’t have to worry about sorting or paying your bills because we do it for you! Get a monthly price for your household bills today and make student living as hassle-free as possible. Additionally, you can read reviews from fellow students who’ve used Split The Bills to manage their utilities.
Spring is here, and summer will follow, meaning we’re all about to be using a lot more water. Here’s how to save water as a student and make the most of every drop!
When you move into a student house, everyone suddenly becomes an energy expert. Read our blog on energy myths to understand what will really save you money.
If you’re the housemate that seems to always take care of everything, the burden can soon add up, and it can start to feel like your home life is another full time job. Fear not – we’re here to help you share the load, getting more people to pitch in with chores and freeing your time up to do more important things, like watching TV, mindlessly scrolling on your phone or having a well-earned nap.