6 Great Money Saving Tips For Students

August 15, 2022
April 4, 2024

Calling all university students! The wait for results day is finally over and you will know by now what university you are off to. With this comes the dreaded thought: “how am I going to afford this?” But trust me, it is possible. Here are 6 money saving tips for students that you need to know for when you begin your studies.

Consider Living at Home

If your university is close to your home, you may want to consider not moving out. Accommodation is one of the largest single costs for a student and cutting this out could save you thousands. Ok – it can’t be denied that many choose to live in student accommodation to get the maximum Uni experience. But, staying in your family house and commuting to university will save you a noticeable amount of money. And 43% of university students elect to live at home, so you’re in good company!

Limit Your Spending Now!

These next few weeks leading up to university are crucial when it comes to saving. I know it’s tempting but try to limit your spending. I’m sure most of you want to go out and celebrate your results and live the rest of your summer to the fullest, but make sure to budget yourself so you are putting some money aside for university. You’ll thank me for it in a few months!

Open a Student Bank Account

Another one of many great saving tips for students is opening a student bank account. This is simply just a normal current account that is designed for people who study higher education. So, you may think, what is the point? Well, banks offer customers small benefits for opening this type of account with them. For example, HSBC offers a £100 sign-up incentive along with an interest free overdraft of up to £3000. NatWest also offers a 0% overdraft of up to £2000 along with £80 cash and a four-year Tastecard as a sign-up incentive. There are many other banks that offer student current accounts, it’s just about finding the right one for you. So, make sure to check out and compare each one.

Save Your Student Loan

When your student loan first comes, many just want to go out and splurge with all of this money you now have. However, you need to try and resist from this as much as you can.  Budget your loan so you spread it out evenly across all months. Make sure you work out your essential expenses for each month so you will know how much money you have left over. 

Consider leveraging “open banking” tools and apps to track your spending and manage your budget effectively. These tools can provide insights into your financial habits, helping you make informed decisions about your expenses and savings. Additionally, explore the option of “revenue based loans” to supplement your income during your studies. With these loans, repayment is based on a percentage of your future income, providing flexibility and reducing financial burden while you focus on your education.

Look For Discounts 

One of the largest benefits of being a student is the discounts that come along with it. Student discount is your new best friend. Unidays and Student Beans are free platforms for sixth form, college, and university students where they can claim free discounts for 100s of brands/ restaurants. A great way to save that extra bit of cash.

Textbooks May Not Be Essential

One of my biggest tips is don’t rush into buying the textbooks for your course. Students will receive a long reading list and feel overwhelmed about having to buy it all. However, the majority of the time all of these books won’t be essential to buy, they might be just part of some extra reading.  In addition to this, some universities supply access to core books online as e-books for free. So, hold off buying these until you’re settled in so you are able to find out these details.

If you do need to buy textbooks, consider buying second hand books. Online marketplaces allow you to find people selling books across the country for a much lower price. Some examples are:

Final Thoughts

So here are my 6 money saving tips for students. Studying doesn’t mean struggling financially, as long as you follow these simple tips and budget well. I hope you have a brilliant time at University!

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Studying doesn't have to mean struggling financially. Here are 6 money saving tips that all students need to save their coins.
Grace Smith
43% of university students elect to live at home.
Young adults
Young people