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16 November 2018

Top Tips: 5 ways to save money at University

News

Saving money can be so difficult, especially when you’re at university! If you’re struggling with your finances then look no further, this week’s blog post is just for you! Here are a few things you can do:

1. Look at what is available

Consider what your possible sources of income may be, such as:

  • Making the most of the maximum student loan available to you
  • Look at what scholarships you may be eligible for
  • If you have circumstances in which you may require help- consider what extra financial support, there is available

2. Find a part-time job

If you have spare time, you could find yourself a part-time job where you can earn money which can help you save more or spend less!

3. Budget

Add up your income:

  • Tuition fee Loan
  • Maintenance Loan
  • Income from a job
  • Scholarships
  • Parental Contributions
  • Savings

Then…

Calculate your expenses:

  • Tuition Fee
  • Rent (Are bills included?)
  • If not- utility bills, mobile and TV license
  • Food and Drink
  • Toiletries
  • Laundry
  • Books/Course resources
  • Travel/ Transport
  • Clothes/Shoes etc.
  • Going out
  • Sports and Leisure
  • Holidays and Presents
  • Emergencies

4. Take advantage of student discounts

As a student, there are numerous things that are available for you to save money and other things you can keep your eye out for such as:

  • Student discount (NUS Card)
  • Railcard
  • Discounts/Vouchers from supermarkets/shops/food/fashion and other places
  • Books- instead of purchasing all the books that are required for your course- try to find them online first or borrow from the library or other people you know who may have used them previously

5. Think Wisely

  • Make payments on time to avoid extra chargers
  • Share accommodation if possible
  • Plan meals ahead to avoid impulsive shopping/ eating out/getting takeaway
  • Food share with flatmates
  • Buy foods that are reduced on days you have nothing to eat
  • Have one day to finish what’s in your cupboards
  • Identify what you spend a significant amount of money on that is unnecessary and act upon it e.g. reducing the number of times going out a week/month
  • Put a certain amount of money aside as savings every week/month

*All the above are just some examples that can be used but may not apply to everyone as financial situations and other circumstances vary between people.

Useful Websites:

https://www.thecompleteuniversityguide.co.uk/university-tuition-fees/managing-your-money/budgeting/

https://www.ucas.com/ucas/undergraduate/finance-and-support/budget-calculator

https://university.which.co.uk/advice/student-finance/

https://www.moneyadviceservice.org.uk/en/articles/budgeting-for-college-or-university#shop-smart-with-student-discounts

Hope you’ve found this useful and thank you for reading.

By Roshni Dhodakia

I am a third-year student at Edge Hill University, studying English Language. I hope that my blog posts are enjoyable and useful. Feel free to ask me any questions or leave me any suggestions. I hope to hear from you soon and thank you for reading!

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