Now fully into the swing of September, new university students have started their academic careers. But, unfortunately, this type of study doesn’t come for free – which is why we’ve put together the following guide on money-saving tips for university students.
Take Advantage Of Student Offers
A cost-effective way to make sure you have everything you need for university is by taking advantage of any student offers available to you.
For example, IKEA is selling a student starter box containing all of the essentials, including pots, pans, cutlery, plates, glassware, kitchen utensils and more, for just £45!
For more university essential offers from IKEA, click here.
Use Student Discounts
Whether it’s food, travel, fashion, music, or technology, student discount apps are a great way to save yourself some money.
Apps like UNiDAYS and Totum offer hundreds of deals on all of the above to save you money on your back-to-university shopping.
Use Second-Hand Books
At most universities, your tutor(s) will provide you with a reading list which tells you the books needed for your course.
Instead of spending most of your budget on brand-new books, why not take a trip to your campus library if you have one? Or buy second-hand books online via Amazon or your university itself, or in local bookstores for a fraction of the price.
If you can’t find the books you need second-hand, make sure to take advantage of any available student discounts for brand-new books. StudentBeans is another great place to look for more deals.
Open A Student Bank Account
Opening a student bank account could save you money during your university experience. Have a conversation with your bank to discuss any extras that come with a student account, which could benefit you in the long run.
Overdrafts are an example of this, where the bank won’t charge you fees if you overspend. With a student account, you don’t have to pay for an overdraft and any money borrowed won’t accumulate interest. However, it is very important to stick to the limit of an overdraft and always pay back any borrowed money on time. If this isn’t something you think you’ll be able to manage, an overdraft might not be the best option for you.
Create A Spending Plan
One of the easiest ways to save money at university is to create a budget, sometimes called a spending plan.
Keeping track of your weekly or monthly spending can help you see how much money in total you spend within these time frames. This will help you decide whether any outgoings, such as money spent on non-priority items, can be reduced, or even removed from your budget.
If you have applied for a maintenance loan, you will receive three payments throughout the year, which we would recommend you set aside in order to budget an amount each month for bills and other expenses. If you have a part-time job, you can then top your budget up with any income received from this each week/month, depending on how often you get paid. If you think you’ll struggle over summer, you can budget your maintenance loan payments in order to spread the money across these months, which is especially helpful to do if you are unemployed and will be looking for work over the summer.
A budget is also a good method of calculating how much money you have left to spend after all outgoings for the week or month. This will allow you to plan ahead for essential items such as books for your course, food or rent. Remember to consider all of your income in this calculation, including any money you receive from student loans, scholarships/bursaries, any parental contributions, or a part-time job.
Compare Energy Prices
If you’re living in a shared student house, you and your roommates will be responsible for the gas and electricity bills. All household residents will need to send proof to the council that they are a full-time student, otherwise, they will still get a bill.
Save on your energy bills by using comparison websites, such as Compare the Market, to get yourself the best deal on your energy bills. Setting up a direct debit for priority bills is also a good way to give yourself peace of mind that your payments will be made on time. Your budget, or spending plan, will help you make sure you have enough money set aside each month to pay your bills.
Free Student Debt Advice
With the cost of living crisis continuing to leave its mark on the economy, and students having to spend money on a limited income while studying, money worries can become prominent. If you have unaffordable debts, such as late overdraft payments or store cards, get free* confidential debt advice today. Contact us to speak to one of our friendly and knowledgeable debt advisers, who are always happy to assist you on the topic of dealing with debt and can help you decide on the best debt solution for you.
If all you need is some debt advice, there is no need to worry – there is no risk to receiving debt advice, as this won’t affect your credit score. The Angel Advance Online Debt Advice (ODA) tool is available to use at any time, day or night.
If you’d prefer to go online, our free and easy-to-use online tool can also help you weigh up the debt solutions available to you and give you the best recommendations for your unique situation on-screen, instantly.
*Our advice is free, but if you sign up for a debt solution, a fee will apply for some solutions.
