Juggling your studies, social life and a tight budget can be a challenge. But saving money as a student shouldn’t have to mean compromising on enjoying yourself.
Read on to learn the 12 best money-saving tips for students so you can enjoy entertainment activities, delicious food, socialising and studying, all without breaking the bank. You can make the most of your uni years and even save while you’re at it!
The 12 best ways to save money as a student
1. Create a budget and stick to it
This comes at the top of our list for good reason. Perhaps the most crucial way to save money as a student is to create a budget — and stick to it! If you don’t know how much money you have coming in and going out each month, you won’t be able to effectively prioritise your spending or make savings towards other things.
Here are the essentials to get you started.
How should you budget as a student?
To budget as a student, begin with recording how much money you have coming in. This could be from a job, student loan, grant or otherwise. Then, you need to record your outgoings. This includes everything from accommodation costs, bills, food and gym memberships to leisure activities and going out. Get clear on exactly what you’re spending each month so that you know how much money you need for life essentials and how much you use as disposable income.
If your incoming money is smaller than your outgoing costs, then it’s time to have a rethink. Can you cut costs to reduce your monthly budget? Or, could you find a part-time job or side hustle to meet your monthly spending?
If budgeting as a student sounds confusing, consider downloading a personal finance app. These apps help you track your incoming and outgoing money, so you can make informed decisions about how to change your spending habits to make savings. Click here to discover the best budgeting apps of 2023.
2. Make the most of student discounts
Loads of businesses offer discounts to students, so you can still shop at some of your favourite brands while on a shoestring budget. Do a little research to find out which companies offer student discounts and take advantage of those opportunities. Here are some examples of companies offering student discounts:
- Trains, buses and transport
- Gyms
- Subscription boxes such as Hello Fresh
- Streaming subscriptions like Apple Music and Spotify
- Software like Canva
- Restaurants and cafés
- High street and online retailers, including clothes, accessories and more
For an extensive list of student discounts from popular brands, check out UniDays.
3. Cook meals at home instead of eating out
When exploring your uni city, it can be tempting to eat out with friends all the time. While this can be a nice treat, falling into the habit of eating out often becomes expensive. Cooking at home instead of eating out can save you a huge amount of money. Not eating out could save you as much as £2,400 GBP per year!
In addition to saving money, there are tons of extra benefits of cooking at home:
- Cooking together with friends is a fun way to bring people together. Why not try doing a weekly meal with your housemates? You’ll save money and have a blast trying out new recipes together.
- By cooking big batches, you can enjoy homemade food throughout the week and save on cooking time, as you only have to make it once.
- You’re totally in control of the recipes you cook. If you’re on a health hype or have dietary requirements, you can avoid any unfavourable ingredients that a restaurant might use.
Moving away from home for the first time and cooking for yourself as a student may seem a bit daunting. Here are some easy and affordable student recipes you can try to get started.
4. Buy used textbooks or rent them instead of buying new ones
Buying a used textbook can save you as much as 70% compared to the cost of a new one. Over your time at uni, this could amount to a hefty sum, as new student textbooks can cost as much as £325 GBP.
You can also save money on textbooks by using your university library, although accessing core module textbooks can be competitive when everyone on your course is after the same one!
Here are some places you can buy used textbooks:
5. Use public transport, walk or cycle
Having a car can cost a lot of money. You've got to think about petrol, parking, tax and maintenance. Recent numbers show car costs average at £220 GBP per month.
Walking, cycling or taking public transport is a huge deal cheaper than this. You don’t have to pay for parking, vehicle tax, expensive car repairs or petrol. And public transport may offer student discounts, making it even cheaper.
Plus, walking, cycling or taking public transport is better for the environment than using a car. And you can get in some daily exercise if you walk or cycle. So it really is a win all round!
6. Find free or low-cost entertainment activities
A big part of uni life is going out and having fun with friends. Sticking to a budget doesn’t need to detract from that.
Find free or low-cost activities to enjoy together. Here are a few ideas to get you started:
- Going to a park is totally free. You can soak up the sun with friends and enjoy a picnic or BBQ.
- Museums may offer free entry. Browsing art galleries, exhibits and historical artefacts is a fun way to learn and spend a day out with friends.
- If you’re looking for fun ways to entertain yourself while staying indoors, keep an eye out for free or low-cost entertainment services. One way to do this is by signing up for Subscription Panda. You can track all your subscriptions in one place and gain access to exclusive discounts.
7. Avoid impulse purchases; wait for sales instead
We know how hard it is to resist the urge to immediately purchase that must-have item. Fighting online shopping FOMO can be tough, but in many instances, you’ll save big time if you hold off. Wait for the next sale, and you’ll be pleasantly surprised by how much you could save.
8. Live with roommates to split housing and utility costs
Living with friends helps share the load of living expenses. Rent, energy bills, WiFi and other utility costs are less daunting when split between a number of people. And living with friends is one of the best parts of the uni experience! In addition to sharing living costs, housemates can collaborate to keep bills down. Here are some of the top ways you can work together to save money on energy bills.
9. Use coupons and compare prices when shopping
To save money on groceries, toiletries, clothes and other purchases, keep an eye out for coupons and discounts. There are apps to help you find discount codes, online sales, coupons and cashback on popular items.
Click here to discover the best money-saving apps to start making savings straight away.
10. Get a part-time job
Many students get part-time jobs to see them through their uni years. Common student part-time jobs include working in a shop, bar, café or restaurant. You could also try tutoring, whether that’s in-person or online over a video call.
Some students even try mystery shopping, where they get paid to review the customer experience of different retailers and venues. That means you could even get paid to review your local pub!
11. Compare services to get the best deal on bills and subscriptions
When it comes to bills like heating, electricity, WiFi and mobile tariffs, you might find a better deal by shopping elsewhere. Websites like Compare The Market and Go Compare can help you compare different providers side-by-side.
Before you switch, hold off for a second to check if your current provider can cut you a deal. Explain to them that you’ve found a cheaper option and they may be willing to give you an even better rate to keep you as a customer.
12. Use free software
You’re going to need various software for your studies to help you write essays, create presentations and spreadsheets, and maybe even edit videos and images. Software costs can quickly add up.
Luckily, there are lots of free alternative options out there so you don’t necessarily have to use a paid plan.
For example, Google provides Google Docs, Google Sheets and Google Slides to help you create sleek and functional text documents, spreadsheets and presentations online and for free. And Microsoft has an online version of Office where you can access limited versions of its popular tools, like Word, Excel, Powerpoint and OneNote.
These are two of the most popular solutions, but there are plenty more out there. Click here to discover more free software solutions for students.
How much should you save as a student?
Now that you know how to save money as a student, you might be wondering how much you should be saving. How much money you should save as a student depends on the cost of living in your location. Student living expenses vary from £800 GBP to £1,100 GBP per month.
If you want savings on top of your monthly essentials and disposable income, common advice is to aim for an extra 20% to allocate towards this. For example, if your lifestyle and bills cost £800 GBP per month, you’ll want to aim for an extra £200 GBP towards savings.
For more tips on how to save money, head over to the Subscription Panda blog. Or, click here to sign up for Subscription Panda and start tracking and saving money on your subscriptions today.