Top Money Tips for Students
Managing your money whilst attending university is a challenge, but there are a few ways to keep track of your spending that are quick and easy. Yes, this is an article about top money tips for students; we know it is not the most exciting thing in the world! Take a few minutes to read this easy-to-follow advice and set your finances on the right path for the reminder of your studies.
Owning a car is a blessing and a curse if you are a student. Having your own set of wheels means confidence that you will get to job interviews and internships on time, but it can cost you. The car insurance rates for young drivers are the highest you can pay because of inexperience behind the wheel and other factors. Do not overpay – go online with your vehicle facts and get a quote on the cheapest car insurance premiums available on price comparison site Money Expert.
If you’re living in the city centre while at university and don’t need to do much driving, you could consider selling your motor while you study. Not only will this save you a fortune, but it will also encourage you to walk more, and reduce your impact on the planet!
Monthly railcards for visiting friends or travelling to other universities and local bus passes can save you massive amounts of money. Check into student rates and get your tickets as far in advance as possible, which can double your savings. Mom might even help you with a pay-in-advance loaded transport card that helps you get home more often.
Speaking of regular monthly expenses like car insurance, keeping track of your spending is a chore that many of us skip in favour of the cinema with our crush or pizza with mates. However, just a simple spreadsheet showing your income from scholarships, loans, parents, part-time jobs, and noting regular expenses like rent, mobile costs, and other monthly contracts will give you a picture of exactly how much you have available to spend every month.
As a student, food is going to be one of your biggest costs! It really is worth finding ways to reduce your monthly expense on chowing down. Look for own-brand products over name brands and go shopping at the end of the day when the discounts start happening. Instead of meeting your mates at Nando’s, start pooling resources and cooking basic food that you can share with each other.
One of the most effective ways you can reduce your spending on food is by making the time to plan your meals in advance. Eating out at your favourite takeaway or fast food chain is expensive and unhealthy! Batch cook your lunch the night before a big day so that you aren’t tempted to splurge on an expensive lunch.
Related: How to get Free Food
Discounts are Out There
Food outlets and shops offer discounts for students, you just have to ask or know where to look. If you have a favourite shop or take-away, it might be worth it to look into a part-time job there to get the staff discount while earning some extra cash. Look for student discount cards that can be purchased for a one-time fee and used for a whole year of savings like this one offered by the National Union of Students.
Course textbooks can cost a bundle, but there is no reason to break the bank and purchase everything. Organize yourself a bit and use the library to borrow set texts when you need them, saving your money for the books that are the most important. You could even find pre-owned textbooks online or through contacts at your university. Bonus – you can sell them yourself when your course is over.
Save the Planet and Money
Instead of notching up the boiler, put on an extra jumper and save on energy. Make sure you are on the best rates and ask your gas, electricity, internet, and water providers for their student discount. For all your other regular bills, set up direct debit payments so that you do not pay any late fees. You might even get a discount, so a win-win situation overall.
Heading to University? Read these…
Even though you are still a student, it is time to start adulting and keeping track of your spending. Shop around for the best rates on monthly expenses, look for student discounts and offers, and generally begin living within your means. Just a little effort and investigation on your part can take you from skint to flush in a few weeks.