There are many ways to save money. Some are simple and others are a little more complicated. To get you started we’ve listed the easiest and most beneficial money saving tips that you can use while you’re at university.
Here are nine ways that you can save money as a student.
- Make the most of a student bank account
- Get 10% off shopping with Unidays
- Save money with a TOTUM card
- Don’t buy new books
- Create an effective budget
- Get 50% off ad-free music streaming
- Explore free museums, festivals and art galleries
- Buy a student railcard
- Cook at home
1. Make the most of a student bank account
There are many banks in the UK that offer student bank accounts. These usually come with free benefits that specifically help students. First of all, compare these benefits by doing some research. For example, Santander guarantees a four-year student railcard if you open an account. But don’t simply choose a bank just because of their free offers.
Don’t base your decision on which is closest to your student accommodation, you can withdraw cash from any ATM. Choose wisely and you can still benefit from any free offers. Also, don’t choose a bank just because your friend uses them - it might not work for what you need.
2. Get 10% off shopping with Unidays
Unidays is a free student discount-site, where you can grab a discount on clothes from ASOS, Topshop, Urban Outfitters and more. All you need is a university email account.
While shopping in-store, you’ll be able to get a student discount by showing your university ID card. Unidays is the best way to save money on online shopping as you are given a discount code to use on the website you're shopping on.
3. Save money with a TOTUM card
TOTUM cards are great - they give you access to exclusive student discounts across the UK, both in-store and online. However, unlike Unidays, it’s not free. It costs £14.99 for one year, £24.99 for two years and £34.99 for three years.
The TOTUM card is perfect for students because it has a huge range of discounts. To see all the discounts on offer, click here.
4. Don’t buy new books
You’ll be reading a lot while studying at University. This means you’ll need a lot of books which can be expensive - especially if they’re new. However, there are some easy ways to save money on books.
Firstly, use your university library. There will be a huge amount of books for you to research with - just remember to take them out as soon as possible as they might be in high demand. If they’re popular books, you might have to wait a while to read them but you can usually add your name to a reservation list.
Secondly, buy books secondhand. Secondhand bookshops are quite common in cities around the UK, so with a bit of searching, you can usually find something that might help you. Alternatively, both eBay and Amazon have many secondhand books on offer at very cheap prices.
Finally, you can now also rent books. Sites like VitalSource will loan you the electronic version of a textbook for up to a year. This can cost up to 80% less than buying a new one.
5. Create an effective budget
It’s incredibly important for students to budget while at university. It’s a great life skill to develop and helps you to handle money more effectively.
You can work out a budget by looking at all the things you spend money on within a month and comparing this to how much money you have coming in, either from a student sponsorship, from your parents or any other source.
Finally, never spend more than your income, as it’s an easy way of getting into debt. By creating a budget, you’ll be able to visualise how much money you’ve got to spend on all the things you enjoy.
6. Get 50% off ad-free music streaming
Music is great - when we’re travelling, working or just relaxing with friends, it’s nice to have music playing in the background. More and more people are turning to music streaming services to listen to their favourite artists.
Luckily for students, you’re eligible for 50% off both Spotify and Apple Music for ad-free streaming.
7. Explore free museums, festivals and art galleries
If you’re interested in exploring the culture of the UK but don’t want it to cost a lot, there is a way of finding free opportunities.
If you look through this list of free museums and galleries, you’ll discover lots of things to see and do that won’t cost anything to enter.
Similarly, if you want to experience live music in the UK by going to a festival, you can look through this list of free festivals that happen during the year across the country.
There are also several ways of getting into the big festivals like Glastonbury for free. You can volunteer to help behind the scenes or volunteer as part of a charity attending the event, which will usually guarantee you free entry. For example, you can volunteer for Shelter, a charity that helps to fight homelessness and gives you the chance of gaining free entry.
8. Buy a student railcard
Even if you’re not with Santander as a student bank, buying a 16-25 railcard is a great way of saving money on train travel. These cut 30% from off-peak train tickets. They can be bought on the Railcard website for £30 a year or £70 for three years.
9. Cook at home
One of the best ways of saving money is making a meal plan, buying cheap food and cooking it yourself. It may take time and effort to learn how to cook certain meals, but it’s a life skill worth having and it’s usually cheaper than eating out at restaurants.
You can learn to save money by splitting your shopping list between different supermarkets, which can offer the same item for a cheaper price.
You can learn to save money by splitting your shopping list between different supermarkets, which can offer the same item for a cheaper price.
It’s also a good idea to shop for groceries in the evenings as this is the time when supermarkets heavily reduce prices on items they need to sell by the end of the day. Try and shop after 6pm to get the best deals. If you’re looking for ideas for your student shopping list, read this blog for more information.
Those are our nine tips to help you save money as a student. If you’re experiencing financial difficulties, contact our Student Finance Advisers for advice or visit our Student Financial Support page to find out more about the different financial support we can offer.