How to save money at University - Money - Money Tips - Moneyfacts.co.uk

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How to save money at University

How to save money at University

Category: Money

Updated: 31/08/2016
First Published: 31/08/2016

Top money saving tips to help you manage your money at university:

  1. Get a student loan. The Government-backed Student Loans Company offers the cheapest long term loans you'll ever get and should be your first point of call. They give you two loans, one to cover tuition fees and one to cover maintenance (your living allowance). You don't have to repay anything until after graduation and the amount you have to pay back is linked to how much you earn.
  2. Then get the right student bank account. Choosing the right student bank account is vital.
  3. See if you can also get a grant or a scholarship. It's possible to get a scholarship for a wide range of things from academia to sports to hobbies. Find out more from the Scholarship search.
  4. Stick to a budget. Before your first student loan payment is made into your student bank account, you need to sit down and set yourself a budget.
  5. Get a student card. There are now three different NUS cards available for students giving you access to a wide range of student discounts, deals and offers from companies such as Subway, Domino's, BT, Superdrug, French Connection, Arriva, National, Lonely Planet…
  6. Get a cheaper mobile phone deal. Use mobile phone comparison services to compare over 20,000 mobile phone and handset deals to get the cheapest pay monthly or pay as you go mobile phone deal.
  7. Get cheaper car and home insurance. If you need car and/or home insurance, then use our Car Insurance and Home Insurance comparison services to get the cheapest deal to save money.
  8. Being frugal is cool. You'll be amazed at how much money you can save by cutting back on non-essentials, and it can be easy to achieve, too: supermarket own-brand products tend to be far cheaper than the more well known brands, for example, so it could pay to downgrade. Keeping a spending diary for one month will really help you identify all the money you waste on things you don't need – magazines, takeaways, cigarettes and alcohol are the usual culprits! And did you know that around 15p out of every £1 spent on food in the UK goes in the bin. Planning meals, using a shopping list and doing a weekly food shop will save you a small fortune.
  9. Cash is king! It's very easy to spend with plastic and forget all about it, but studies have shown that paying with cash has a greater psychological impact and makes you think twice about what you're spending your money on. Studies have also shown that people tend to spend whatever's in their wallet, so taking out less cash from the ATM than you usually do could help stop you from wasting money.
  10. Make money. Getting a part-time job or selling unwanted CDs, DVDs and books on Amazon Marketplace (for example) can add some much-needed money to your student bank account!

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

 
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