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Money Tips: The Best Ways to Save Money as a Student

How to save money as a student

Your student years can be the best time of your life, but they can also be the most financially precarious. With no full-time income but constant temptations to spend, you need to be a savvy saver to reap the rewards of university while keeping your bank account intact. Whether you’re a fresher or a postgraduate, our five top tips for holding onto precious pennies could really help see you through to graduation.

Share Food Shopping with Flatmates

Buying groceries is always best done in bulk – you’ll spend less, and you won’t have to keep nipping back to the shops to top up your supplies. If you have a good relationship with your flatmates or the people who live near you in halls, go food shopping together and share the cost. Creating a shopping and cooking rota will not only save you money, it will also bring you and your friends closer together, and help you make the most of your uni experience. 

Don’t Buy New Books

Chances are, you’ll need to read and refer to lots of books over the course of your degree studies. You could spend a fortune buying them all new, so hunt out bargains online and in second-hand shops. Your university library is another great resource, but get in there early before all the most important books are nabbed by other students.

Get to the Nightclub Early

Going out can be a big part of university life, but partying is a potential hazard for a cash-strapped student. One way to keep costs down is to avoid excessive entry fees by hitting the club early. You’ll also escape mile-long queues, a blessing in the cold winter!

Avoid Being Over-taxed in your Student Job

Most students need to work part-time in order to keep themselves afloat. If you find employment while studying and you earn under £10,000 a year, you don’t need to pay tax. Your income will probably be taxed via Pay As You Earn (PAYE), but you can claim this back from the HMRC at the end of the tax year.

Make the Most of Student Discounts

As a student, you can get money off clothes, entertainment, travel and more. Use this privilege as much as you can! Wherever you go and whatever you buy, check that you’re not missing out on helpful discounts.

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Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk