Student Saving Tips: 10 Questions Asked and Answered

Life at university is exciting, but it can also be costly if you aren’t smart with your money. You may live in student accommodation, commute from home, or juggle studies with part time work, and in all cases saving money is a good idea. Here are 10 common money based questions that students across the UK ask, with answers that reflect real world experiences for a practical outlook on effective saving. Let’s answer those burning questions, and give you some handy student saving tips.

1. How can I make my student loan last the whole term?

Imagine that your student loan is a monthly salary. When budgeting, you should first set money aside for rent, bills, and travel so that you can ensure your main costs are covered. Then, set an allowance for food, toiletries, and any study supplies. Keeping this money in a separate account is a good idea because you’re less likely to be tempted to spend it on things you don’t need.

Some bank accounts and saving apps can track your spending to give you a visual representation of where you could be saving money. Turning it into a personal challenge can also help encourage you to save more. If you use Monzo, their 1p saving challenge is a good place to start.

2. What are the best ways to save on food?

Cooking meals in your student accommodation is the best way to save money on food, as you’ll be saving money compared to eating out or ordering takeaway. Planning your meals in advance can also help you create a set list for the weekly shop, so you know exactly what you’ll be spending each week.

If you live in a shared flat, cooking and doing the food shop together can also save both time and money. You’ll also reduce food waste while making your meals more affordable.

Preparing your lunch the night before helps you avoid overpriced snacks, and themed dinner nights can keep things sociable. Markets and discount stores are great for finding low cost ingredients that reduce your cost per portion.

(Keep an eye out for those handy yellow stickers in supermarkets too)

3. Are student discounts really worth it?

When you use them wisely, they can save you a lot of money over the course of the academic year. Sign up for free discount schemes such as TOTUM or UNiDAYS and keep your student ID with you when you’re exploring.

These apps offer discounts on all sorts of student essentials such as tech, food, and travel. Some people also benefit from their paid premium options that can include cheaper activities and increased discounts.

4. How do I save on travel?

If you’re a regular traveller, then a railcard is something that will quickly pay for itself. Available from train providers around the UK, and valid on almost every journey, you’ll save money every time you visit home or go on an adventure. If you’re a planner, look out for off peak and split fare tickets for even more savings.

For more local trips, simply walking or cycling around rather than using buses and taxis can be a way to enjoy your city and cut costs on travel.

5. Can I have a social life on a budget?

Of course! University is one of the easiest places to have a fun social life without breaking the bank. Look out for free or cheap events held at your student union, explore free museums, or join a society with people you share hobbies with.

At home, you can host games nights or cooking competitions that can often be more memorable that a standard night out.

For something different. try exploring the areas surrounding your city or joining online communities that let you talk about the things you love. Make sure to grab some leaflets when you visit attractions too, as they can often contain free or discounted tickets to more fun days out.

6. How do I avoid impulse spending?

It isn’t easy to avoid buying that item you really want in the moment, but it can be costly down the line. One of the best tricks to employ is the 24 hour rule. If you still want something a day after first seeing it, then pick it up. If not, did you really want it?

Creating a wish list or savings target can also allow you to buy things you want when you can truly afford to. It isn’t the most exciting thing in the world, but it will save you money.

Also consider talking over larger purchases with family or friends before pulling the trigger, to make sure you’re getting good value for money on your spend.

7. Should I get a part time job?

This really depends on your own schedule, as it may not work for everyone. Our advice would be to do so if you feel like it won’t affect your studies too much.

These days, work doesn’t even need to look how it did for previous generations of students. You could consider setting up an online store to sell old clothes or self-crafted products, or you could work on some digital platforms that pay you for completing individual projects. It’s a great idea for anyone that wants to top up their earnings without losing control of their schedule.

8. What free resources does my university offer?

Many students will be surprised by the wealth of resources made available to them by their university. From software licenses, academic journals, sports centres, and more, there are so many ways that your uni can help you save money. It’s worth exploring everything on offer.

These resources will help you budget smarter, meet new people, and provide you with opportunities you hadn’t previously thought about. Prioritising which ones best suit your lifestyle will make them even more valuable.

9. How do I save on textbooks?

Joining your university library is the easiest way to make sure you aren’t spending too much on textbooks, as they are one of the hidden expenses of university life. The library will usually hold a few copies of each textbook you need, or have them in digital form if they’re all being used by someone else.

Websites such as World of Books are also helpful for finding what you need at a much lower price then buying them new.

It’s also a good idea to talk to your coursemates about what books you need, so you can share them during group study sections, or send through key details on a photograph.

10. Where can I find more local saving tips?

Your student union, campus noticeboards, and local community pages on social media are all great places to discover free events, deals, and advice. Talking to fellow students about their spending habits is also helpful (as long as they’re comfortable sharing this information).

You can also take a read through some of our helpful student blog posts to explore more fun days out and extra advice that could help you save a few pounds.

The Wallet is Shut

Saving money at university isn’t about missing out, or being boring. It’s about making clever choices that allow you to enjoy your time without worrying about food or bills. Plan ahead and try our student saving tips to give yourself a clear mind and full pockets.

You may find that saving money becomes just as enjoyable as spending it.