How to Save Money as a Student: Simple Tips to Help You Budget Better

It can be challenging to save money as a student. If you are lucky enough to have a job, your wages are often used for other expenses that are more important than saving up as much cash as possible. It’s no secret that a student’s life can be expensive. There are so many expenses that you need to manage, and it seems like there are always things getting more expensive. The good news is that there are ways to get around some of these expenses. Whether you’re just starting out on your University journey or have been doing this for years, here are some simple tips to help make your student life easier.

Identifying Your Personal Spending Habits

Before you can start to make changes in your spending habits, you need to identify where your money is going. The best way to do this is by making a list of all the expenses in your life. This includes things like rent, food, transport and anything else that comes up during your day-to-day life. Once you have a list of all these expenses, it’s easy for you to see just how much money you’re spending on certain things.

Budgeting As A Student

It’s really important to budget as a student. If you can create a budget for what you need for your daily or weekly expenses, then you’ll know where the money is going, and it will be easier to avoid spending anything on unnecessary items. When it comes to setting up a budget, make sure that you consider all of the different costs associated with your lifestyle each month. This will help you figure out what your monthly income should be and how much money you need to spend in order to get by.

Cut Costs With A SIM Only Plan

Many students are put off by the cost of mobile phone plans. There’s no need to stress about this, as it is possible to save money with a cheap SIM only plan. With a SIM only plan, you will still get all the benefits of talk time and data usage on your mobile phone with some added perks, too, such as being able to change your plan each month to suit your usage. For more information on how you can save money with a SIM only deal, there’s this range from Lebara.

Reduce Unnecessary Expenses

The first step to saving money is to reduce unnecessary expenses. Sometimes, it’s hard to know which expenses are necessary and which aren’t. Take a moment to think about what you really need and streamline your life in order to save more money while spending less time on things that may not be important.

There are a lot of things that you might be spending money on that you don’t need. For example, if you’re going out with friends every weekend, consider cutting back on how often you do it, as this will help you save money and make more time for other activities.

Ways To Save Money On Food

It’s important to make sure you’re not spending too much on food, especially since it’s one of the biggest expenses a student faces. If you find yourself having to spend more than £20 a day on food, there is probably something that you could be doing better. One way to save money is to shop around for deals. Websites like Groupon often have great offers on food and other necessities.

Another way would be to cook at home when possible, which is healthier than getting a takeaway. There are many recipes online that can help you get started cooking at home, and they don’t take long at all. It also allows you to control what goes into your meals which will make them healthier for you than going out every night.

How Spend Less On Travel

One of the most difficult things to manage as a student is money. You’re trying to find ways to make your budget work, but you also need to be smart about how you use your money. Commuting can be expensive, especially if you’re a student who has to make the trek across town every day. If you want to save on travel costs, try taking public transportation, as this will cost much less than a taxi.

Creating An Emergency Fund

One of the first things that you need to do is create an emergency fund. This will allow you to save a little bit of money each month in case the money from your wages or maintenance loans don’t cover everything that you need. You can either put this money into your bank account or into a savings account, but it’s important that you don’t spend this money as soon as it comes in. It will help you get through the tough times when your student budget isn’t working out quite how you planned.

Keep An Eye Out For Discounts

The first thing you should do is keep an eye out for discounts. There are so many different ways that you can save money as a student, and many retailers offer student or senior discounts. These discounts can go as high as 50% off, which means you could get yourself a new laptop or a great pair of shoes at half the cost. So make sure to keep your eyes peeled for these deals and start saving some cash.

Saving Money On Nights Out

One of the most expensive things that students spend their money on is going out. Nightlife can be fun, but it’s also a lot of money you don’t have to spend. Just because you want to enjoy yourself doesn’t mean you should spend your entire bank balance on one night out.

Making sacrifices in your social life or reducing takeaways are always good ways to save cash when you’re on a smaller budget. There are also plenty of free things that students can do, like attending free events at university.

Take Advantage Of Free Activities

A great tip is to take advantage of free activities. There’s no need to waste money on costly tourist attractions when there are plenty of free opportunities in the UK that you can enjoy. Some of the best things about being a student in the UK are all the activities you get for free. You don’t have to spend any money on museums, galleries, or even cultural events because most of these activities are offered for free. The same goes for local sporting events and gigs at pubs too. Instead of spending lots on going out and doing something crazy like drinking at a club, you could enjoy a night out with your friends without breaking the bank.

Conclusion

The worst thing about student life is the cost. Whether it’s rent, food, or travel, students often find themselves spending more than they want to, which can be a real issue when you’re trying to save up for the future.

As a student, it can be difficult to keep up with finances and budgets. With these tips, you can learn to be a savvy spender, save money, and manage your budget in a healthy way. So, now that you know the secret to save money as a student, the only thing left to do is start spending it.