Top tips to help students save money
Top tips to help students save money
Living away from home for the first time means experiencing more independence than you’ve ever had – and it also means managing your own money. Money-saving guru Jasmine Birtles of MoneyMagpie.com shares her top tips to help students save a few pounds and stay on top of financial challenges.
Ten top tips for Freshers
Did you know that over one in 10 students spend their maintenance loan within the first two weeks of receiving it? That’s thousands of pounds gone in a flash. More than half spend all of their maintenance loan before the end of the first term.**
It’s tough to balance the budget when you’re a student. That’s why I’ve prepared my top ten tips for saving money for Freshers – hopefully these will make all the difference.
**According to a survey from the Institute of Inertia, a partnership between the University of Sheffield and Compare the Market.
1. Pace yourself
Before you receive your student loans, work out how many weeks in the year that money will have to cover. Divide the money you get by the number of weeks it has to stretch. That figure will be how much you can spend each week that you’re at uni. Try to keep as close as possible to that figure through the term – that way you will give yourself the best chance of avoiding having to borrow more at the end of term.
2. Get as much as you can for free
There’s loads out there! Online, try Toluna for all sorts of freebies that you just write a short review for. See what free events and items the university offers and sign up to freebies newsletters like LatestFreeStuff. Also, use sites like Freecycle and Freegle to get furniture, homeware, clothes and more for nothing.
3. Share where possible
See if you can share books, notes, gadgets, and more with students in your house or on your course. The more you share, the more you all save.
4. Buy secondhand
Never buy new unless you absolutely have to. This goes for everything from books to clothes to computers. Obviously sites like eBay, Gumtree and Amazon are good for this, but it’s likely that your uni has a place where students can advertise items for sale. Make the most of it.
5. Look for money-making opportunities
See what money-making opportunities your university offers, such as taking part in tests for the psychology department. Also try online surveys for bits of cash here and there; sign up to focus groups like those run by SarosResearch and offer your services as a dog-walker and babysitter in the area. See my website, MoneyMagpie.com for loads more money-making ideas for students.
6. Ask about grants and bursaries
Depending where you are, it’s likely that your university or college has special bursaries, grants and scholarships. They don’t always actively promote them so you may need to do some digging. You could find, for example, that there’s a special payment for people who read in Chapel regularly, or there’s a bursary for students who want to study in Germany. Find out what’s going and go for as many as possible.
7. Switch bills at least once a year
On average students take £3,500-worth of stuff to uni and it needs to be insured. But don’t just go with the insurance providers your parents use. Use a comparison site like Compare the Market to find the cheapest and most suitable policy for you and then switch each year. Same with bills if you’re living in digs. Check the prices of gas and electricity at least once a year - even twice a year to get the lowest cost.
Find out more about switching bills:
8. Develop your own style
Keeping in fashion all the time is too expensive. Pick your own style – ideally one that involves charity shop clothes – and make that your thing at uni. You can buy designer stuff once you’re working!
9. Learn to cook – quickly!
This is how you save big money and eat healthily. Make as many of your own meals as possible. Shop at Aldi, Lidl, Morrisons and the local street markets. Ideally get together with other students in your house to make communal meals and save even more.
10. Do paid holidays
Not only will you have fun and see new places for free, you’ll actually make a bit of cash if you work at holidaycamps in the long summer break. Club Med is a really good one if your French is up to it, and Camp America gets you to all sorts of cool places in the States.
See my website, MoneyMagpie.com for loads more money-making (and saving) ideas for students.