Being a student is tough at the best of times, the Times Higher Education website reported that students find managing their finances just as stressful as their exams. Crazy right?
In honour of Student Money Week, we have collated our top tips for saving your money on a daily basis.
1) Take Advantage of all possible sources of income:
Student Funding and Bursaries - Make sure you apply for your student loan early and make the most of the finance available to you. Most universities will also provide bursaries and you don't have to be a brain box to receive one either!
Part-time work - if you can spare some time to fit in part time work or a season job, then we highly recommend it! Having a job not only equals an additional income but also much needed time away from the books!
2) Make the most of your bank:
Overdrafts - if you are considering getting an overdraft ask yourself the questions before doing so.
Is the overdraft interest free? If it is, what are the repayment conditions? Is the overdraft guaranteed? How large is the overdraft?
Bank statements - Keep an eye on your bank statements to track your spending. This can easily be done online and you will be able to note anything that you are overspending on
3) Coupons, Vouchers and Money-Saving Incentives:
Student discount. One of the many benefits of being a student that you will struggle to let go of once you leave. Of course discounts are great, however, they are not so great when they tempt you to purchase items you didn't really need in the first place.
4) Mindful Budgeting:
We know, the term "Budgeting" is a dispised word in the student community. That is why we prefer the term "Spending Plan". This doesn't hold the same mental restriction as "budgeting".
If you formulate a smart spending plan and stick to it, your finances will be more manageable. Having a spending plan will indicate how much you have left to spend on yourself after expenses.
6) Thrifty food shopping:
Supermarket brands - Supermarkets often have their own brand products which are cheaper than the big brands. Many people believe own brands are inferior to well-known brands, but often they are all made by the same manufacturers and often have much less sugar!
Reduced Food - Supermarkets will after reduce fresh food later in the day, so always keep an eye out for these!
Online Shopping - This can help to save a great deal of money, even if you pay for home delivery. When online shopping, deals are suggested to you, which you may miss when physically at the supermarket.
Making payments late can attract extra charges. Make it your mission in life to pay all of your bills on time! This includes your rent, service bills and any other regular payments. Just pay them on time!
Understand how credit works, and how to use it wisely. Read our post on credit as a stepping stone to what you need to know about credit.
If you have a credit card, try to pay it off as soon as possible or set up monthly payments. At the very least, be sure you pay the minimum each month to avoid charges.
9) Communal Cooking
If you and your flatmates are happy to agree, you can buy your groceries together in bulk. You could even plan meal schedules and share the cooking.
If food is cooked at the same time, this can also save money on energy bills. You can also improve your culinary skills!