Managing Your Student Budget

Managing your money while studying can be tough, but it is possible with the right approach. There are many simple ways to save money while at university. This guide covers helpful tips, student banking advice, and how to deal with debt.

Helpful Tips to Save Money at University

• Make a budget and stick to it.
  
• Plan your meals and reduce how often you buy takeaways.
  
• Sign up for student discounts on travel, food, and other everyday needs.
  
• Use comparison websites to find the best deals for your phone and insurance.
  
• Consider getting a part-time job.
  
• Choose a student bank account that offers an overdraft.
  
• Deal with any debt early before it becomes unmanageable.
  

Start with a Budget

Think about how you want to make your budget. You can use a notebook, a spreadsheet, or a budgeting app like Blackbullion Money Manager.

Start by listing all your income. Include your student loan, any bursaries or scholarships, money from family, and any job income.

Next, track your regular spending, such as rent, bills, insurance, and your phone. Also include flexible spending like travel, course materials, and social events.

Go over your budget to make sure you are not spending more than you earn. If you find it hard to manage, look at the section about handling debt.

Save Money on Food

To cut food costs, do one big grocery shop each week and avoid buying takeaways often. Choose supermarket own-brand items instead of well-known brands. Shopping near closing time can also help, as many stores reduce prices on fresh food.

Try sharing meals with your housemates and plan what you will eat each day. If you are not confident in the kitchen, there are many websites with simple recipes you can follow. For example, the BBC has student recipes that fit a budget of around £10 a week. Good Food also shares ideas and has a WhatsApp channel with updates.

Another way to save is by making packed lunches instead of buying food on the go.

Spend Less on Travel

Most universities are either based in cities with good public transport or have everything nearby. You probably will not need a car. Look for student travel discounts.

For regular train travel, a 16–25 railcard can save you money. It costs £35 for one year or £80 for three and gives you one-third off most train fares across the UK, saving about £192 a year.

If you are a mature student, a 26–30 digital railcard also costs £35 and saves around £258 a year.

Buses are one of the cheapest ways to travel. See if you qualify for student discounts or can buy weekly or monthly bus passes. For example, Stagecoach offers a Unirider student bus card and other travel passes.

Use Student Discounts

There are hundreds of student deals available across travel, fashion, music, and tech. You can access them by signing up for TOTUM Student+. This membership costs £14.99 for one year, £24.99 for two, or £29.99 for three years. You’ll save at places like ASOS, Boots, and Schuh.

You can also join UNiDAYS to get access to offers from over 800 brands. These include half-price Domino’s pizza and 25% off Grammarly Premium. It’s free to join, but you must re-confirm your student status each year. Graduates can also get three years of access through UNiDAYS GRADLiFE.

Spend Less on Course Books

Once you receive your reading list, try to buy second-hand books. You don’t need to purchase every book, as many can be borrowed from your university library.

You can find cheap used books on websites like Amazon UK, Preloved, or through your university. If you must buy new books, look for discounts on StudentBeans. When you’re done with your books, you can sell them to make some money back.

Save Money with Your Housemates

If you live in shared housing, you will need to pay your share of household bills, including:

• Gas
  
• Electricity
  
• Water
  
• Internet
  

Use comparison websites to find the best deals and save on energy where you can. Set up direct debits so your bills are paid on time and you don’t get late fees.

Make sure everyone pays their share of the bills quickly to avoid tension. Good communication helps when splitting costs.

Earn Some Extra Money

If your money is tight, look for a part-time job either on campus or nearby. Shops, cafes, and bars are common options.

You could also try a small side business. Some students make jewellery, walk dogs, or offer services like photography. Find something you enjoy and turn it into a way to earn extra money.

Pick the Right Student Bank Account

Choosing the right student bank account can help with budgeting and may even give you extra perks.

• Look at different banks – Most banks offer student accounts with benefits. Some offer free gifts or discounts, while others give you interest-free overdrafts. Use comparison sites to find the best deal.
  
• Focus on overdrafts, not just freebies – An interest-free overdraft is one of the best benefits. It lets you borrow money without paying interest, which can help in emergencies. Just make sure to stick to the terms and repay the money on time.
  
• Have more than one bank account – You can only have one student account, but you can open other accounts to help manage your money. For example, one account for bills, another for savings, and one for spending.
  
• Try automatic saving tools – Some banks round up your purchases and move the spare change into savings. It’s a simple way to save without much effort.
  
• Use credit cards carefully – Only use credit cards if it’s the cheapest way to borrow. Look for 0% interest cards, and always pay off the balance on time. Some cards also offer cashback.
  

Handle Debt Early

Many students fall into debt due to a limited income and high costs. If you are worried about debt, the key is to act early.

• Stay calm – Don’t ignore letters or emails about money. Open and read everything so you know what you owe. Keep records in case you need to show them later.
  
• Sort your debts – Priority debts (like rent, electricity, and court fines) should be dealt with first, as these can seriously affect your life. Non-priority debts include overdrafts, credit cards, and loans from friends. These are still important but often come with fewer risks.
  
• Talk to someone – Speak to family or friends for support. Your university may also offer free advice from student money advisers. If not, contact debt support services like MoneyHelper, Step Change, or National Debtline.
  
• Get your finances in order – After getting advice, your university may be able to check if you qualify for extra support or emergency funds.
  
• Make a repayment plan – Write down everything you earn and spend. Work out how much you can afford to repay and share this with those you owe money to. Ask for interest to be paused while you work out a new plan. Avoid payday loans, as they can lead to more debt.
  

By following these steps, you can manage your money more easily while studying and avoid the stress of financial problems.