University students often struggle with financial challenges. Rising tuition fees and accommodation costs don’t leave much room for groceries and having fun with friends.
Balancing your bank account shouldn’t add more stress to your life. Thankfully, there are several strategies that will give you a new financial perspective and make your university years much more enjoyable.
1. Look for Student Discounts
If you’re wondering how to save money in university, start by looking into student discounts. All you need is a valid ID or school email address to reap the rewards.
Research local shops to see if they’ll give you a percentage off their products or look for virtual deals. Even if it only saves you a few pounds, that’s extra money you can put toward something else.
2. Recognise Impulsive Purchases
When was the last time you took care of your mental health? Courses and exams cause anxiety that’s more intense for some students than others. Your mental wellness affects your buying behaviours, like impulse purchases.
Think about the last time you bought something on impulse. Evaluate how stressed, worried or anxious you felt at the time. If you’re more likely to deal with your stress this way, start some self-care habits to better learn how to save money as a student.
3. Shop Where You Work
Getting a part-time job would give you extra income and possibly future discounts. Many shops that sell clothes and food provide employees with an exclusive discount. You might walk home with an extra bag of food or new clothes without ever swiping your debit card.
4. Pay Yourself First
Whenever your paycheck lands in your bank account, pay yourself first. Instead of sending most of the money off to bills and credit card companies right away, put money aside in savings to build an emergency fund. Even though you’ll still spend the same amount on necessities, it feels better to choose your financial goals before watching your account drain.
5. Minimise Your Bills
You can’t always negotiate monthly bills, but some are entirely under your control. Condense your loads of laundry to reduce your water usage. Turn off lights when leaving a room and you’ll save around £15 each year. Reduce your electricity bill by turning down your thermostat in the winter.
6. Find Helpful Social Media Groups
Students face so many of the same challenges. If you check social media for public groups, you’ll likely find other people at your university who can help. Many people post about how they don’t need certain textbooks anymore or want to give stuff away when they move out. You could find exactly what you need without any expensive purchases.
Keep Track of Your Changes
These are the best six ways to learn how to save money in university, but you won’t see any difference unless you keep track of your changes. Use a notebook to log which tips you start using and when. You’ll quickly notice how much money you’ve saved with a little time and perseverance.