Life is expensive! As a student, I often find finances overwhelming. Especially when you first start university, it can be difficult to know exactly how to budget the termly sums of money from Student Finance, or to decide on what the best ways to save money are. If you are anything like me, then this blog could hopefully be your saving grace.
Here are my 10 top tips for saving money at university
Create a budget
Start by tracking your income and expenses. Use budgeting apps or spreadsheets to set limits for categories like food, entertainment, and textbooks and to keep track of your incoming and outgoing finances. Try to keep on top of budgeting, at least monthly so that you don’t find yourself running low on your loan by the end of term.
Use student discounts
Take advantage of student discounts on transport, technology, dining, and entertainment. Always carry your student ID or have your Student Beans/Unidays logged in.
Cook at home
Prepare meals instead of eating out. It is sometimes so tempting to just grab a quick bite to eat from town, but it really adds up. I use a whiteboard on the fridge to plan my meals for the week and make a shopping list to avoid impulse buys.
Buy or rent used textbooks
Check out options for used books or rent them online. Also consider downloading digital versions through Durham’s online library resource, as they are free.
Limit eating out
While it is nice to treat yourself occasionally, limit the amount you eat out in restaurants or fast-food chains and opt for group cooking with friends or batch cooking at the start of the week.
Find free or low-cost activities
Look for free events on campus or in your college or organise more chilled evenings with friends where you can keep the spends to a minimum.
Set savings goals
Aim to save a certain amount each month either to keep, or to use as a ‘treat yourself’ fund. Monzo is good for creating saving pots and there is even a ‘treat yourself’ feature that rounds up your purchases to help you to save.
Consider a part-time job
Look for flexible job opportunities on or near campus that can fit around your studies, such as tutoring or working in a college bar.
Rent or buy second hand clothes for formals/balls
Buying a new outfit for every event can not only be a waste of money but also super unsustainable. Some clothing brands now have a ‘rent’ feature where you can pay a smaller fee to borrow an item of clothing from their website. Similarly use apps like Vinted or depop to buy pre-loved items and share with your friends.
Use Too Good to Go
The Too Good to Go app allows you to pay a reduced fee to a restaurant or supermarket in return for any leftover food they have that day, it is a fantastic way to save money and reduce food waste! You often get a LOT for your money.
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