10 Top Tips on Money Saving
Okidokey guys, I know that when you see advice on money saving it sounds like a lecture from a parent. Whether you get the full ride from student finance or have to muddle through with a part-time job on your own it doesn’t matter. Unfortunately, to quote a classic musical; ‘Money makes the world goes round!’ and just because you’re a student doesn’t mean you have to conform to the typical stereotype of a student and spend spend spend, or be penniless either. There is a difference between being good with money and being cheap! So here are my top 10 tips to keep in mind during freshers.
Please please please please draw up a budget! It will be the best decision you make. As tedious as it sounds, drawing up a budget and showing it to someone you trust, is a must (hey, that rhymed). Nine times out of ten you will forget something and showing it to a parent/partner/friend will save you a lot of worrying. I do it constantly! My dad must’ve been sent 10 drafts of my budget to make sure I’d covered every single base!! Email me and I will share my amazing budgeting sheet with you! Samantha.Robson@lsbsu.org
2. Don’t spend it all at once!
I have many cautionary tales of friends who, when their loans/grants/bursaries/wages came in for the first time, all you could see in their eyes were little £££ signs. It can be tempting to go on a spending spree when you see all of those zeros on the left side of the decimal point and by all means, enjoy it, but YOU WILL NEED IT TO LAST, so don’t go crazy.
3. Discounts are everything.
Did you know you can get your NUS card at the Student Union’s Reception?! Head on down and start saving money on pretty much everything from Clothes to Theatre Tickets to your weekly co-op shop!
4. Shop smart.
Take advantage of the AMAZING deals to be had in shops such as Poundland, Savers, B&M, Home Bargains and Primark! If you’ve got patience, you might want to consider shopping for bargains in charity shops, all of the clothes are washed, in good condition and free! Why buy a £5 bottle of shampoo in Tescos when you can get 2for£1 at Poundland.
5. Get a Student Bank Account.
Every year, banks offer a range of perks to draw in student customers, including free railcards, cash-back schemes, and shopping vouchers. They usually come with a 0% overdraft- which will come in very handy. Do your research and it’ll definitely be worth it.
6. Avoid Payday loans!!:
We’ve all seen the adverts: ‘My boiler was broken and I don’t get paid until next year but (Enter any ridiculously extortionate money lending company name here) helped me by letting me lend £1000. That £1000 will continue to double and triple with the unbelieveable interest that will be placed on it. Don’t get sucked into debt through a quick fix which isn’t really a fix!
7. Travel Smart
Travelling in London especially on the Tube daily can end up costing quite a lot. Invest in an 18+ Student Oyster photo card card for 30% and add a National railcard for an additional 4%. All of those savings add up!
8. Have a rainy-day fund
Whenever you get money coming in- either a student loan/wages/gift then take a percentage of what you can spare after expenses and put it in a savings account! I typically save 10% to start off with every month and then see if I can manage each month if I increase it. You’ll be thankful for a little pot of money ready if you need to repair your bike or need to get home at short notice.
9. Ask for help if you need it
It’s okay. I know that admitting that your finances have gotten away from you is daunting but don’t worry. If getting support from family isn’t an option, Student services are here! There are advisors available Follow the link below to find out how you can contact them and get back on track.
10. Finally; Treat Yourself
This one may sound counterproductive but give me a second to explain. If you’re like me and feel guilty when you buy yourself something like a new Xbox game for the first time in months; DON’T. Don’t be hard on yourself if you want to go out to eat for dinner, or you want those new Yeezys or fancy a weekend get away. Go for it! Just be realistic.
Have you got any top tips to share with students ?
Let us know in the comments below:
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