Top Ways to Save Money as a Student

Today’s post is a guest post by Jeff at The Savvy Scientist.

It can be a struggle to make ends meet and this is particularly true for students: I feel your pain! Having spent much of the last decade in education, and the last four years living as a PhD student in London, I appreciate how important it is to reduce your outgoings.

Here are my top six ways you can save money as a student!

Track your spending

Let’s start with the basics: do you know where you money is actually going every month? If not, it is easier than ever to start tracking your spending! Doing so can be eye opening by revealing the unexpected costs which mount up throughout the month.

Monzo was one of the first platforms with a snazzy app which lets you see exactly what your spending money on. For those who don’t have Monzo you can use a third party app like Yolt, which operates in a similar way by pulling in the transaction history from your bank. Both apps allow you to categorise your spending into areas such as groceries, bills and entertainment. This help to shed some light on where your money is going!

Once you have a high level view, you’re in a good position to think about how you may be able to reduce your spending in that area. We’ll now cover some of the main ways you can save money.

Cook your own meals as much as possible

Although it may not sound exciting, this is actually my favourite way to reduce costs as a student. The money we spend on ready-made lunches, restaurant meals and takeaways can quietly creep up on us. It’s easy to not notice how much you’re actually spending on it. Trust me, even just starting to cook slightly more regularly can make a surprising impact on your personal finances!

I worked out that I save over £2000 a year regularly cooking for myself!

Not only can cooking for yourself save money, there are other perks:

• It’s fun! Especially if you’re cooking with friends. I find it a great way to de-stress and have a break from work.
• Cooking for yourself may not sound convenient but if you can cook up extra portions at the same time for no extra effort, you’ll then have some very easy lunches or dinners for the following days. Win win!
• Great for staying healthy. When you’re cooking your own meals you can see and control what you’re eating. Now that I cook for myself more frequently I’m eating a much more balanced diet which has also helped with maintaining focus while I’m studying.
• A very useful life-skill. Learning at least a few simple recipes is something I think everyone should do. If nothing else it can be useful for dates!

By all means still enjoy going out for meals and socialising with friends, but reducing the day to day costs of food can still be achieved around this. Why not start small and commit to making your own lunches, then go from there!

Minimise the cost of books

In my first year of university I assumed I actually had to buy loads of the books recommended to me by lecturers. Not only did I not actually read the majority, I also overlooked the fact that the library had many copies available to borrow for free: what a waste of money!

Really keen to own a copy? The university’s students’ union will often organise second-hand book sales throughout the year where you can pick up some bargains. You can then sell your books at the same events once you’re done with them. If you still have books you don’t need and have missed the second-hand book events, don’t overlook selling them yourself online via Facebook groups to incoming students, Amazon Marketplace or eBay.

I once sold a textbook for £20 which a flatmate had thrown in a bin!

Reduce commuting costs

If you’re currently catching a bus to university, why not consider cycling or walking?

Having never ridden much before, I started cycling to university in London during my PhD. I now wish I’d started much earlier! Not only would I have saved over £90 a month on the tube, cycling has been a great form of exercise, improved my mental health and I’ve been able to explore the area much better than being stuck on public transport. If you’re worried about getting sweaty, many departments have showers or there is always the sports centre.

If cycling or walking everyday isn’t an option make sure you’re getting student discount on public transport. It may make sense to buy a season ticket, but with the pandemic situation changing so quickly you may not actually commute as often as normal this academic year. Some bus companies provide student discounts. There is also the 16-25 railcard which is useful for reducing train fares and you can get a student oyster card if you’re in London.

Reduce the cost of your rent

Paying for accommodation is a major expense as a student. Here are a few ideas for cutting your cost of rent:

1. Take shorter contracts. It is relatively common for universities and letting agents to offer students housing contracts for less than 12 months. If you don’t need to be at university over the summer, consider finding a shorter let: 10 months is quite common. Do the maths though since some landlords may offer shorter lets but increase the monthly rent to account for it!
2. Offer to have the small bedroom. When you’re looking for your next houseshare, often you can agree with housemates to take a smaller room for a reduction in your rent. Usually you’ll find certain housemates are willing to pay more for a big room. I’ve taken the smallest room in the past which allowed me to save hundreds of pounds across the year. Just make sure that everyone has committed to this to avoid any potential disputes once you move in.
3. Consider paying just for term-time. For students in halls it can sometimes be possible to only pay for term-time accommodation. If you’re in a position where you’re able to move your belongings back home over the Christmas and Easter breaks you can save a lot of money.

Shop second hand

We already covered second hand text books, but of course spending on books can be tiny compared to other expenses such as clothes.

With the rise of platforms such as Depop and growing awareness of the ethical and environmental concerns around fast fashion, there is a resurgence in the second hand clothing market. Whether or not it’s vintage, it is no longer embarrassing to pick up a bargain in a charity shop: not that it ever should have been! It has never been easier to save money and buy clothes second hand.

But why stop at clothing and books? You can pick up some amazing bargains on furniture, electronics or practically anything else if you’re open to buying second hand. My last two desks have been bargains from Gumtree.

I hope that these tips have been useful for you! Besides implementing these ideas, if you’re struggling with money make sure to speak to your university’s student advice centre. Often they can offer sessions to assist with budgeting or let you know of financial aid and bursaries which can be made available to students under certain circumstances.

Best of luck with your studies and enjoy your new financial savings!

Jeff at The Savvy Scientist provides encouragement and advice for students.