Student life can be pretty expensive due to high tuition fees, textbooks, bills, and other expenses. As such, effective money management is a prime concern for many students. A National Union of Students survey revealed that about 80% of students are more worried about managing financially due to the pandemic. Fortunately, there are countless ways to save money as a student despite the challenges of university life. If you wish to learn more about saving money as a student, please consider these points.
Weigh Your Accommodation Options
A 2020 National Student Money Survey revealed that rent remains the most significant expense in many students’ budgets. As such, you should be savvy about your accommodation options to save more. Many new students choose student accommodation over living in their family home, especially if they attend school far away. However, you can consider living at home if your uni is close by. This will help you save money on rent, commuting, and even food costs. If student room accommodation is non-negotiable, choose the most convenient and budget-friendly option to save money. For instance, if you are a student in Warwick or Coventry, affordable student accommodation at the University of Coventry is worth looking into to commute to school conveniently.
Make A Budget
Budgeting helps you save money in uni, so keep this in mind. Moreover, you can avoid unnecessary expenses since you can separate your wants from needs. Therefore, set money apart for vital things like food, rent, bills, and savings before you start splurging on not-so-essential expenses. Furthermore, budgeting while at university also helps you build crucial life financial management skills, which will come in handy in the years ahead. Thankfully, technology has made budgeting less challenging these days, so you can leverage apps to make helpful budgets and automatically track your spending.
Know Your Discounts
The best perk of student life is the various discounts and incentives you can leverage from numerous retailers. As such, you can save on food, movies, travel, software, clothes, school supplies, entertainment, and others. Consequently, get to know which stores provide the biggest discounts so that you can save money on all your essentials. Luckily, platforms like Save The Student and Student Money Saver feature a broad range of student discounts and deals, making it easier to select the best options for your unique needs.
Look For Free Entertainment
Your social life is undoubtedly one of your highest non-essential costs as a student. Therefore, you can explore creative ways to entertain yourself without breaking the bank. For instance, your local library may offer a great collection of DVDs, books, and video games you can check out. As such, you don’t have to purchase numerous streaming apps to entertain yourself. Also, you can join student clubs to socialise and entertain yourself simultaneously, eliminating the need for costly social activities. Finally, you can explore other ideas like a picnic in the botanical gardens instead of going to a restaurant or see a few Netflix classics at a friend’s place instead of going to the movies to save money.