5 Simple Ways to Save Money at University

Sat, May 5, 2012

Financial Advice

Managing finances is a hard enough task for middle aged adults, never mind students. As university life requires us to invest a lot of money into alcohol drenched parties, quirky clothing and various concerts, the importance of budgeting and planning is often forgotten about.

For many people, university is the first time they have had to be totally independent. This includes taking control of their finances. For the majority of students, taking care of food costs, bills and overdraft charges is a new experience and so ensuring that you are well equipped to manage these requirements is essential.

Once a student loan is received, it can be oh so tempting to assume you have money to burn. However, there are more pressing matters to attend to, such as accommodation needs, travel expenses and learning materials.

One of the great things about being a student is the amount of discounts and offers that are available to you. Taking full advantage of these will leave you in good stead to fulfilling your time at university without financial worry.

  • Buying all books and research tools from online retailers will save you a significant amount of money. Buying second hand products or arranging a sharing policy amongst fellow studiers can also help. Many student stores online provide discounts (proof of eligibility is required) on software for students including the new Office University 2010.
  • If you are living in shared accommodation it is worth agreeing to do all shopping together and taking it in turns to cook. Cooking at home, rather than eating out at pubs and restaurants, is much cheaper and cost effective. This will also save you money on gas and electricity bills as the kitchen will only be used once each evening.
  • Planning ahead is always necessary for financial stability. Each time you are presented with an income, you should write down what outgoings you have coming up. That way you are able to allocate yourself a spending budget which you are free to use as you want.
  • It can be extremely tempting to agree to attend every party that you are invited to. After all, you need to socialise. Be sure to pick up as many flyers promoting nights out that you can. That way you are able to decide which ones you definitely want to go to and include them in your budget.
  • If you are living off campus and catch public transport in order to attend seminars then this will take up a surprisingly large chunk of your loan. If it is feasible to buy a bicycle then this won’t only save you money but will also help to build fitness.

There are many opportunities and offers that are available to students. However, bargains don’t just fall into your lap; you have to keep your eye out, get involved and plan for the future.

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