10 Secret Tips for Saving Extra Cash while Studying
If you’re tired of having no money left to spend on the things you like, then follow these handy tips by Accommodation For Students to discover how you can save some extra cash whilst studying at university - because it’s always good to have a reserve.
#1 Start up an ISA savings account
When you’re looking to start saving up some cash, it’s best to have a completely different account in which to do so. If you try to save money using just your debit, it’s going to get pretty confusing and also result in you spending more than you can afford.
By starting up an ISA savings account with your bank of choice, you can deposit lump sums of cash whenever you like - ultimately separating them from your debit.
ISAs are great because they collect a tidy bit of interest, meaning that you can actually make money whilst saving it! They’re also pretty tricky to access, you usually have to go in and show a form of ID before withdrawing funds, therefore the temptation to withdraw tends to be less.
Want to find out more about student bank accounts? We’ll show you exactly what you need to look for and explain how to avoid unexpected fees in this handy guide.
#2 Make the most of vouchers
If you’re saving money, a great tip is to head on over to our deals section to grab some discounts. Get into the habit of never going for a meal without giving the restaurant a google online and checking for codes. If you really do want to save literally, then place the amount you saved on the meal through using the code into your ISA!
If you want to expand your voucher use then utilise your student status by bagging student discounts whenever you can, remember, any penny saved will be another penny into your ISA.
We've compiled a list of 100 top tips to make you money while you study, check it out!
#3 Shop at budget supermarkets
There’s no point shopping at places like Sainsbury’s and Waitrose if you genuinely want to be saving some money on the side. Head over to places like ALDI and Lidl to really save those pennies!
You could even become a pro at 'wombling'! Basically, scouring the supermarket carparks, bins and trolleys for receipts, and then collect the receipts with money on them to nab the rewards for yourself. Find out more on how to womble and save money at supermarkets here.
#4 Use cash
A great tip to save money is to only take out a set amount of cash before heading to the supermarket. This way, you will only spend the amount that you have on you of a previously agreed sum, meaning that you won’t be grabbing for items due to hunger. If you’ve got any change left over, then pop it into a piggy bank for safe keeping.
#5 Have a piggy bank
Get yourself a piggy bank! Even if it’s something as simple as an empty jar, having something on the side to place any spare coins and notes into will mean that you can remove any coins from your purse in order to stop you from spending them when you’re out and about. Although dropping a few pennies and pounds into a jar every now and then won’t really feel like a lot, it will soon add up!
#6 Try a ‘no spend’ month
Although you’ve probably heard of a spending spree, you’ve probably never heard of a saving one. Think about saving sprees like high intensity workouts, the pain is hard but very short. If you refrain from buying luxuries such as cosmetics and clothes for a whole month, the chances are that you won’t drop down dead and that you’ll probably save a great deal of money! Go on, give it a go.
Instead, why don't you try and bag yourself some freebies? Check out our ultimate guide to scoring freebies, we'll direct you to the right places.
#7 Drink water with your meal
Saving money should not mean that you have to miss out on the things you enjoy with the people you love, this includes meals out. A great way to save a bit of money is to not purchase alcoholic drinks with your meal, or any other kind of drink really that isn’t water. It can be quite a shock to get your bill, only to see that the drinks cost more than the food! No, thank you! Ask for tap water and take the money you were going to spend on a £2.75 coco cola and place it in your ISA.
#8 Stop getting taxis!
Being a student means usually having no access to a vehicle, which, for the average student, can be hard. However, walking isn’t just good for your health, it’s also great for your wallet too! Avoid the Ubers, and if you do need public transport, invest in a bus pass to save money throughout the year.
#9 Try the mega bus
Are you spending far too much money hopping on trains? Don’t worry; there are plenty of alternatives- meaning that you can head home to see the family whilst also saving money. Try getting the Mega Bus. It may take much longer than trains but it’s super cheap- a ticket down to London can be as little as £4- and it can also be relaxing as there are no changes, meaning you can have a snooze on your way to your destination.
Equally, National Express can be just as cheap as the Mega Bus if you book in advance. Or if your travel is £10+, book your tickets through Quidco and you'll receive £10 cashback when you sign up for free as a new member.
#10 Go vegetarian
Although this might not seem like an obvious money saving tip, a great way to put money aside during your studies is to opt for a vegetarian lifestyle, or even to just have one meat free day a week! The bulk aspect of vegetarian food, as it is usually made up of tinned foods, bags of pasta or rice and frozen vegetables, means that it’s a super affordable lifestyle! You can place the money you would have spent on meat back into your ISA.
Side note: being a veggie means that you tend to avoid fast food joints, saving even more money on the side!
There you go, follow these tips and you’ll soon be on your way to heading off on holiday at the end of your studies, laying down a fat deposit on your graduate flat and also having some change to spare…
Written by Accommodation For Students