Keep your budget on track with these great ideas for saving money.
Life as a new student can be overwhelming. There’s a lot of things you’re doing for the first time, while also trying to make new friends and study.
With so much going on, it can be easy to get into debt. So hang tight, we’ve got some money saving tips for students that will help to make sure you stay on track.
Money saving tip for students 1. Set a budget
Keep it simple. There are loads of budgeting tips for students out there, but you don’t need to go crazy. If you get a lump sum at the start of each term, it can be easy to blast through it. So, a simple budget is one of the easiest ways to save money as a student.
It will only take a few minutes to work out how much you can spend each week. You just need to calculate your cash flow during the term:
- Incomings – Loans, cash from parents, grants, pay, etc
- Outgoings – Rent, bills and any other fixed costs
Subtract your outgoings from your incomings and divide by the number of weeks. This will leave you with how much you can spend each week on food, socialising and anything else.
Another option is to use a budgeting app.
Stick to your budget by putting your spending money on a prepaid card each week or month. That way you’ll know you’re not getting way off target. Check out our article on the best prepaid cards for students here.
Money saving tip for students 2. Be careful with credit
If your budget is tight, you might be tempted to use a credit card as a buffer. Don’t do that. Credit cards charge high interest rates if you don’t pay them back at the end of each month. Paying the minimum amount might seem reasonable, but your debt will soon add up.
An overdraft is a much better way to give your budget some breathing room. It’s still credit, so you’re going to have to repay eventually. But shop around for a student bank account that offers the biggest and longest 0% overdraft available.
After uni, switch to a graduate account that gives you the most amount of time to repay.
Money saving tip for students 3. Save on bills
Pay as you go phone deals can be a good way to save money as a student. They offer great value and make it much easier to stick to a budget. You’ll never need to worry about a massive bill showing up at the end of the month.
Another good budgeting tip for students is to look at your subscriptions. With Netflix hiking its prices and others likely to follow, the costs can add up. Get rid of any subscriptions you don’t use regularly. You can always sign up again if you want to use them for something in particular. We’ve got more tips on: Manage your subscriptions like a pro.
Money saving tip for students 4. Check for student deals
First of all, make sure you get your student card — and make the most of it. Shops and other places don’t always advertise that they have a student discount, so always ask.
If you’re going to be travelling regularly, see if it makes sense to get a student travel card or bus pass. Travel costs can rack up over the course of a year so any kind of discount can be a good way to save money as a student.
And how about this for a student money saving tip: don’t pay anything for software. Most students with an academic email address are eligible for Microsoft’s Office 365 for free. That includes 1TB of free cloud storage.
You can also get discounts on laptops and tablets from Apple, Samsung, Microsoft, Dell and many others.
Money saving tip for students 5. Manage your risk sensibly
You’re probably going to want insurance for all your devices and gadgets. Check your parents’ cover first as you may not even need your own insurance. Some policies will cover you while temporarily living away from home.
If you do need insurance, remember that it’s just a way to reduce your risk — for a price. Cutting your risk to €0 will be more expensive than cutting it to €300. This is what the term excess refers to. if you claim €500 and have a €300 excess, the insurer will pay you €200. A bigger excess means bigger risk for you — but also lower premiums.
Similarly, don’t over-estimate the value of your items. This will only increase the premiums you need to pay. Be realistic about how much insurance you need. If disaster happens, you’ll want enough cash to be able to continue your studies. But you don’t need more than that.
Use comparison sites to check for the best deals. Insurance is one product where deals aimed at students aren’t always the best choice. Look around to see what’s available.
