Student Finance

How to Save Money

Uni Compare  · Nov 30th 2021

If you live away from home during your course, you will have a lot more responsibilities than you did before

Piggy bank

Saving money is important no matter what stage of life you're in. Whether you're a student or a working full time professional, it doesn’t matter.

Saving money is vital, even if you're a millionaire, so we’ve got some useful tips for you, if you're looking into how to save money.

Here we’ll be looking into how to save money and how you can keep your finances in shape.


How to save money as a student

Bank Accounts

There are lots of different student-friendly bank accounts that you can sign up to. Some offer freebies like the 16-25 railcard that will be worthwhile. Compare the different accounts and find the one that benefits you. Banks also offer overdrafts with 0% interest.

Be careful about your spending as this student overdraft offer can end once you graduate. If you do choose to sign up for it, make sure you plan how to pay back the money you borrowed as the normal fees will be very high.

Be sure to do a comparison of the best student bank accounts prior to going to university and who knows, you may even find one that you really love!

It’s important to look into good bank accounts, a good bank account is a great way to take advantage of any financial incentives that your bank may be running and will be a huge source of interest if you're looking into how to save money in the UK.

Apps

Budgeting is a huge part of saving money and a great way of how to save money fast is by using phone applications.

  • Credit Action Speedometer: It is free and available on Android and iOS. It calculates your outgoing and incoming and creates reports on your spending.
  • Barclays Pingit: this free app from Barclays is available on Android, Blackberry and iOS. You can send and receive money via your mobile and is perfect if you need to sort out your finance quickly. And you don’t even need to be a Barclays customer!

These apps are a great way for you to save money and if you're looking for how to save more money, not only that, these apps are perfect for keeping on top of discounts and deals as well.

There are also apps for people that are looking into how to save money for travel.

When it comes to saving money for a house, the main thing to do is establish what it is that you want to buy.

How to save money on food

Food shopping is pretty tough for everyone, especially if you're looking into food shopping as a student, which is even tougher, given that you will have a limited budget.

Here are some good food money-saving tips:

  • Buy healthy: Buying healthy food is a great way to save money, especially given that it is usually a cheaper way to eat, but also, from a nutritional standpoint. Eating healthy as a student is very important as well.
  • Use coupons: Coupons and discounts will be a recurring theme in our article, but using coupons is a great way to save money and a huge way to pick up some great deals too.
  • Take a packed lunch: Buying food at work or at university is always going to hit you in the wallet (and there’s no such thing as a free lunch), so the best thing for you to do, is buy the ingredients and make yourself a healthy lunch to take with you.
  • Canned and frozen: Canned and frozen foods are an essential part of any good food shop. Both can last a long time, both can save you money in the long run and both are pretty tasty as well.

How to save money as a university student

How to save money for a house

Saving money for a house is not necessarily the first thing that comes to mind for students, but for those working full-time, or maybe those working part-time, saving up for a house is not a bad idea at all.

When it comes to saving money for a house, the main thing to do is establish what it is that you want to buy. Do you want to buy a flat or a house? Are you buying with someone or on your own?

Once you have established these elements, then the best thing to do is put money aside every month into an ISA Account, this a great bank account for saving money and it’s a brilliant way of keeping track of your finances and even raising a percentage on what you put it in as well.

With these in mind, you should also look into the various schemes provided to help people who are looking to buy their first house, such as Help-to-Buy or Shared Ownership, both of which are designed by the government to help first-time buyers.

How to save money on car insurance

Car insurance at university obviously all depends on your car situation. Some insurance companies have been known to raise insurance premiums if students have a car at university.

If you are not a student, then shopping around is always the best thing for you to do. Whether that be using a website like GoCompare or Money Supermarket or Compare the Market, shopping around and finding the best providers is a difficult task, but it can be rewarding when you see how much it can save you!

Shopping around is also likely to land you some nice little incentives as well, whether these be Amazon vouchers, a Google Home or even £50 cashback! Shopping around and using the best comparison sites is a great way to save money on car insurance.

There are lots of different student-friendly bank accounts that you can sign up to.

Extra Tips

There are always a few extra ways to save money, whether that be as a student or post-university; take stock of what is available to you and see what else you need to save money on and see what you could do with scaling back.

Here are some useful tips for you, when looking for how to save money:

  • Music: offer to be a volunteer music reviewer for the student paper or radio station, and you could get free tickets to gigs. You’ll get to go to gigs, gain experience and it will look great on your CV.
  • Shopping: buying 1000 toilet rolls may seem ridiculous, but you’d be surprised how quickly you get through them. Look out for offers and buy in bulk on things you use a lot of, like toiletries and things you can freeze, like bread. Checking comparison websites and buying online will help.
  • Clothes: now you are a student, ask everywhere you shop if they offer student discount. It never hurts to ask! You can also try looking on eBay, in charity shops and check your Student Union Notice Board for updates.
  • Transport: if you don’t live too far from university then try investing in a bike. It will save on commuting costs and keep you healthy.
  • Books: look for adverts to see if students are selling second-hand books from their previous year. Check online on Amazon, eBay and Waterstones Marketplace.

And some quick money-saving tips!

  • Write down your outgoing and incoming each month.
  • Put money aside for bills in a different account, so you don’t spend it.
  • Stay away from payday loans with high interest.
  • Try not to use a student credit card unless for emergencies and make sure you pay back the minimum monthly rate.

We know going to university is a big decision and don’t let all this extra decision making worry you.

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