5 Tips To Save Money As A Student

Photo: https://www.swansea.ac.uk/

1. Resist the temptation

The first money tip while at university: assume you have no money.

2. Understand your bills and create a budget

Before you arrive into your university’s halls with your life in boxes, you should work out the following (and as accurately as possible, don’t cheat yourself):

  • The money coming in and when this will arrive into your account.
  • What will be left at the end of the week/month

Calculating your bills

Your biggest bills will most definitely be accommodation costs and utility bills, so these will be gas, electricity, water, broadband, etc.

What’s coming in?

Next, you’ll need to ask yourself what what be entering your bank account each month. This can be difficult as a student as it’ll most likely be coming from multiple streams: student loans, scholarships, bursaries, grants, part-time job, bank of Mum and Dad.

What do you have left?

Okay, so you’ve now calculated all your upcoming bills (living costs/utility costs), as well as, your incomings from all your sources — well done!

3. Find part-time work

University is a busy time, you are juggling coursework, sports, and socialising. Therefore, if you can squeeze in part-time work during term then I would highly recommend this. Even if you make £100 over a weekend working at a bar, this will cover your food costs for the next week or so.

4. Make smart money choices

You’ve calculated your outgoings and your incomings leaving you scratching your head as to how you’re going to make this money last. Well, making smart money choices when buying the essentials is critical:

  • Transport — Universities are generally in cities that will have good public transport systems. Buy a second hand bike and cycle around, or take the bus. I would recommend getting the 16–25 railcard for a third off train fares.
  • Mobile Phone — You don’t need the latest iPhone deal costing £35+ a month. Buy a cheap phone and then compare sim-only deals. You could easily cut your phone costs down to £10 a month.
  • Medicines — Being a student, you may be entitled to free prescriptions. Check out more information here.
  • Interest-free overdrafts — If you do need to borrow money, then take advantage of student current accounts that have interest-free overdraft limits. These could potentially save you more during your degree. The catch here is that student overdrafts typically only last one year after finishing university… then you’ll be charged interest like the rest of us!

5. Use student discounts carefully

I’ve already advised on buying a 16–25 railcard as this is genuinely a good deal. However, other student deals may not be so kind. It seems every company now has some form of student discount, but it does not mean you still need to buy into it. Ask yourself — do I really need this?

  • Free Microsoft Office for Students. You will get the entire Office software suite — including Word, Excel, PowerPoint, Outlook, OneNote. You just need to enter your academic email on the Office website.
  • Grab 10% off your food at Co-op through the TOTUM offer.
  • Through UNiDAYS, you can grab 50% off an Apple Music subscription. However, my tip would be that if you’re sharing in a house, then grab either a family subscription and share it between you all!


If you have made it this far, then thank you very much for reading. It obviously means that you care about your finances!



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Daniel Nelson

Daniel Nelson

Hi, I’m Daniel. I am the founder of PocketPound — a website designed to help you organise your finances, as well as, stay safe online.