Blog: 5 simple ways every student can survive and thrive
Hi I’m Tom, Save the Student’s resident student money expert. You may already be familiar with us, but if not, we’re the UK’s leading student money website, and it’s our mission to help you get the most out of your money.
As it’s National Student Money Week, we thought we’d share a few of our top tips in line with this year’s theme: Survive and Thrive.
So, from making ends meet to making your money go further, here are some things to try:
1) Have two bank accounts
First thing’s first: you need a good bank account. Our guide to the best student bank accounts compares them all, including how big the overdrafts are and what freebies you’ll get for signing up.
But if all your money is sat in one place, there’s a risk you might accidentally go over budget or lose track of what you’re spending.
To avoid this, the trick is to open a second bank account.
So, let’s say you budget weekly. Each week, transfer a set amount of money from your main account to your second account, and use that for day-to-day expenses. That way, you know you only have a set amount of money to last the week, and you’re much more likely to be conscious of what you’re spending.
Apps like Monzo, Starling and Revolut are perfect for this, and our guide to the best online banks in the UK is a great place to find one that suits you.
2) Avoid risky or expensive forms of debt
Debt isn’t always bad. Your student overdraft is one of the safer options if you run out of your own money, while a mortgage helps most people buy a home.
However, some other types of debt are much more dangerous. Take credit cards, for example. It’s super hard to get a good deal as a student, and if you don’t repay in full every month, you’ll have to pay interest on top.
‘Buy now, pay later’ (BNPL) services like Klarna and Clearpay are risky too. Late repayments often lead to a penalty charge and could end up damaging your credit score.
On top of that, using BNPL services has been shown to increase the amount you spend.
So, stick to spending your own money as much as possible – and if you need to borrow some cash, turn to your student overdraft first.
3) Follow a meal plan
One of the best things you can do to save money on food is to follow a meal plan. Not only is it cheaper to buy food in bulk, but it also means you can buy all the ingredients you need in one go and not visit the shop every day.
Our monthly meal plan has a full shopping list and recipes for 28 days of breakfast, lunch, dinner and snacks, all for around the cost of a meal deal per day. Give it a go and start saving money while mixing up your diet!
4) Always ask for student discount
There are loads of student discounts out there. We should know – our list of student discounts has over 500 of them.
But if you really want to make the most out of being at uni, the trick is to always ask for a student discount – especially if you’re in a smaller shop or restaurant.
Even if they don’t advertise it, they might still run one. So, it’s always worth asking, because at worst they say no, and at best you could save 10%, 20% or maybe even more.
5) Get cashback whenever you buy anything
If you’re ever shopping online, whether it’s for clothes, travel, food or anything else, always try to get cashback.
Cashback websites offer you money back when you shop via them at thousands of the biggest retailers in the UK. It’s as simple as just going to a cashback site, clicking on the brand and then shopping as normal.
Depending on what you’re buying, you could earn anything from 1% or 2% of what you spend, to well over 10%. It’s such an easy way to save money!
It’s worth giving all of these a go but even if you only try one or two, you’ll be well on your way to improving your relationship with money.
And for loads more tips and tricks on managing your money at uni, just head to savethestudent.org or follow us at @savethestudent.
For more information on the range of financial support and guidance available to you as a student here, visit our Cost of Living Support pages.