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Top Tips to Help Students Save Money

27th March 2019

Financial worries can detract your focus from your studies, which can prevent you from obtaining your desired degree or another qualification. While managing your budget might not always feel easy, there are numerous ways to keep your costs down at college or university.

If you want to ensure you stay out of the red this year and give a course 100% of your attention, here are some top tips to help students save money.

Track Your Spending

To ensure you never overspend or miss an important debt repayment, you must track your finances. Create a spreadsheet that details your outgoings, such as your:

  • Rent
  • Travel expenses
  • Household bills
  • Smartphone contract
  • Textbooks/stationery
  • Social life

You’ll then need to compare the outgoings against your income from a student loan, bursary, scholarship, part-time job, and/or financial help from your parents. By comparing your outgoings against your income, you’ll know exactly how much money you’ll need each month and can identify how much you’re overspending.

Make the Most of Student Discounts

Save a considerable amount of money throughout the year by making the most of the many student discounts available at retail stores and food outlets.

If you buy an NUS Extra card, which currently costs £12 per year, you could take advantage of more than 200 discounts from various well-known brands. For example, you could save 10% at ASOS or Co-Op, while the likes of Zizzi are happy to shave 40% off food for students.

Even if a store doesn’t advertise a student discount, they might be happy to provide students with one upon request. The worst they can say is no.

Buy Compatible Ink Cartridges

With so many essays to write and topics to study, it’s likely you’ll spend a significant sum on printer ink as a student. Rather than purchasing overpriced ink and toner cartridges that will drain your bank balance, buy compatible options instead. For example, if you have an HP printer, you can take your pick of reliable HP toner cartridges to suit your chosen model.

Buy and Sell Textbooks

As any student will know, textbooks can be expensive. Instead of paying full price for a book, aim to find cheap, used books, which you can then sell to other students once you are finished with them. You could even share the cost of the textbooks with other students and can take turns reading the book. However, ensure you always buy the most up-to-date publication for accuracy in your examinations and essays.

Go to Charity Shops

Charity shops should be your best friend as a student, as they are often filled with high-quality, second-hand items, such as books, clothing, crockery, pots and pans, and other household essentials, which are available for a fraction of their RRP. It can, therefore, help you to get off to the best financial start when moving into shared student accommodation or on-campus.

You can spend your university or college life with plenty of money in the bank if you follow the above top tips. This can make studying easier and much more managable.

Posted by Mark at 3:24pm

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