Keeping to a student budget isn’t always easy, but there are plenty of ways to keep your spending down while studying. Here are 5 ways to save money and make your student loan go a little bit further.
1. Keep track of your spending
Create a spreadsheet of your finances so you can see how much you have to spend each month. Include all your income, including student loans, bursaries, and part-time jobs as well as any regular outgoings such as rent, mobile phone and bills.
2. Be smart with food shopping
- Try to do one “big” shop a week – before you go, check your cupboards, fridge and freezer, and make a list of the things you need. If you follow a list, you’re less likely to make spur of the moment purchases or buy things you already have.
- Consider where you shop – Which.co.uk publish a handy supermarket price comparison each month. Knowing which supermarkets are cheaper can help you get what you want for less. Look out for coupons or buy supermarket own brands for even bigger savings.
- Batch cook meals – helps on those days when you don’t have much time to cook. Having the option of a tasty home-cooked meal in the freezer will prevent impulsive takeaway purchases.
3. Save money on your travel
No car, no problem! The UA92 campus is 2-minutes’ walk from Old Trafford tram station which takes you straight into Manchester City Centre. Manchester has one of the busiest bus routes in Europe and lots of cycle and pedestrian routes too. Hire bikes are available to pick up across the city and cost as little as 5p per minute. You can also take advantage of student discounts. Purchasing a young person’s railcard can help you save 1/3 of train tickets. Stagecoach also offers a student bus pass.
4. Keep your energy costs low
Heating your house/flat can be quite costly so here’s a few ways you can save on your energy bills.
- 16% of your energy bill comes from heating water so cutting your shower time to 4 minutes could save you up to £740 per year. Get more water and energy saving tips from United Utilities.
- Wash on a cooler setting and make sure your washing load is full! Buddy up with a house mate if you don’t have enough dirty clothes to fill the machine. Not only is this better for the environment it can save you money!
- Choosing energy efficient appliances and using slow cookers and air fryers can reduce the amount of electric you use. Simple things like putting lids on pans and boiling the right amount of water in a kettle can also help save energy and money. Fill up a thermos flask with boiling water and use this to make your hot drinks throughout the day so you don’t have to keep boiling the kettle
- And when you are not using them, make sure to switch off your appliances rather than leaving them on standby.
5. Find a side hustle
If you want to boost your income and earn some extra spends, a side hustle might be just what you need. Get creative and do your research -are lots of ways to make some extra cash, from mystery shopping apps, product testing and online focus groups, to working for UA92 as a student ambassador or student content creator.