Handy Hacks For Student Life On A Budget

Are you finding that your first student loan has just vanished? Or perhaps you’re struggling to explain what you’ve spent it on? The last few months of being credit card happy has finally caught up with you. You’re poor. Oliver Twist poor.

Fear not! You have just completed lesson number one in student living. Spending all of your student loan in the first few months and struggling with a Chanel lifestyle on a Primark budget up until the new year is a gauntlet run by every fresher. If you fancy a change and don’t like the fear of not being able to pay for food after rent, here are our handy hacks for life on a student budget!

1. Prioritise

What is your number one priority? Food, new clothes, social life? Write down how much you spent last month on all of these and just see how surprised you will be. If your priority is your society’s weekly night out, set aside some money for this!

Just because you’re on a budget doesn’t mean you have to sit inside and have no life!

2. Split your money

To prevent you from accidentally spending too much and going into your rent and bills fund, it’s a good idea to separate your funds.

When your loan drops, split your rent and bills money from your ‘life’ money. It’s an option to open another account and put your rent and bills money straight into that; the rest of your money can remain in your current account, for you to use on a daily basis.

By doing this, you will only spend your ‘life’ money and won’t go into the red with your rent.

3. Plan weekly meals and events

One of the most common reasons that budgets get broken is due to food, so it’s important to sit down and make a meal plan for the rest of the week. Write a list of everything that you need to buy from the supermarket to make these meals and be organised.

Don’t be ‘reduction shy’! There’s a special area in supermarkets that is a student’s best friend: the reduced section! Here you will find perfectly edible food with a little yellow sticker on for a fraction of original price. You may be conscious of the ‘sell by’ or ‘best before date’, but food can last a lot longer than the date suggested. If in doubt, freeze it until you’re ready to eat!

It doesn’t matter what your meals are, so long as you are able to stick to the meal plan and don’t end up spending more than you should be. Account for a few quick easy meals for days when you’re running a little late, or fancy a ‘cheat meal’.

It’s wise to plan ahead for nights out too! If you know you’re going for a night out and will fancy some junk food in the early hours, grab a couple of pizzas from the supermarket and put them in the oven when you get home. Oh, and don’t forget that pre-drinks are key to saving money on nights out.

4. Go eco

Lover of the bus? Or perhaps you’re always getting taxis to and from a night out with another friend? Get transport savvy and go eco! Choose to walk instead of getting a bus and you’ll save a couple of pounds each way. It’s better for the environment and you get some exercise. Win-win.

As for taxis, make sure you book the biggest and fill it! Sharing the cost between more friends is cheaper than traveling solo. Don’t be that one person who says they will pay you their portion of the taxi fare back but never does.

5. Shop the sales

When it comes to buying things, make sure you take advantage of the sales. As well as the in-store sales, be sure to check online. Check out cash-back sites like TopCashBack.co.uk or Quidco.com to get a few quid back on purchases you make. Over time it adds up to a considerable sum!

Another tip if you’re time rich is to compare prices before buying anything. Make sure that you are spending your money wisely and getting a good deal. Black Friday is also around the corner. This weekend of incredible offers and sales begins on Friday 24th November and continues until Cyber Monday – that is, November 27th. Stock up on all your Christmas presents and even treat yourself!

6. Use your student discount!

Mostly importantly, if you’re going shopping, online or in-store, the most regular savings you’ll make will be with your student discount.

The most recognised student discount company is NUS, where you get a physical NUS extra card with photo ID on the back. Pop this in your purse and use in-store or online with the long card number on the front. Other places to get other good offers is the Student Beans website and app, and most websites are affiliated with MyUniDays.com.

Good luck, Oliver!

Rebecca Miller is a freelance multimedia journalist and graduate from Bournemouth University. You can check out her online portfolio here and find her on LinkedIn. 

Inspiring Interns is an internship and graduate jobs agency.