Being a student is hard enough as it is without having to worry about finances. From studying to balancing a social life, money management is often one of the last things students think about. It isn’t hard to still enjoy student life and save money while doing it. Here are six simple ways to save money that won’t compromise your fun.
- Save money on your transport
If you’re a student travelling regularly on the train, you can buy a 16-25 Railcard which will save you 1/3 of your travel costs. The card costs £30 for one year and £70 for three years, and can save you up to £199 per year. Mature students can also buy a 26-30 Railcard for £30 offering the same benefits.
2. Use student discount platforms
Student discount platforms are a great way to save money on anything from clothing to software while you’re at university. You simply sign up with your information and student ID to get started. The best student discount platforms include:
- TOTUM
- Student Beans
- Unidays
3. Don’t overspend on books
Despite what your reading lists may say, you don’t need to purchase all the books that are recommended. For the books that you would like to buy, aim to purchase them second hand. For those who are unable to buy any books for their course, the library is always a great resource for academic texts that you may be looking for. Great online platforms for academic texts include:
- Scopus
- Research Gate
- SAGE Journals
These platforms allow you to sign in with your university details and access a wide range of academic texts for free.
4. Take advantage of student bank accounts
Student bank accounts come with various benefits that other accounts don’t have. For example, many student bank accounts offer an interest free overdraft to provide students with a financial buffer. It’s important to stick to the terms of your agreement and pay what you owe on time to avoid any penalties.
5. Have more than one bank account
By separating your finances, you can gain a clearer picture of of what you have incoming and outgoing. You are able to have more than one student account at a time provided you meet the conditions, and this can allow you to separate finances such as your maintenance loan from your work wages. Being more organised with your money also lets you see how much you can afford to save and what can be used in the case of an emergency.
6. Limit your use of credit cards
It can be easy to overspend as a student, so it’s important to remember that you should always aim to spend what you physically have. Credit cards come with additional fees and if you don’t stick to the conditions of your agreement, the penalties can outweigh the credit. If you do decide to get a credit card, opt for a cashback credit card so you can earn as you spend.
These six tips can save you money without much effort at all, and give you the time you need to focus on your studies.
T K Williams-Nelson
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