The Student Guide to Maximizing Your Money!

1. What are you actually spending on?

It’s easier than ever to spend without noticing, especially on campus! Cafés, Breakfast Bars and quick bites to eat might feel like harmless treats, but that daily £4 coffee adds up fast. By Friday, you’ve spent £20 - and that’s just on caffeine!

Apps like Monzo and Revolut are great for tracking your spending habits. You’ll quickly spot where your money’s going, be it fast food, Uber, or unused subscriptions. If you’re not using that streaming service or gym membership, cancel it for now. You can always rejoin later when it fits your budget! If you can spare it, consider cancelling that subscription and paying it into a Savers Account each month!

2. The Student Toolkit – Offers and Apps.

Being a student unlocks an absolute treasure trove of discount; something you’ll come to really appreciate when living on a student budget. Make sure to always carry your Student ID, and take advantage of reduced pricing at cinemas, museums, and even some restaurants.

Apps like UNiDAYS and Student Beans are also essential. They round up the best student offers across fashion, tech, beauty, and more. Most online deals will also require them to verify your student status.

Even services like Spotify and Apple Music offer discounted subscriptions, so don’t miss out. It might be a good idea to go through any subscriptions you currently pay for, and see if they offer a student plan!

3. Day-to-Day Living: Where money slips through.

Along with the stuff we’ve already looked at, there are lots of small changes in your daily routine that can lead to big savings. Let’s have a look at some of them, starting with food:

• Meal Prep: It’s cheaper, healthier, and a great way to sharpen your cooking skills. Consider looking up recipes online, and cooking something you can store in Tupperware. This means you don’t have to commit to cooking every night of the week, and gives you ready meal convenience without the sugar or high prices!
• Meal Deals: Convenient, yes, but at a price! Often far more expensive then cooking yourself and packed with sugar. Save these for long days when cooking isn’t realistic and you don’t have anything already in the fridge.
• Delivery Apps: Uber Eats and Deliveroo are budget killers. You’re not just paying for food; you’re covering delivery fees, service charges, and tips. Use sparingly, if at all.

For supplies, skip buying textbooks new. Check your university library first, or buy second-hand. Academic books are expensive, and you might never touch them again after the module ends. Unless it’s something you think will be really valuable, it’s probably best to try and save here. Depending on your family income, your University might even offer funding for course specific supplies.

When it comes to shopping, avoiding impulse buys is an obvious one, but there are also other things to note when trying to save some cash. Sites like Depop or Vinted can be a great way to get high street fashion for supermarket prices. Other second-hand sites like eBay or Facebook Marketplace can also be a cheap way to pick up electronics or furniture for your dorm room.

4. Emergency Support: When things get tough…

Life throws curveballs, and sometimes you need a financial lifeline. Here are two key options:

• Student Overdrafts: Most student bank accounts offer interest-free overdrafts. They’re a solid short-term solution, but treat them like emergency funds — not free spending money. You’ll need to repay it, so use wisely. If you need a little bit extra to tide you over till your next maintenance loan, this could be an option.
• University Hardship Funds: If your financial situation changes unexpectedly, speak to your university or even your student-union. Many offer hardship grants or support with course-related equipment. It’s confidential, and designed to help you stay on track. University can be very challenging – don’t feel like you have to face it on your own.

Hopefully some of these points can help you out, and best of luck on your student journey! Maybe even try a weekly challenge where you limit your spending to just £20 and see how long you can last!