Smart Money-Saving Strategies For University Students

University can be an exciting time, but it can also be challenging financially. With rising living costs and tuition fees, many students find themselves in debt. However, there are plenty of ways to save money as a student. From budgeting and seeking financial aid to working part-time and making the most of student discounts, students can learn to manage their money effectively and even build wealth. It's important to be mindful of expenses and income, and to prioritise spending where necessary. Saving money at university can be difficult, but it is possible and will pay off in the long run.

Take advantage of student discounts

Taking advantage of student discounts is a great way to save money as a university student. Many businesses offer special prices for students, from restaurants to clothing stores and transportation. Always keep your student ID with you and ask if a student discount is available when making purchases.

Textbooks are one of the biggest expenses for university students, but you can save money by buying second-hand copies online or through your university. Websites like Amazon or Preloved often have cheap, used copies of textbooks. You can also rent textbooks from many bookstores and websites. If you do buy new books, be sure to get a student discount through a site like StudentBeans.

When it comes to transportation, there are often student discounts available on travel. For example, if you take the train regularly, a 16-25 railcard will help you save money. If you need to drive, consider becoming an RA (resident assistant) as colleges and universities often greatly discount or completely cover RAs' on-campus housing costs.

Student checking accounts are also designed to cater to your specific needs as a student, with low or no minimum balance requirements and no or low fees for an introductory period. These accounts also come with digital tools to help you manage your finances and automate your savings.

Finally, remember to have fun while saving money! Many entertainment options offer student discounts, so be sure to ask. You can also look for alternative entertainment options, like gathering at a friend's dorm room or streaming movies instead of going out to the movies.

Make your own coffee

Making your own coffee is a great way for university students to save money. Coffee shop purchases can quickly add up, so opting to make your own coffee in your dorm room is a simple way to cut down on expenses. Here are some tips to help you save money by making your own coffee:

Buy a Reusable Coffee Mug or Thermos

Purchasing a reusable coffee mug or thermos is a one-time investment that will save you money in the long run. Instead of spending money on disposable coffee cups, you can bring your own mug to the library or classroom, and even to coffee shops that offer discounts for customers who bring their own mugs.

Find Affordable Coffee Options

Generic or store-brand coffee is often more affordable than well-known brands. Look for sales and discounts at your local grocery store, and consider buying in bulk to save money per unit. If you have a favourite coffee brand, sign up for their newsletter or follow them on social media to stay updated on promotions and coupons.

Make Coffee in Bulk

Instead of making a single serving of coffee each time, consider making a larger batch that can last you throughout the day or even a few days. This saves time and money on coffee grounds or beans, filters, milk, and other additives. You can store the brewed coffee in a thermos to keep it hot, or make iced coffee to enjoy throughout the day.

Experiment with Different Coffee Recipes

There are numerous ways to make coffee, and some methods may be more cost-effective than others. For example, you could try making cold brew coffee, which typically uses a higher ratio of coffee grounds to water and can be brewed overnight, saving you time and money. Alternatively, you could explore different brewing methods like drip coffee, French press, or pour-over, and see which one gives you the best value for money while still enjoying your preferred taste.

Cut Down on Coffee Shop Add-Ons

Coffee shops often charge extra for add-ons like flavoured syrups, dairy alternatives, and whipped cream. If you usually order these add-ons, try reducing the frequency or omitting them altogether. Instead, you can add your own milk, sugar, or flavourings at home for a fraction of the cost.

By following these tips, university students can significantly reduce their coffee expenses and save that money for other priorities or financial goals.

Get a part-time job

Getting a part-time job is a great way to save money as a university student. It can provide a steady inflow of cash, which is vital for your efforts to save money. When getting a part-time job, it is important to determine how much time you can devote to it without compromising your studies. University students already have a lot on their plate, so it is important to not overload yourself and keep your work hours down to part-time.

There are many options for part-time jobs for university students. You can choose an on-campus job, an off-campus job, or an internship. These jobs can provide you with cash and possibly relevant work experience. They can also teach you valuable skills such as accountability, time management, and team collaboration.

When looking for a part-time job, a good place to start is your school's career services department. They often have up-to-date listings of on-campus and off-campus job opportunities. Another option is to become a resident assistant or resident advisor, a role where universities hire students to live in the dorms and provide assistance to other students. This role often comes with discounted or free housing, which can save you a lot of money.

In addition to providing income, having a part-time job can also help you save money in other ways. For example, you may be able to take advantage of employee discounts at your place of work. Also, having a job can help you become more mindful of your money management and spending habits, which can lead to better financial decisions and more savings.

Choose a student bank account with no fees

As a university student, you may have a low income and a tight budget, which can make it challenging to manage your finances and save money. One crucial aspect of financial management is choosing the right bank account, preferably one with no fees. Here are some tips to help you choose a student bank account with no fees:

Understand the Benefits of Student Bank Accounts

Student bank accounts often come with special benefits such as no monthly maintenance fees. These accounts are designed for students enrolled in high school, college, or other eligible educational programs. Unlike child or teen accounts, student accounts do not require an adult co-owner, giving you more financial independence. Additionally, some banks offer welcome bonuses for new members, providing you with extra cash.

Research Different Bank Options

Explore and compare various bank account options specifically tailored for students. For instance, Bank of America offers SafeBalance Banking® accounts, which provide benefits such as no monthly maintenance fees when the account owner is under 25 years old. Chase also offers a College Checking Account with zero monthly service fees for up to five years for students enrolled in college or vocational programs.

Consider Your Unique Needs

When choosing a student bank account, consider your specific needs and requirements. For example, you may want a bank with a large network of ATMs to ensure easy access to your cash. Alternatively, you might prioritize online banking features, such as mobile apps or digital wallets, to manage your finances on the go. Some banks also offer budgeting tools, which can be incredibly beneficial for students learning to manage their finances.

Be Mindful of Potential Fees

While student bank accounts generally have no monthly fees, there may still be other fees associated with certain transactions. For instance, some accounts may charge overdraft fees if you spend more than your available balance. Additionally, if you frequently use ATMs, be aware of potential ATM fees, as some banks may charge for using machines outside of their network. Understanding the fee structure of different banks will help you make an informed decision.

Take Advantage of Other Perks

In addition to no fees, student bank accounts can offer other perks that can benefit you. For example, some banks provide cashback rewards on debit card purchases, similar to a credit card. Others may offer features like easy money transfers between family and friends or the ability to temporarily lock and unlock your debit card for added security. These additional perks can enhance your overall banking experience.

Compare costs and share bills with housemates

Sharing a house with other students can be a great way to save money. When you are looking for a place, compare the costs of different properties and their energy ratings. Off-campus housing may be more affordable than dorms, but remember to factor in utility costs, which can be significant.

Living with other people means you can share the cost of utility bills, such as gas, electricity, water and Wi-Fi. Use comparison websites to get the best deals and keep costs down by saving energy. Set up direct debits for regular bills, so they are paid automatically each month and you avoid any late payment charges.

Discuss with your housemates how you will manage shared expenses. Agree on a system for paying shared bills and make sure everyone pays their share promptly to avoid any tension. You could consider setting up a joint account for household expenses, with everyone contributing a set amount each month.

Another way to save money is to share food shopping and cooking with housemates. Do a 'big shop' at the start of each week and buy supermarket value products to save money. You can also save by making packed lunches and taking turns to cook for each other, rather than eating out or buying sandwiches.

Finally, if you are living off-campus, consider whether you need a car. Cars are expensive to run and maintain, and you may find public transport is a cheaper option. If you do need a car, look into student discounts on travel.

Frequently asked questions