Saving money as a student

greenpixie_2

I know this sounds silly but whats the best way that you save money as a student? I am in my last year at uni now and am terrible with money. I have always lived in halls because its the easiest option because because you pay once at the beginning of term and then live of the rest of your money. i don't get much money. I don't get money from my parents just live off my loan and working during easter and the summer. Its just me and my boyfriend want to get a place after i finish uni. I'm planning on going home just to work for the summer after i finish uni to get enough money together to get a nice backup for getting a place. But i really want to save money now. I just wanted to know your best money saving tips. I don't drink very often, we do get chinese quite a bit, but when i cook i cook from scratch and don't use ready meals i eat quite well. i do smoke (but am trying to quit before we move into our new house but its really difficult when half the people i live with also smoke) But half the time i don't know where my money goes.

Mankysteve

Properly on the fags tbh. Take aways are not cheap either. It really as simple as deciding a budget and figure it out from there. Set up a second bank account and to a statement of affairs which you can find in the debt section will let you know what you've coming in and where its going out.

Adro

I agree with ^Mankysteve^

You may also want to consider getting some weekend work? If you are able to live on what you currently have, in theory any money earned from weekend work could go towards your savings.

I've been keeping my student loan and bursary in a savings account and working to pay off any bills/rent/etc. This system works pretty well for me, and I've managed to save up a decent amount of money (I'm only in my 2nd year of uni now).

Hope this helps...

MrsManda

Give yourself a budget each week and try to stick to it.
Smoking is incredibly expensive, takeaways should be for treats rather than regularly.
I generally find carrying cash means I end up spending it so I try to only get enough cash out for what I need. Cards allow you to easily track what you are spending on what so you can review your costs each week/month and ensure you're sticking to the budget and also see what you spend the most on so you can see if it can be cut down.
But if you're on a really tight budget this may not be for you as you risk bank charges.

Try witing down what you spend each day/week for a fortnight. Making a conscious effort to make a note of what you spend will focus your mind on your spending habits which is likely to throw up ideas for cutting back. Is your boyfriend also doing the same?

Lokolo

Budget like a mad man.

Its difficult some months, and quite a few months I have gone over my budget, but its hard to work out how much I need to think to get plastered enough.....

However, after a few months of doing it, you realise how much you spend on crap

Indie_Kid

Plan your meals. This way you don't buy stuff you don't need.

glider3560

greenpixie wrote: »

But half the time i don't know where my money goes.

This is probably the most important thing that you need to fix. Keep a record of absolutely everything you spend - which shop, amount, date and what you've bought. It might sound geeky, but if you always ask for a receipt in shops it becomes easier. I think some people call this a spending diary. After a period of time, you can see what you actually spend money on and then devise a budget to help you cut back.

If you are going out and expect not to remember how much you've spent by the morning (!), then write down how much money you have on you at the start of the evening, then subtract the amount you have left in the morning. Remember to always take a receipt for ATM withdrawals.

Mojisola

MrsManda wrote: »

Try witing down what you spend each day/week for a fortnight. Making a conscious effort to make a note of what you spend will focus your mind on your spending habits which is likely to throw up ideas for cutting back. Is your boyfriend also doing the same?

This is really good advice. Carry a little notebook with you and write everything down as you buy it. You'll probably be shocked at how easily the money goes on unnecessary spending. You don't always notice it as you spend it but when you have to write it down, it can bring you up short and make you question whether you really need it.

Once you get your budget set, repeat the experience occasionally because it's easy to slip back into bad habits.

[Deleted User]

roll your own cigs,half the price around £5 for 40

Oldernotwiser

woodbine wrote: »

roll your own cigs,half the price around £5 for 40

Giving up is a better idea.

dawyldthing

Sometimes changing what you do can save loads.

For example: transport - I could get the bus to uni at either 4 quid or 3.20 if after 9.30, but I have a rail card so it costs 1.50 return after 9.30 or 2.15 before, so over a week can save a fair few quid. Before breaking my ankle I would walk anywhere and everywhere, including to town as its a half hour walk but does me good and keeps me healthy and saves spending on transport. I use my rail card for transport.

Nighs out - I look for the cheapest deals and nights out (a good example is the Liverpool comedian that seems to be everywhere on the tele at the mo, I went to see him at the Original Oak for 6 quid a few months back and got to see him, another comedian and a compair for that money, but to see him live would now be more). I drink before I go or look out for offers that are often there for everyone, including getting into clubs for free before 10 or 11, when its mostly the cheapest drinks and food available. I've gone to roller disco, bowling, eat out regularly and for most places there are deals. For example hollywood bowl does a 3rd game for a pound, if you go before 6 to the cinema its usually cheaper, and cheaper still with a student card, plus using orange Wednesdays. Pizzas from Dominoes can be relatively cheap with discount vouchers and bogof on Tuesdays, it takes a while to find offers, but even on this site if you search in the search bar for the place you want to go, just type in the name and click on forum, it will usually bring up peoples offers for that place.

I wouldn't have stayed in halls. I personally could not wait to get out of halls as the food was rubbish, fire alarms went off all the time and uni is in the middle of nowhere, whereas I've lived in a house with upto 4 others which means cheap bills (cheapest was 40 quid for electric and gas combined last quarter, but we all keep an eye on how long its on for)

For food - i've always got tins in the cupboard, in fact when i get back i'll have enough tins to last me until June I recogn as they can be put with anything and if theres nothing to eat in the house then you will always have something to eat. Cooking for others can be fun, and you can bring bottles of wine round to share.

Then theres places you can do surveys like ipsos, which are time consuming but its rewarding when the vouchers come through.

I've been a student for the last 4 years, for 3 summers I've worked as a camp counselor, 2 in America and 1 in Canada. I've only been able to afford it through being careful with money, working part time at various places throughout the years, but through doing it i've learnt life skills, have had a fab 4 years and have ace mates without being in debt other than my student loan and wouldn't have changed any of it for the world.

It is possible, its just about being careful with what you spend and having a budget and keeping to it and keeping out of spending money that is not needed, but it is doable.