Your years in university will be some of the most memorable and exciting of your life. However, being a student and being financially secure don’t often go hand-in-hand.
There are plenty of stereotypes surrounding the financial habits of university students. While you’re likely on your own for the first time, you probably aren’t going to have enough money for your own personal flat or to spend a lot on dining out or entertainment. Thankfully, there are things you can do to save money while you’re in university that will make your life easier now and in the future.
By establishing some healthy financial habits now, you’ll be able to make the most of your time in school, and perhaps even graduate with a bit of money saved up. Let’s take a look at a few practical ways you can start saving.
Cut Down on Living Costs
The average accommodation cost for each student in the U.K. is £166 per week. That can be a struggle for some students, especially if they don’t have a job on or off campus. It also doesn’t include supplies you likely need for your daily activities, including:
- Toiletries
- Cleaning supplies
- Food
- Emergency necessities
One of the best ways to cut down on your living costs is to live at home with your parents. While it might not seem like the ideal option at first, you’ll save on rent and utilities, and even if you end up paying your parents a small weekly fee, it will likely be much less than what you pay at school.
If you decide to live at home to save money, make sure to talk to your parents about how to navigate those waters. Set boundaries, create routines, and learn how to manage conflict effectively. It’s possible to live in harmony with your parents at almost any age, but you all need to be willing to abide by the same rules.
Cut Down on Transportation Costs
High gas prices are impacting people across the globe. Even if you live at home, commuting to your classes each day can end up costing quite a bit of money. You can combat those prices by taking public transportation or sharing a ride with a fellow student. If those aren’t viable options, consider different ways you can save on fuel, including:
- Maintaining your tire pressure
- Trimming your car’s extra weight
- Traveling at slower speeds
- Emptying your roof rack
You might be surprised by how much these small changes can make a big difference in your petrol budget each week. Every little bit helps, and the money you save can be put away or used for something else.
Adopt a Side Hustle
There’s no denying the expense of a university education. Perhaps you took out loans to cover tuition and you’re already working on paying them, but they’re so large that the debt feels overwhelming.
That kind of mindset will make it difficult to get ahead and save money effectively. While finding ways to cut back on spending and building a healthy budget will help, it’s also a good idea to start a side hustle while you’re in school.
A side gig is a great way to make extra money and keep yourself busy so you aren’t spending so much of it. Consider some of your skills and passions, and what you might be able to do when you’re not busy with classes. Some of the most effective side hustles for students include:
- Food delivery
- Selling items online
- Editing
- Dog walking
- Starting your own blog
- Tutoring
- Ridesharing
By making a bit of extra money, you can use it to lessen the burden of your tuition, and you might even graduate from university with money in savings, rather than feeling the weight of insurmountable debt.
Saving on Educational Supplies
From textbooks to notebooks and everything in between, educational supplies you’ll use every day in school can add up quickly. Thankfully, there are things you can do to save money on those everyday supplies, including buying used textbooks. They can be one of the most expensive necessities for school, so don’t be afraid to look around online or in any “used” book sections of your campus store to find what you need at a fraction of the price.
When it comes to smaller supplies like notebooks, pens, and pencils, consider buying in bulk and splitting the cost with your friends or roommates. When you’re able to buy a large number of basic supplies and share in the cost, they’ll likely last you all year and you won’t have to spend full price on supplies when you unexpectedly run out.
It’s time to start looking at your spending habits and what small changes you can make to save money each day. University will teach you a lot of things, but it’s up to you to learn how to be financially responsible and find practical ways to manage your money. Keep these ideas in mind throughout your university career, and you’ll establish a healthy financial mindset you can eventually carry with you into the working world.
