Money : Saving

A healthy bank balance is often an image that doesn’t last for very long, but a little bit of thought and some clever planning can stop the digits from dwindling.

Budget - Online banking is a fantastic tool to use if you struggle to stay on top of your finances, as you can keep track of every transaction to the penny. It can also be worth making a checklist of all the items you buy, weekly or monthly. Check out our budgeting section for tips.

Set a target - If you aim to save for something like a trip abroad, a new outfit or a celebratory weekend, with a reward at the end of the tunnel, it can make it much easier to put the money away each week.

Get the discounts - Being a student means you get plenty of perks. Student discounts and offers are everywhere and with an National Union of Students (NUS)  card you can get money off everything from Amazon  to Topshop. It is always worth asking whenever you are in a store or restaurant if they offer student discount as it is not always advertised.

Make sacrifices - Treating yourself once in a while is fine, but buying lunch out everyday from a café or on campus is going to take its toll on the purse strings. Instead of spending £3 or £4 a day, spend £5 a week on salad, bread and fillings. It’s much cheaper and will save you a fortune over a month.

Avoid the branding - Choose you produce wisely. Once you have given up the gimmicks and shiny, branded packaging, you will realise that’s its hard to tell the difference between bottom and top shelf goods. Buying in bulk will save you cash and avoiding the big supermarkets by heading to local, independent fruit and veg stores will take further strain off your finances, and your conscience.

Recycle - There are many websites and local groups where you can share and swap items for free with other people. Charity shops and car boot sales offer the same shopping experience as the high street at a fraction of the price, but with bargains bountiful.

Learn to share - reading lists at the start of term can be terrifying and grow worse upon seeing the price tags. Buying all the key texts for your course isn’t realistic, but if people on the course buy one each and share them, this means you’ll all have access to more material. Why buy a cow when you can get milk for free? Second hand book stores are also a great place to go as is Amazon where you can buy books for as little as 99p.

Accommodation - Living in a house with friends means you will undoubtedly have to share common areas. From bathrooms to fridge spaces, it will help if you are all willing to chip in and share equally. Ingredients and grocery bills can be evenly shared out and this will keep the cost down immensely. Being economical by cooking off meals that will last for a week will make you less likely to eat out if you’ve promised to cook that evening. Find out more about accommodation.

Shop around - When trying to save money whether it’s on your bank account or car insurance it’s good to shop around. The internet can help with this and visiting a comparison website allows you to see the whole market at a given time. You can then choose the ones you like and visit their websites for the finer points.

This is not a definitive guide, just some tips to help you save a little bit of money for that rainy day. Being sensible with your cash and remembering that your student loan is for a term not just for a day should mean that you have enough to live, eat, buy books and have a few nights out. A part-time job can also provide you with extra pocket money, allow you to meet new people and even count towards your studies.