Budget - If you get to the end of the week and realise that you have no idea where that £30 went then you are definitely in need of a budget. Using online banking is a great way to track your spending and can help make sure you do not exceed your limit. Check out the Prospects budgeting section for tips.
Set a target - Having something to aim for will make it easier to save some money each month because you’ll know it’s going to a good cause. So whether it’s a holiday, night out or new top, work out how much you need to pay for it and start saving.
Get the discounts - The best way to save money is to make sure you get the cheapest prices on everything which is achievable if you take advantage of student discounts and offers. Get yourself an NUS card which will get you money off everything from Odeon to Topshop. You don’t get unless you ask and so even if a shop or restaurant doesn’t advertise student discount they could still offer it, so it’s always worth checking; they can only say ‘no’.
Make sacrifices - Lunch on campus and coffee on the way to lectures might be nice but over a month that’s going to add up. Sacrificing lunch and spending £5 a week on a loaf of bread and filling is much cheaper than spending £4 a day on lunch from campus and over a month could save you over £50.
Avoid the branding - When heading to the supermarket try to buy own brands which are usually considerably cheaper than the named brands and it’s often hard to tell the difference. Buy in bulk as 12 toilet rolls are usually cheaper than four and sharing the cost of these with your housemates will reduce your bill further and save you even more money.
Recycle - One man’s trash is another mans treasure, or so they say. So why not join your local freecycle group? Many items you may need or want are regularly offered for free, such as TV's, kitchen appliances and beds as well as smaller items such as folders and stationery. Head to the charity shop and dig out a bargain. Most charity shops sell clothes and shoes, and all for a fraction of the cost of the high street.
Learn to share - Getting a reading list of 20 books can seem daunting and buying all the key texts is unlikely but it is possible if you learn to share. Everyone on your course will need the same books and so getting a group of you together who buy one book each and then share them around the group is a good idea. Another way is to go second hand and buy books from websites such as Amazon where books can be as little as 99p.
If you are sharing with four or five other people you’re going to have to learn to share pretty quickly from the bathroom to fridge space. Sharing the cooking and buying ingredients together to make meals that will last all week will save you money on cooking at home and will make you less likely to eat out if you’ve promised to cook that night.
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 is usually the best starting point for this. Visiting a comparison website allows you to see the whole market at a given time and then you can choose the ones you like and visit their websites to get the finer details.
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.