Choose your bank account wisely
Beware of the gimmicks and freebies banks use to entice you to open a student account with them. Instead, look out for the money-saving features a bank has to offer, such as interest-free borrowing. See Which student bank account should I choose? for more tips.
Check your statements regularly
This will help you track your spending and prevent you going overdrawn if you have an overdraft on your account. It will also help you to detect errors or possible fraudulent activity on your account.
Make a budget
Careful budgeting may sound like a chore, but it will help you make sure your finances don’t get into a mess and add to the pressures of study. Draw up a spreadsheet of all your outgoings and any income you have, then set yourself a spending limit. Take out only what you need from the cash machine – all those tenners you draw out soon add up – and try leaving your cash card at home when you go to lectures, classes or seminars.
Pay rent and bills on time every month
Getting into the habit of making regular payments helps you remember them, and lets you keep track of how much money you’ve got left to spend for the rest of the month. Also, you won’t be liable for any late payment charges. If you set up direct debits for bills you don’t have to worry about forgetting them, and you often get a discount for paying that way too.
Keep an eye out for money-saving incentives
Not only banks, but other retailers offer student incentives and discounts on essentials such as books, music and computer equipment. Take advantage of these every time you think about buying something, to make your money last longer. Invest in an NUS extra card to get loads of discounts – look out for the student discount sign in every shop you go to. If you can’t see it, ask. You could be missing out.
Supermarket sweep
All supermarkets have 'value' ranges, which might not be as bad as you think. Cleaning products and toiletries in particular are usually significantly cheaper than named brands and will noticeably reduce your shopping bill. Also, it’s usually cheaper to buy multi-packs (eg a four-can pack of baked beans or 12 toilet rolls).
Another tip is to go to the supermarket at the end of the day. Often they reduce the price on products that are due to go out of date, including bread (one of the most expensive food items), which you can take home and freeze.
Cook together
Why not club together for food, and plan meals to last you all week? Not only will you save money, you’ll improve your cooking skills and spend quality time with your friends. You can download free recipes from a number of websites, including BBC Food, which means you don’t even have to spend money on a cook book. You can also pack your own lunch – try it for a week and you’ll probably save enough for a night out.
Buy used textbooks, borrow, or use the library
Used textbooks are much cheaper and you’ll probably be able to sell them on again once you’ve used them. If you share books with your course mates you could split the cost between you. But remember to buy the most up to date versions. On the other hand, the library’s books are free to use, and don’t forget that the lighting, heating and electricity are free to use as well, so why add to your own bills?
Get online
Buying goods online can be cheaper and often more convenient. eBay is an excellent place to buy and sell stuff. You can also sell unwanted text books on Amazon or, better still, search on Freecycle, which has everything from desks to books on it. Sign up to your local Freecyle and save yourself a packet – all you have to do is collect the goods.
Do it for charity
Charity shops are excellent places to dig out a bargain. Most charity shops sell clothes and shoes, and all for a fraction of the cost of the high street. You can also pick up homeware and used books in most shops.
Save up for luxuries
You’re bound to be tempted to put luxury goods on your credit card – but try to resist! If you don’t have enough cash to buy something that’s not a necessity, leave it until you’ve saved up enough. This gives you time to shop around for the best price, and you may even realise that you don’t want it enough after all.
Sell your car
A car is not a necessity. They’re expensive to run in terms of fuel, insurance and maintenance, so consider whether this is an expense you can afford. Join a ‘lift club’ or buy a student travel card.
Walk everywhere
If you live close to your college or university, you could save a lot of money on transport by walking. You can always walk with friends if you’re worried about your safety, especially at night time.
Take on a part-time job
Working part-time doesn’t only earn you some extra cash to pay your way – it gives you much needed employment experience and keeps you away from the temptation to spend.
Have fun for free
You want to remember your years as a student fondly, so take care not to taint those memories with worries of debt. A lot of other students have the same concerns as you, so make the most of your free time with friends and colleagues – you don’t need to spend money to have a laugh. Join clubs and societies to meet new people and explore new interests.
NUS provides this information in good faith and has taken care to make sure it’s accurate. However, student finance issues can be complicated, and rules change frequently. You should contact the advice centre in your students' union, college or university for support if you’re uncertain or need more help.