Three Ways to Save Money: A Guide for Students and Grads
Managing money as a student or recent grad can feel like juggling a part-time job, full-time study, and a social life - all while trying not to break the bank. But don’t worry, we’ve got you covered with three simple, practical ways to keep your wallet happy. Let’s dive in and start saving!
1. Budgeting and Tracking Expenses: Know Where Your Money Goes
Let’s face it: budgeting might not sound glamorous, but it’s your best friend when it comes to saving money. It’s all about knowing where your cash is going so you can make smarter choices.
Start by setting a budget. Break down your income - whether it’s from student loans, a student job, or the Bank of Mum and Dad - and list your expenses. Be honest with yourself about what you’re spending on essentials (think rent, bills, food) and non-essentials (hello, takeaway coffee and late-night kebabs).
Next, get into the habit of tracking your expenses. There are loads of apps that make it easy to keep tabs on your spending. Once you see where your money is going, you’ll spot areas where you can cut back - like that sneaky monthly subscription you forgot about or those impulse buys that seemed like a good idea at the time.
By keeping an eye on your spending, you’ll feel more in control and can start saving for the things that really matter (or just to survive until the next student loan drop).
2. Taking Advantage of Student Discounts: Flash That Student ID
One of the best perks of being a student? Discounts, discounts, discounts! From groceries to entertainment, there are loads of ways to save just by showing your student ID.
Essentials: Many supermarkets offer student discounts, so make sure you’re signed up for loyalty cards and keep an eye out for deals. Need a new phone or laptop? Tech brands often have hefty student discounts, so don’t splash out full price without checking first.
Entertainment: Whether it’s a cinema ticket, streaming service, or your favourite gym, loads of places offer discounts just for students. Even your Spotify subscription can be cheaper when you’re hitting the books.
Transport: Don’t forget travel discounts! A 16-25 Railcard can save you a third on train fares, and student bus passes can make commuting way cheaper.
The key is to always ask - whether it’s online or in-store, you’d be surprised how many places offer student discounts. It might feel awkward at first, but trust us, the savings are worth it!
3. Smart Shopping and Meal Planning: Eat Well, Spend Less
Food can be one of the biggest drains on your budget, but with a bit of planning, you can eat well without spending a fortune. Meal planning is a game-changer. Take a little time each week to plan your meals and make a shopping list before hitting the supermarket. This helps you avoid those expensive impulse buys and reduces food waste.
Buy in bulk where you can - especially for staples like pasta, rice, and canned goods. Cooking in batches and freezing portions can also save you time and money. Leftovers? They’re your new best friend.
When it comes to other essentials, like clothes and books, think second-hand. Charity shops, online marketplaces, and student swap groups are goldmines for budget-friendly finds. Not only will you save money, but you’ll also be doing your bit for the planet.
And don’t forget to keep an eye on those pesky subscriptions. It’s easy to sign up for free trials and forget to cancel, so make sure you’re only paying for the ones you really use.
Start Saving Today
Saving money doesn’t have to be a drag. With a bit of planning, a savvy approach to discounts, and smart shopping habits, you can keep your finances in check without sacrificing your social life or study goals. So grab your student ID, start tracking those expenses, and get ready to make your bank account a little happier.