Must-know budgeting tips for savvy students

With the start of term approaching, there are lots of ways your student loan can disappear before Freshers Week has even finished. Follow these money-saving tips from Student Beans and watch the difference it will make to your bank balance.

Keep a list and work out your essential living costs

It may sound a little boring and the process is likely to be a little depressing, but it really does show you just where your money actually goes and how easily cash gets frittered away. By noting down how much you spend each day and by totalling it up at the end of the month, you'll be able to see how much you've spent, how much money you'll need to get through the next month and more importantly where you can cut back and save those pennies.

Work where you shop

With the amount it costs just to be at university (and that's before all the textbooks and nights out), more and more students are turning to part-time work to earn some extra cash. We did a little investigation into staff discounts recently and the best places to get a job for these are The Body Shop, Republic, New Look, Lush and Greggs (yes!) - all 50%.

Avoid supermarket traps

The next time you do a food shop, watch out for big signs promising ‘bigger value' or ‘family value pack'. Flashy slogans will often trick you into buying things in bulk when you don't need to. Get organised and plan your weekly shop in advance - stick to your list and focus on getting all your essentials. You will also save time by not having to pop to the shops every day.

Leave the cards at home on a night out

Taking an unlimited supply of cash with you on a night out is likely to be a bad idea and something you might regret the next morning. You will often end up spending more than you originally planned. Leave the cards at home, but just make sure you have enough cash left over at the end of the night for a taxi home.

Cook in groups

Making one meal for a few friends is much less work and more economical than cooking for one. Plus you can take it in turns and then you get a few nights off washing up! You also don't have to eat the same meal for days.

If you follow just a few simple rules, then your bank balance will be singing and dancing for joy. Get more great money saving tips, student discounts and freebies from Student Beans - they exist to make student life a little more awesome.


Posted by Money Dashboard


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