The 10 financial mistakes every student makes

Chris Smith

November 19, 2014

November 13, 2018

The 10 financial mistakes every student makes










At Money Dashboard, we want to help you make the most of your uni days. That's why we've done a little digging into some of the most common pitfalls; by avoiding these ten financial mistakes, prudent students can stay in the black without sacrificing on fun.

1. Too many takeaways


Instead of ordering in a few too many chicken chow meins, work out a menu for the week with your flatmates – you'll save money by buying in bulk, and planning ahead will reduce impulse buys. It's also worth following websites like
, which provide useful tips on how to make your food shopping go further.

2. Buying brand new books


If you've got a reading list as long as your arm, it makes sense to buy second-hand books online. While brick and mortar stores like Blackwell's do offer up to 50% off many key textbooks, you can often get bigger discounts on marketplace sites or via online
.

3. Overlooking creative clothing


In many university towns and cities, charity and vintage shops are a treasure trove of great value clothes. “We can't all afford to buy vintage, and certainly not designer – which means charity shops are the best bet for the creative soul on a budget,” claims one
.

4. Not budgeting


A
study revealed that the number one tip from current undergraduates to new students is to “make a budget and stick to it”. You can get started with our free budgeting app, which is filled with handy tools to help you stretch out that student loan.

5. Getting a payday loan


Quite a few students take out payday loans to fund short-term spending, although an impressive
has set out to ban them being advertised on campuses. No matter how convenient they might seem, it's far cheaper in the long-term to save up for what you want.

6. Not signing up to funding schemes


Depending on your circumstances, there are a variety of student grants and bursaries you can apply for. Take a look at the
to see how you might be able to get extra funding.

7. Spending too much on nights out


If you bought just one less pint a week, you could save around £160 over the course of the year. Small changes like this won't affect your night out, but they'll have a significant impact on your bank balance.

8. Not researching student discounts


For anyone studying on a budget, student discounts are a lifesaver. It pays to do your research – check out
for a comprehensive list of the best money-off deals.

9. Choosing the wrong student bank account


It's a good idea to put a bit of time into choosing your student bank account, as lots come with money-saving extras.
, for example, gives customers a free 16-25 Railcard if they sign up to its 1|2|3 Student Current Account.

10. Avoiding the job hunt


There are lots of
where you can find a job to fit in with your studies. These include roles in tutoring, retail and hospitality – they might not represent the job of your dreams, but will earn you some welcome spending money.


Chris Smith

Money Dashboard

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