We all have that one friend who somehow survives a whole week with only 3 packs of instant noodles, 6 grapes and a single spring onion before SAAS comes rolling in.
Let's not joke about this too much, though. With energy bills and student living costs slowly rising, we have all found ourselves contemplating skipping the odd meal and sacrificing many social and networking opportunities. Whether you are responsible or laid-back, being a student is becoming more and more difficult as each year goes by.
Here are our 4 top tips for student budgeting during the academic year, as well as throughout those difficult summer months.
1. Budgeting apps (and other options!)
Though a lot of budgeting apps require a paid subscription, there are a few that are completely free. Mint is one of the highest rated free budgeting apps, while PocketGuard and Goodbudget offer a free version with many features. These are easy to use and not nearly as intimidating as you might believe.
If you feel ambitious, a good old-fashioned spreadsheet can work wonders. Simply take your total yearly rent away from the yearly total of your SAAS (and other income). Then, divide this number by the amount of weeks you will be staying away from home. You will be left with a weekly spending budget which you can easily track.
2. Travel schemes
Make sure you are taking full advantage of the travel schemes available to students during the academic year. If you are studying in Scotland and are 21 or younger, you can apply for a National Entitlement Card or Young Scots Card which will allow you to access free bus travel!
Many cities also have free bike sharing schemes available for students.
If you study in the UK and travel by train frequently, make sure to obtain either a 16-17 Saver or 16-25 Railcard*! These cost only £30 for a year and offer 1/2 or 1/3 off your rail fares, respectively.
*Mature students are also able to apply for this railcard!
3. Meal Prep
Meal prep isn't always easy to find time for when you're a student. However, it could save you hundreds of pounds by reducing unnecessary purchases and takeaway meals, as well as diminishing food waste!
You can find an abundance of meal ideas on social media platforms such as Instagram and TikTok. Make a note of each ingredient so you won't buy anything you don't need!
It's worth remembering that the cheapest option isn't always the nearest option. Make sure you work out where your nearest budget supermarkets are. An extra ten minute walk could save a lot of cash on groceries for the week!
4. Free Trials
Be careful here. You will likely be bombarded with opportunities for students free trials when you first move to university. Remember to cancel these before you are charged for a full and very expensive month!
This being said, free trial opportunities and voucher codes can be incredibly useful, so long as you stay on top of them. UNiDAYS is also a very useful tool for checking which companies provide student discounts on food, clothing, entertainment, and much more! Before you buy, always double-check your discount opportunities.
