Student life is great. It is the time to have fun, explore the world and career options and learn so many things. But one of the main concerns for many students is money. If you have taken out a student loan you know the burden it comes with. Saving becomes an important thing if you have loans and mounting debts.
With the cost of living skyrocketing while the loan rate goes nowhere, it’s getting even harder to make that student loan stretch. There are many ways of saving and it can actually help frugal students save money on things that they need.
Here is some money saving tips to help you make the most of your pennies.
Food
Firstly, avoid takeaways. Even the cheapest takeaway is going to cost more than the ingredients needed for a decent but simple home cooked meal. What’s more, that takeaway is cheap for a reason and its cost will be represented in its nutritional value. A great student staple is a simple bolognaise. You can buy minced beef for as little as £1.75, then all you need to do is add a little onion and garlic, some dried herbs, maybe some mushrooms, courgette and peppers and a cheap tin of tomatoes. Or buy your ingredients in bulk, cooking up a vat of bolognaises which you can divide up and freeze for future meals. It is much cheaper than any takeaway and healthier too.
Clothes
High street fashion is the fashionista student’s best friend. Of course, it’s never a good idea to splurge every penny of your loan on a new wardrobe, but how else how are you going to afford to make sure you keep up with the latest trends? Luckily, it’s quite easy to look good for less, so long as you have a good eye for bargains and an imagination.
New Look is a great place to start. It sells clothing that is at the more affordable end of the price range, which is nonetheless stylish and fully up to date with current fashion trends. You can find all your staples such as skinny jeans and summer dresses here, as well smarter, funky pieces, such as pink blazers for much less than competitors like Top Shop.
If you’re not averse to rootling around for bargains, try trawling through second hand shops, charity shops and flea markets. The retro and vintage looks are very much still in and if you look hard enough you’re bound to find some gems.
Transport
Travel has a tendency to eat into your budget, especially in the big cities. If you need to make a bus or tube journey into university every day, then a pass will work out much better price-wise than paying the individual fares. You’ll also get a student discount, which will knock even more off. It is one of the most effective money saving tips for students.
For the health conscious, why not invest in a bike? It’ll cost a little up front to buy, but it’s a great long term investment as travel is free. To give you an idea on what you could be saving, a good Raleigh bike will set you back £500, while a student travel card in London will cost around £1,500.
Vouchers
Never go out before checking for vouchers. Vouchers can give you great discounts on food, days out, club nights and everyday shopping. There are plenty of voucher sites on the web, but the best for students is the dedicated student money saving site Student Beans. You can look for vouchers online. Using vouchers for shopping online or paying the bills is one of the best money saving tips for students. Use restaurants coupons to save money while enjoying a night out with friends. Staying frugal is important but enjoying your life is as important. With discount vouchers you can have the best of both the worlds.
Creating a Budget
An effective monthly budget can help you save more. Even students can create a budget as it is one of the most effective money management tips. Since you are planning to cut down the expenses a budget can tell you how much you need to spend on important things. As a student your important expenses will include monthly rent, utilities, clothes, food, transportation, and medical expenses. Other expenses like eating out and movies are non-essential. Make a list of things you spend money on so that you can create a budget and save more.
The Bottom-Line
These are some of the most effective money saving tips for frugal students. With a few easy steps you can easily save money and keep your finances under control. Money management is an important part of life and being a frugal student is an easy task when you know the tricks of saving.