Smart spending
Managing your money is one of the biggest challenges of being a student.
Rent, food, bills, travel, and social events are just a few things you have to consider. Here's a list of tips to help you spend smartly and save money.
Make a budget
It may be obvious and tedious, but a couple hours of budget planning can result in months of savings. This is crucial for managing your money—you only have to do it once, so don't skip it. There's lots of information out there on how to budget. We like this article from Save the Student.
There are two key parts to budgeting:
- Work out your incoming money (maintenance loan, bursaries, part-time job pay, or savings).
- Estimate your essential outgoings (rent, groceries, bills, transport).
Use these two figures to calculate what you have left to spend with this equation:
Incoming money – Essential outgoings = Budget for non-essentials
Non-essentials include things like nights out, takeaways, hobbies, subscription services, sport memberships, etc. These spends are deceptive. They seem small, but their recurring nature means they slowly chip away at your bank and ultimately have an outsized impact.
It's easy to think, "Oh, it's just a few quid," then wonder why you've burned through our overdraft and are struggling to pay your bills a few weeks later.
To avoid this, budget for these costs weekly or monthly, then multiply them to see what they cost over a term or a year. This will give you a clear picture of how small recurring costs affect your bottom line. You can then decide how to get these costs under control and avoid "death by a thousand cuts".
Student discounts
One of the best things about being a student is all the discounts you get. There are various apps that provide discounts from restaurants to clothing shops. We recommend TOTUM, which gives you deals on lots of big brands and local outlets.
It's also always worth checking for student discounts whenever you shop in person. Many places in Nottingham offer student discounts, so always ask.
It's ok to say no
University social life is non-stop, and it's easy to give into temptation. However, if saying yes to something is the difference between dipping into your overdraft or not, you can turn it down. There will always be more opportunities, so you never truly miss out.
And not every social engagement has to be expensive. You can choose cheaper alternatives like movie nights, games nights, or exploring the city together. This list of sober activities has plenty of ideas for fun, cheap things to do with friends.
Buy second-hand
Buying vintage has become more common in recent years, and we're here for it. Nottingham is packed with vintage clothing and furniture shops (check out our IG reel for some of our favourites), and many charity shops sell affordable pre-loved items. Shopping second-hand can saves you a lot of money, and it's more sustainable. Win-win for everyone.
Save on travel
If you travel around the city a lot, then consider purchasing a student bus pass. It gives you unlimited travel on NCT buses for the whole academic year and can save you a lot of money.
If you travel by tram or simply want the convenience of paying weekly or monthly, you can get an Easyrider Smartcard at a discounted student rate.
Only travel by bus or tram occasionally? Make sure you buy a student ticket. And remember to have your student card on you when you travel to avoid fines from ticket inspectors.
If you regularly travel by train, it's well worth buying a 16-25 railcard, which gives you 1/3 off all your tickets. It costs £70 for three years, or £30 for one year, so it soon pays for itself.
Consider changing phone networks
Doing this while your phone is on a contract can be tricky (though not impossible). But if you have paid off your contract and/or are paying-as-you-go, make sure you're getting the best deal with your current provider.
There are plenty of student-friendly networks such as GiffGaff, Voxi, Three and more, and switching to one could save you a nice chunk of change. Just do your research for the best deal and check what's included before switching.
Affordable taxis
For most journeys, public transport is the cheapest option. But sometimes you need a taxi. It's easy to go for the big names (you know who we're talking about), but local taxi services can be much cheaper.
We recommend Nottingham Cars, as they're affordable, offer special student rates, and are verified as a trustworthy service. They're also providers of our safe taxis scheme, which allows you to get home safely even when you have no money. You can learn more about the scheme here.
Consider moving banks
It's easy to continue using the same bank you've been with for years, but doing so means you might not be getting the best rates. Make sure your bank gives you a 0% overdraft. Also, look out for other perks, such as monetary rewards or a free railcard. Examples of well-known student accounts are the Santander 123, NatWest, and HSBC student accounts.
All things food
Food is a non-negotiable recurring expense, which means it's an area where you can make some of your biggest savings. Here are lots of ways you can save money on your food bill:
Plan your meals
Make your shopping list with a meal plan in mind. This way, you'll only buy the necessary ingredients and avoid wasting food or money.
Buy reduced items
Most supermarkets have a reduced items section that gets stocked late afternoon with food expiring that day. If you visit towards the end of the day, you can often find a bargain for that nights dinner or your next day's lunch.
Buy store brands rather than premium brands
Store brand items are usually significantly cheaper than their branded counterparts, with a negligible quality difference between the two.
Check unit prices
Don't just go by the price of an item—check the unit price on the shelf ticket (e.g. price per 100g). Unit prices help you compare product prices and make it clear whether or not something is cheaper.
Don't shop when hungry
This really is a golden rule when shopping. You're much more likely to pick up things you don't need (and therefore spend more money) if you shop when hungry.
Stock up when essentials are on offer
If you see something you buy often is on offer, and it won't go out of date before you'll use it, stock up while it's cheap. You'll need it later anyway, so why wait and pay full price?
Get a points card
Most supermarkets offer loyalty cards that give you rewards for shopping with them. You'll often get exclusive discounts, regular discounts, and other rewards. Take full advantage of them to reduce your shopping bill.
If you have a choice of supermarkets near you, shop around and compare prices. Aldi and Lidl offer the best overall value, while Tesco's Clubcard is the most generous loyalty scheme.
Get creative
Try to use the food you already have at home before buying more. There are some great apps and websites out there that can create recipes based on what foods you have in your cupboard.
Batch cook
Batch-cooking your meals saves you having to cook from scratch every night, meaning you're less likely to buy takeaways or meal deals when you're too busy or tired to cook. Plenty of recipes lend themselves to batch cooking. Freeze them in individual portions, and you'll have plenty of different microwavable meals to rotate between.
Freeze foods
As well as freezing batch-cooked meals, you can freeze many foods, such as bread, meat, and (some) vegetables, to avoid them spoiling and going to waste.
And finally
Following these tips should help you keep your spending under control, but everything starts with working out your budget, so don't skip this step.
If you're feeling overwhelmed about your finances and want someone to speak to, book an appointment with our Information and Advice service.
