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Top money-saving tips for students

If you’re starting university, you're in for an adventure filled with new experiences, friendships, and, yes, the challenge of managing your finances.

At Confused.com, we understand that juggling tuition, living expenses, and social activities can feel overwhelming. That's why we're here to help you breeze through student life with practical tips and expert advice on saving money. Partnering with Mr MoneyJar, we also spoke to university students to learn their money-saving tips.

Megan Rahou, Content Manager at Confused.com
Written by Content Manager 5 min read | Published 23/09/2024
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Starting uni is a big life change, no matter if you're straight out of college or a mature student. And there can be a lot of financial challenges to stretch that student loan to its limit.

See our student hub

Student budgeting: the basics

Why budgeting is essential

Creating a student budget is your first step to financial freedom. It’s like having a roadmap that shows where your money is going and how you can stretch every pound. Without a budget, you might find yourself living on instant noodles by the end of the month - not ideal!

How to create a student budget

  • Track money coming in. Add-up all of your income, this includes student loans, part-time job earnings, and any financial support from family.
  • Track money going out. Break them down into essentials such as rent, food, bills. And, non-essentials for example nights out and subscriptions.
  • Set a limit. Allocate funds for each category and stick to them.
  • Use budgeting tools. Our student budget calculator can simplify the process and help you stay on track.

Money-saving tips for students

Accommodation 

  • Share living costs. Consider house-sharing to split rent and utility bills. It’s more affordable and often more fun!
  • Save on council tax. Households where everyone’s a full-time student do not have to pay Council Tax. If you do get a bill, you can apply for an exemption.
  • Shop around and compare. Shop around for discounts or deals on services like internet and energy.

Save on study essentials

  • Buy second-hand: Check out online marketplaces or university forums for used textbooks.
  • Digital resources: Use free online resources or e-books instead of purchasing new textbooks.

Food & meal prep

  • Cook in bulk: Batch cooking can save time and money. Prepare meals for the week and freeze portions to avoid the temptation of takeaways.
  • Plan your meals: Create a weekly meal plan to avoid impulse buying.

How to boost your student savings

Student discounts

From clothing to electronics, many retailers offer student discounts. Keep your student ID handy and always ask if a student rate is available. Check out our guide to starting university for more ways to save as you settle in.

Part-time work

Balancing a part-time job with studies can give your budget a healthy boost. Look for flexible jobs that fit your schedule, like working on campus or temporary jobs.

Travel smart

  • Use student travel cards: Get discounts on buses, trains, and even flights with student travel cards.
  • Book in advance: Planning trips home or holidays ahead can often save you a tidy sum.
  • Consider temporary car insurance. If you're heading home for the holidays, look into temporary car insurance rather than paying for an annual policy. This can be a cost-effective way to stay covered only when you need it.

Financial support for students

Need a helping hand? Explore what financial support is available for students, like bursaries and grants.

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Financial support for students

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Student finance statistics - 2023

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How Confused.com can help

At Confused.com, we're here to help make life admin easier so you can focus on what really matters – enjoying your university experience. Whether you're looking for the best deals on student home insurance or finding affordable student car insurance, we've got you covered.

Life feels better when you've Just Used Confused.com.