6 Saving Hacks for Students

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small budgets

Being a student, and especially one living away from home in their own accommodation, can be an expensive experience — whether through necessity, or simply because you are trying to live a varied and social student life by spending more. 

There is no doubt that being a student is going to come with its fair share of expenses and student loans, but that does not mean you still cannot save money where possible and get a better handle on your savings. 

With this in mind, here are 6 great saving hacks you may want to try if you are a student (or planning on becoming one). 

  1. Share Accommodation 

Moving into your student accommodation can be a moment many students dream of, even long before they have begun at college. It is a time for running your own household and being responsible for your own home setup. That being said, there is no doubt it can be a shock to the system — and expensive. Rather than try to foot the bill alone, look to share your accommodation with as many people as possible to share the bills. 

  1. Consider Commuting from Home

If you are indifferent about living in student accommodation, you can save a lot of money by still living at home but commuting to college every day. You can still take part in social activities by commuting to them, to make sure you do not miss out on experiences or friends.

  1. Make a Budget 

Budgeting may be the last thing a college student is thinking about, but it can be a great help month by month. Especially if you have your student loan paid out in a lump sum, budgeting is what is going to help you avoid spending it all at once. 

Make a budget for:

  • Your essential bills 
  • Any extra spends, such as nights out and treats 
  • Any money you want to put into savings 
  1. Consider a Scholarship 

One of the biggest financial commitments of being a student is your education itself. If you are taking out a student loan, then you are immediately finding yourself in debt before you have even begun. While student loans are not the worst kind of debts in that they are always made for a good reason, there is no harm in trying to avoid them altogether by seeking out a scholarship. You can search online through services like CollegeData to find relevant scholarships in your chosen area. 

  1. Learn as You Go

You might not get your savings right the first try, but learn where you are going wrong, what you are spending too much money on and where you can save after your first year. The New Year may also be a great place to start with new savings habits.

  1. Do What You Can at Home 

Being a sociable student does not have to mean spending a fortune at bars, clubs and social spots. You can still be sociable at home by saving money and buying food and drink in bulk, while socializing inside instead of paying extra to go out. 

Saving as a student does not have to mean missing out on key experiences; it just takes a little practice to know where you should spend and where you should save.