Student budgeting tips
Find out how to budget and save money while studying, to help your student loan go further.
Find out how to budget and save money while studying, to help your student loan go further.
Here, we list things to add up in your budget. Then you can see if you're on track or if you need to cut down on anything.
It's easy to feel quite flush in the first couple of weeks of the semester once the student loan has landed, but it's worth thinking about ways to make your money last, because it certainly won't be around forever.
Here MoneyHelper gives some top tips on how to save money, or avoid spending it:
1. Don't forget to budget
Budgeting can be key when it comes to keeping tabs on your money, so you know exactly what's coming in and going out.
Use the budget planner to help you plan.
2. Find out what you can get for free
When you are a student, there are some things you don't have to pay for.
For example, student houses do not need to pay Council Tax, as long as the only people who live there are full-time university or college students.
You can also get medical prescriptions for free. Prescriptions are free to all residents of Scotland, Northern Ireland and Wales, but in England everyone still has to pay.
However, students aged 16-18 don't have to pay, and once you hit 19 you might be eligible to apply to the NHS Low Income Scheme. If your application is accepted, you can get free prescriptions. The same process applies for dental treatment and sight tests.
More about the HC2 form.
3. Shop smart
It is worth getting an NUS card (now called a Totum card) to get discounts both on the high street and online.
More about Totum.
4. Save on travel
You can get a 16-25 railcard to save a third on rail fares. The only exception is before 10am, where a £12 minimum charge applies.
More about 16-25 railcards. Depending on where you live and how you like to get around you can also get discounts in Northern Ireland with the yLink card, in London with the Student Oyster card, and travelling via coach with the Young Persons Coachcard.
5. Be savvy with your savings
Do you have something particular in mind you want to save for, such as a new TV or new car?
Take a look at MoneyHelper's savings calculator to see how long it will take you to reach your goal.
This article is provided by MoneyHelper.
All information accurate as of date of publication.