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How to save money as a student

From uni supplies to socialising, student life can be expensive, but that doesn’t mean you can’t start building up your savings for the future.

If you want to make some changes to how you manage your money, or find ways to put money aside, read our guide on how you can save money as a student. 

10 money saving tips for students

1. Open a savings account

Opening a savings account can give you somewhere to keep your money. It helps remove the temptation to spend it if it’s not in your current account. Plus, any interest earned will help your savings grow.

Explore more: Savings guide

2. Set yourself a savings goal

Whether you’re planning to go travelling or looking to buy a car, setting a savings target can help you stay motivated. You could put a picture of your goal on your fridge, or as a screensaver on your phone, to keep it at the front of your mind.

3. Build a safety net

Building a safety net could give you some money if an unexpected expense crops up. You could set yourself a target amount, for example £500, and then save a little each week to reach your target. If you have any money left over from your student loan, you may want to use it to kick-start your safety net fund.

4. See where you can cut back

Creating a budget listing all your incomings and outgoings can help you see where you’re spending money. You may be able to cut back on a few things to help you save. For example, you could bring your own coffee or lunch from home, instead of buying it at uni. Or, make a shopping list before you head to the supermarket, so you’re not tempted to buy things you don’t need while you’re there. 

Explore more: Everyday spending hacks to help you save money

5. Save before you spend

If you can, try moving the money you want to save into your savings pot at the start of the week, or month. That way, it’s already out of your account and you can use your left over money to plan for the week, or month, ahead.

6. Make the most of student discounts

As a student, you’ll likely get discount on a range of items, including some broadband suppliers and fashion brands, which can be a great way to save money. To give your savings a boost, you may want to add the discount you’ve saved to your savings.

7. Round up your spending

Rounding up your spending to the nearest pound and adding it to your savings can help your money grow without you really noticing. For example, if you spend £3.80 you could round this up to £4.00 and add the 20p into your savings account. 

8. Find the best deals for your bills

If you’ve moved into a student share house, you can use comparison sites to make sure you’re getting the best deal for things like your energy and broadband. 

Explore more: Managing your bills for the first time

9. Sell the things you no longer want

Whether it’s uni textbooks or clothing, selling your unwanted goods can be a good way to make some extra money which you can add straight into your savings account. 

10. Cook for yourself

Instead of spending your money on takeaways, try to cook for yourself. If you live with other students, you could take it in turns to cook for each other to spread the cost of buying ingredients. 

Explore more: How to save money at the supermarket

See our student hub for more guides on money management at uni.