10 Top Tips to Help Students Save Money

By: MoneyFacts

In just a few weeks’ time, many students will be preparing themselves for university, and for some, this could be the first time they have lived away from home. The thought alone may be daunting, so Moneyfacts.co.uk has put together 10 top tips to help students save money.

Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:

Pick a suitable student account

“Starting off with a good bank account can help students over their years of study. Applying for a generous interest-free overdraft could be a lifeline, but they must be able to pay it back once they finish their education. As with any bank account, it’s worth noting that the biggest overdraft limits are not a guarantee as applicants will be credit checked, so those with a bad credit history (such as mature students) may want to improve their credit score first. A helpful selection of student or graduate bank accounts can be found on our website.”

Budget carefully

“By budgeting their way through their course, students will reduce expenditure and still be left with some money in their pockets at the end of the week to go shopping or socialising. Little changes such as making a coffee at home, or even lunch, can make a huge difference after just a few weeks.”

Save the change

“Each time students buy something they could save the change and watch their savings grow. For instance, with Lloyds Bank, when customers are in credit, a purchase is rounded up to the nearest pound with the difference put into a separate account. So, if a purchase for £1.25 is made, Lloyds will transfer 75p into their savings account; if they spent this every day for a week, they’ll have saved £5.25.”

Use Chip to save

“One of the free apps around today that could help students save money without even thinking about it is Chip. Chip works out how much money users could save and can let them know by a simple text message, but it will also go one further and move this money into a separate account, so students are required to do very little to start saving.”

Check your bank balance regularly using a mobile app

“Living away from home means overseeing daily expenses, so checking payments on the go using mobiles or tablets will be very practical. Students don’t have to choose a bank that’s nearby or on campus if they only need online access.”

Stay up-to-date with your credit score

“At some point, students may look to take out a student credit card, or even get a mobile phone contract. There are various agencies to approach to check a credit score first, such as Experian, Equifax and CallCredit. Providers can ask one or more of these agencies for data to assess applicants, so it’s important to check a credit score regularly with multiple brands.”

Review utility bills

“It’s easy to have apathy when it comes to bills, but students should always be on the lookout for ways to save money by switching provider and not take their current offer at face value. It’s also important for students to make sure their fellow housemates understand the monthly costs and the importance of paying bills on time.”

Buy an NUS card

“An NUS card gives students access to many places that offer at least a 10% discount, so they should remember to keep it with them. When eating out, there may be even greater discounts, so students should consider this when searching for a place to eat. The card costs from £12, so it’s not very expensive.”

Apply for a part-time job

“Securing a part-time job can make all the difference for students hoping to build up some spending money. Getting a reference and starting a job will not only help students financially, but also introduce them to new people.”

moneyfacts.co.uk is a financial product price comparison site, launched in 2000, which helps consumers compare thousands of financial products, including credit cards, savings, mortgages and many more. Unlike other comparison sites, there is no commercial influence on the way moneyfacts.co.uk ranks products, showing consumers a true picture of the best products based on the criteria they select. The site also provides informative guides and covers the latest consumer finance news, as well as offering a weekly newsletter.

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