I’m a budget expert – 10 ways for students to save cash and get freebies
NEW stats show one in four students may struggle to finish their degrees due to the cost of living crisis.
Research, from The Sutton Trust, revealed uni-goers across Scotland and the rest of the UK are skipping meals and avoiding buying essential study supplies in order to make ends meet.
And experts fear this could have a long-term impact on the country in years to come.
Sarah Connelly, a personal finance expert at lenders Cashfloat, said: “The cost of living crisis could lead to a lower graduation rate, meaning fewer students will be entering the workforce with a degree and lack of qualified workers in certain fields.”
And she feels more support should be offered to students struggling to cope with money worries.
Sarah added: “Schools, colleges and universities could and should be providing additional resources to help students cope with the financial stress during these incredibly tough times.”
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We spoke to the experts at money website Save The Student for their top 10 tips for getting the best out of a uni budget.
1. BUY PAST ‘BEST BEFORE’ DATES
Unlike ‘use by’ dates, ‘best before’ dates are solely recommendations about food quality, not safety.
The Approved Food website can help you cash in on this. They legally sell groceries close to (or past) their best before dates that are still safe to consume. It’s one of the best ways to save money.
2. FOOD SHOP IN THE EVENING
After about 6pm most supermarkets start heavily reducing prices on items they need to shift by the end of the day.
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You should still make a list but, if you’re flexible, you could bag fresh produce that’s still fine to eat. However, don’t shop on an empty stomach. Otherwise, you’ll end up buying food on impulse.
3. WORK OUT WHAT YOU CAN AFFORD
It’s probably no surprise that rent takes the biggest chunk out of the student budget. Last year rent dropped to £418, a £3 decrease from 2021, but the long-term trend is still one of growth.
Try using Save The Student’s rent calculator to see exactly how much you can afford here savethestudent.org/rent-calculator
4. HAGGLE ON YOUR RENT
You’ve got nothing to lose by asking for a rent reduction. If you can show you’ve been a good tenant, the odds are in your favour. It’s usually cheaper and less hassle for your landlord if you stay on.
Other tactics include paying in advance or asking for a shorter contract to account for the summer holidays.
5. SKIM YOUR CASH
When you experience the thrill of money hitting your account – be it your student loan, birthday cash, wages or anything else – skim 10 per cent off the top and whack it in a savings account.
If you can manage just £20 a month you’ll be £240 better off at the end of the year.
6. DODGE YOUR TV LICENCE
Save The Student discovered there are circumstances in which students don’t have to pay for a TV licence.
If your main residence is your parents’ home, when you’re not at uni, you are covered by their licence if you watch telly on a battery-powered device - as long as it’s not plugged into the mains.
7. DON’T PAY FOR SOFTWARE
From writing to image editing, there’s always a free alternative out there. Some of them are even good enough to pass for pro products that would otherwise cost £70 and up.
Libre Office does everything Microsoft Office can, GIMP gives Photoshop a run for its money, while Google Drive and Dropbox offer free cloud storage.
8. GET PAID TO PARTY
There are tons of gigs out there for mystery shopping, and socialising, some better paid than others.
Serve Legal pays you for your time, travel and booze. Keep in mind you’ll have to be aged 18 or above. There’s no guarantee how much work you’ll get, but students have reported earning £50 a trip.
9. GO TO A MOVIE FOR FREE
As a student, you want to socialise with pals but it’s not always cheap. However, there are ways to catch a movie at the cinema for free.
Sign up for sites like Free Movies UK and E4 Big Screen Previews - these sites offer film-goers the chance to see a flick without spending a penny.
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10. GET THE BEST OUT OF DISCOUNTS
It’s free to sign up for TOTUM Digital, which gives you access to their online student discount, which includes 50 per cent off Spotify, an Amazon Prime six month trial and 25 per cent off Prettylittlething.
There’s also deals on food, like 25 per cent off in Las Iguanas and offers on Hello Fresh and Gousto.
