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Whether you’re preparing to start your journey as a student or you’re returning for another year of university life, knowing how to save money as a student in 2022 has never been more important.
It’s no secret that living costs are on the rise, and they don’t show any sign of stopping either. General day-to-day items and services are becoming more and more expensive, and are becoming almost unaffordable for most.
This rise in cost means that being able to save money as a student in 2022 can seem almost impossible. However, being ready to face the newly increased prices with a bank account that isn’t screaming out for help is possible with MoneyBright.
We’ll talk you through how to save money as a student without resorting to credit cards, overdrafts and going without in this article:
Getting off on the right foot is the best way to give yourself a strong start at university. It can take a little extra time, but one of our top recommendations is to budget your student loan.
Now, we’re not suggesting you budget every penny, but having a good idea of where your money is going and how much you need for your outgoings is vital. It can take a bit of time and planning, but it’s worth it. By budgeting your student loan, you’ll be able to spot places where you’re overspending and tweak your budget to suit your lifestyle.
If you’re not sure where to start, why not check out our monthly budget planner? It is easy to use and simple in design so you can personalise it to suit your needs and budget.
Food prices have gone up exponentially for multiple reasons, but saving money on your food shop as a student in 2022 is possible with a few clever hacks. MoneyBright recommends signing up for your local supermarket’s loyalty cards and checking their weekly emails for any coupons or deals.
You can also visit your supermarket for groceries in the evening instead of other times during the day. We’ve found that supermarkets are more likely to stock their reductions sections up later in the day, so you can grab some bargains on fresh food and store cupboard essentials.
Planning meals in advance and creating a shopping list will stop you from overspending and picking up unnecessary additions to your basket.
MoneyBright top tip: Don’t shop when you’re hungry or thirsty! You’re more likely to buy items on an impulse, adding extra pennies and pounds to your food shop bill.
If you enjoy a drink and you plan on getting involved in the nightlife side of university social life, then planning your nights out is the best way to avoid drinking away some serious cash whilst on a night out on the town.
Knowing when you’re going out is the first step to avoiding spending too much money on a night out. You’ll be able to put extra money aside for your night out throughout the week, and make plans for pre-drinks, meaning you can save money as a student in 2022 possible, even if you love a good night out!
Students get a bad rep for living in bad conditions with low-value items and terrible diets, but that isn’t necessarily the case.
Students have access to discounts that are exclusively for them and are a fantastic way to be able to save money as a student in 2022. Taking full advantage of these student discounts is how you can enjoy the luxuries in life without it costing a lot of money.
MoneyBright highly recommends scouring popular discount platforms such as Student Beans and UNiDAYS and bookmarking key discounts that you’re likely to use throughout the year. This will then help guide you in your purchases, as you know where you can save money before you even start shopping.
MoneyBright top tip: Sign up to your favourite brands and businesses’ online shopping platforms to be able to take advantage of any student deals they have!
Beyond discounts, we highly recommend pressing pause before hitting the ‘checkout’ button. Seen a deal that looks like it was made for you? Just spotted a new bit of tech you’d love to get your hands on?
Stop! Wherever it is you’re shopping, there’s a chance there’s a cheaper option elsewhere and you could be losing out on pennies or pounds. So before you complete your purchase, have a quick search online on bargain websites or online marketplaces to double-check that you couldn’t get it cheaper with another store.
Try not to pressure yourself too much with having a job throughout the university, however, if you find it’s becoming more and more difficult to save money as a student, it might be wise to grab a few hours of work each week.
Part-time jobs are a great way to earn a bit of extra income if your bank balance is looking a bit unhealthy. Most university cities and towns have job openings for retail, hospitality or admin work for students. Don’t make it your main focus though – university is supposed to be a fulfilling life and learning experience. Having a good budget, to begin with, may help you to avoid spending too much time at a part-time job.
We all know that the pounds can add up, especially if you’re not paying attention to your spending habits. However, did you know that you can turn your pennies into pounds?
If your bank has a round-up option on your account, you’ll be able to round up your purchases up to the nearest pound, and have those extra pennies saved into a separate section. Over time, these pennies will amount to plenty of savings for you to spoil yourself with. If you’re wondering which banks offer this scheme, you can find it at Monzo, Starling, Lloyds and more.
Academic books have plenty of important information and resources that can help with your studies and elevate your learning. However, not every book is mandatory.
The cost of these books can be extremely high and jeopardise your ability to save as a student in 2022. We recommend waiting for a couple of weeks to figure out which core textbooks you’ll need. From here, you can buy them second-hand from older students or resellers online, or borrow them from the library.
Student bank accounts can be a great way to save money as a student in 2022, with many banks offering perks to draw you in. However, don’t be drawn in too quickly…
Before signing up for the first student bank account that you see, take the time and the effort to learn about the best student bank accounts available to you and compare them to find one that suits your needs. For instance, Santander offers a free 16-25 railcard, whilst HSBC offers £100 cash upon signing up.
We know what we’re talking about! We’ve got plenty of advice and tips for saving as a student in 2022. Whether you’re looking for personal finance tricks, travel tips or saving and investing advice, we’ve got it all here for you.
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