Spend Less, Save More
The words “impoverished” and “student” don’t always have to go together, despite what you may have heard (or experienced so far in your student life). Even making small savings every day can leave you with a surprising amount of cash in your pocket at the end of the week. Just take a look at the accompanying infographic to get a few ideas of where you can cut back.
Food shopping
We all have to eat, but with a bit of careful planning you can maximise the value of your trip to the supermarket: look out for money-saving coupons (there are plenty of sites worth browsing), freeze any fresh produce you don’t eat straight away and make good use of your leftovers.
Here’s another handy tip: don’t go to the supermarket hungry. Research shows that this can increase food bills by up to 15%. You can adjust your shopping habits as the year progresses too, finding cheaper prices on the fruit and vegetables that are currently in season.
Audit yourself
Reviewing your spending habits can be a chore, but it’s worth the effort: you can identify direct debits you no longer need, spot unnecessary spending patterns and make yourself aware of unexpected outgoings (like interest repayments or an overdraft charge).
Making a weekly or monthly budget and sticking to it can make a big difference, and if you have a better handle on your incomings and outgoings, then you can make better decisions. It may be worth looking into getting a quick cash injection with a quick loan from a responsible lender like MYJAR[hs1] , if it avoids bank charges or higher interest payments. But this should only be used as an occasional emergency measure after you’ve weighed up other options.
Student houses
There’s plenty you and your house mates can do at home too. Putting a wash on at 30 degrees rather than 40 saves 40% of the energy, while studies show that installing a room thermostat and a hot water tank thermostat can save a significant amount every year – at least enough for a few rounds on a Friday.
Reducing money worries not only gives you more in the bank, it gives you more time to worry about what’s really important: getting the best degree you can. See how many of these saving tips from MYJAR you can work into your routine.
