If you would be wealthy, think of saving as getting well.
Ben Franklin.
1. Pay bills by direct debit.
In your second year, it’s likely you’ll be moving into a shared house which means you’ll have to take care of the gas, electricity and water bills. It’s often at least 10% cheaper to pay by direct debit.
Allocate someone to pay the bills and make sure you pay that person when the bills come round every month or quarter.
POTENTIAL SAVING – £50 a year
2. Do not (under any circumstance) get a credit card!
Other student sites on the Internet shouldn’t be recommending credit cards to students. There are too many other options to get money. You have interest free overdrafts, your loan, family, and job options.
Getting yourself into more debt is not the way to go. The only time to even contemplate getting a credit card is after university has finished and you have yourself a full time job.
POTENTIAL SAVING – £100s
3. Make your food last two days longer than it should.
When you buy a weeks worth of shopping try and make it last 10 days. Don’t pig out and just make everything last a bit longer. Go to the local shop and live on toast and beans for the last couple of days if you have to.
POTENTIAL SAVING – £200 a year
4. Change your mindset. Do you need to buy this?
When you go into town and you don’t have a great deal of money. Think, “Do I need this or do I want this?” It’s a tough question to ask but it’s a necessary one to ask to stay out of even more debt.
You should also treat yourself once in a while to say “well done” for all the money saving you have done. Don’t ruin it by buying a 42-inch LCD TV but a new top wouldn’t hurt.
POTENTIAL GAIN – Your happiness
5. Make the most of student discounts
If you do go out spending make sure to take your student card with you. Many high street shops don’t ask for an NUS card, you can just take your campus card. Ask, “Do you do a student discount?” – hopefully they will answer yes.
POTENTIAL SAVING – £250 a year
6. Go out during the week. Not the weekends.
You’ve probably realised that it’s much cheaper to go out between Monday and Thursday when there is student deals all over the place. Stick to this and it’ll cut your costs dramatically.
POTENTIAL SAVING – £500 a year.
7. Use online banking.
Online banking helps you to keep a good track of what is going on with your finances. It also enables you to quickly and easily transfer money to and from your savings accounts so that you can earn more money.
POTENTIAL SAVING – Your sanity plus £50 a year in saved overdraft charges.
8. Make lunch!
If you’re going to be out the house over lunch then take a sandwich with you! Also taking a full bottle of water with you will stop you from having to buy an extortionate £1 bottle of water at uni.
POTENTIAL SAVING – £500 a year
9. Make use of the library.
Before going on Amazon and buying a book, check your local and university library to see if they have it. If you want to keep it longer than a month, that is the time to think about buying it!
POTENTIAL SAVING – £50 per academic year
10. Use cheap forms of entertainment.
Student life isn’t all about getting drunk so here are some ideas for entertainment that won’t cost the earth.
SPORTS… Buy a football, some cheap tennis rackets or a Frisbee and get down the park and go mental on each other. Or you could try: running, cycling, swimming, weights.
BARBEQUES… A student’s perfect day…get the BBQ out and some cheap Asda sausages, ketchup and some rolls. Gordon Ramsay. Done.
THE LOCAL OUTDOORS… It’s a fact that nowhere in the UK is more than about 60 miles to the sea. Get a cheap rail card (railcard.co.uk) and get out there! If it seems too far away then there must be a park nearby. Go for a walk. Take your new friends by the hand and talk about life.
THE CINEMA… As you read this, there should be some 2 for 1 tickets on the voucher section of wealthystudent.co.uk. If not, check back soon!
INDOOR FUN
✓ Twister
✓ Monopoly
✓ Watch a DVD
✓ Poker
✓ Massage each other
✓ Freeview Television
✓ Press ups
✓ Radio 1
✓ Reading
✓ Sex
✓ Visit wealthystudent.co.uk
Bonus tip: Get cheap holidays!
No doubt you’ll want a holiday after a stressful year of work at uni, yes? Well you should be able to afford one. You want to book your holiday in advance if you can so you can spread payments out. Travel agents will require the full amount 12 weeks before you travel.
The cheapest time to go will be anytime in May, June, and early July or after the first week in September. The cheapest European destinations are:
✓ Bulgaria
✓ Croatia
✓ Most Greek Islands
✓ Southern Spain
✓ Newquay
✓ Morocco
✓ Tunisia (not the best place in the world)
You can get cheap breaks to other top European destinations such as Italy, Majorca or Ibiza if you look carefully. Ideally you want to look at a few comparison engines before you book.
Go for cheap holiday insurance. Don’t go for the rip off insurance that a travel agent will charge. Also, if your bank gives you free travel insurance PLEASE check the policy because you’ll probably find it’s not very comprehensive and you’ll need to get a better one.
In terms of what board to go for, it’s cheapest to go self-catering but if you intend to do a lot of drinking and don’t mind spending most of your holiday in the hotel then go for all inclusive.
As an ‘at home’ option, Newquay offers a cheap holiday with good beaches and nightlife. Book your campsite or hostel early to avoid disappointment.
Money is better than poverty, if only for financial reasons.
Woody Allen.