Savings Strategies for Students Preparing For Uni

Advancing your education is an exciting prospect, preparing you for a rewarding career. Each person’s path is unique, but for those heading to uni, addressing financial concerns is an important part of the process.

Although much of your schooling expense is covered by programs designed to help UK students complete degree programs, there are still plenty of costs to consider. Fortunately for students and parents committed to saving money, there are many ways to offset the cost of getting an advanced credential. If you are getting ready to embark on this rewarding journey, or if your child is about to start school, the following money saving measures can help with affordability.

Lighten the Financial Load

It is thought students commonly exit degree programs with more than £50,000 worth of education debt. The staggering burden leads to substantial interest charges over time and interferes with young people’s ability to advance their finances beyond repayment. When they come up short, some turn to various funding sources for no credit check payday loans, while others rely on the “bank of mum and dad” to make ends meet. If you need help easing the tremendous financial burden that comes with college education, save money with these and other student strategies.

Pay Only What You Owe – With so many things to manage preparing for college, it is easy to lose sight of financial details. As a full-time student, you are probably exempt from paying council tax. Make sure you know the law, to avoid overpaying. Your TV license represents another expense that you may be able to shed during school. Only one is required for your household, so you can share the cost with roommates, saving everyone money in the process.

Make the Most of Your Student Status – Students of higher education are entitled to various discounts and special financial accommodations. You are leaving money on the table if you don’t take advantage of these deals during school. Tapping deals from the National Union of Students (NUS), for instance, can bring savings on everything from food to technology. Buying a card gets you immediate savings vouchers, including reduced prices for entertainment and travel. You can also save money on rail fares throughout Great Britain by purchasing the 16-25 railcard, reserved for users between the ages of sixteen and twenty-five.

Make a Spending Plan – When done correctly, budgeting can save you money during school and prevent you from overspending. Start your time at uni on the right foot, establishing a workable spending plan before you experience financial difficulty. Start by measuring your spending needs and setting limits in each category (food, entertainment, books, transportation, etc.). Once you’ve outlined exactly how much you can afford to spend in each area, a disciplined approach keeps you true to your budget, ensuring you don’t spend too much. Manage your cash needs by withdrawing a preset amount during each spending period and making it last until taking out your next instalment. Don’t allow yourself to draw money before it’s time and you’ll always stay within your budget.

Change Your Routine – Most people (including students) are creatures of habit, tending to favor short-term satisfaction over responsible long-term choices. Changing your habits and adopting a frugal mindset during school can help you save money, when it’s most needed. For the best results, target very specific saving opportunities, making incremental progress toward your ultimate goals. With next term’s expenses in mind, for example, challenge yourself to cut take away meals or other discretionary buys in order to begin setting aside savings during the current term.

Give Yourself a Break – Frugal living requires sacrifices, which can leave you feeling as though you’re missing out on life’s pleasures. Periodically rewarding yourself helps keep the feeling at bay and reinforces your motivation to continue saving. If you like a morning Macchiato, for example, indulge yourself once a week and save the money every other day.

The cost of higher education presents a unique financial challenge for uni students and their parents. Even with the help of programs designed to make school more affordable, you may need these and other savings strategies to get through a three-year program without a mountain of debt.

Paul graduated in 2001 with a degree in Finance. Since then he has gone on to work for several of the UK's most well-known financial institutions.

An avid blogger and a huge football fan, Paul is here to guide you through the ins and outs of personal finance and perhaps save you some money in the process!

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