Getting ready for university is an exciting experience, yet it can be financially demanding for many students. In this article, I have gathered practical tips and tricks from my own first-year experience to assist you in saving money before the upcoming academic year.
Invest in a heated blanket
If you’re not living in halls, energy bills over the winter can be challenging. To avoid frequently using heating in your student house, consider purchasing an electric blanket. With an approximate cost of £20, it could help you save money on energy bills while ensuring you stay warm and cosy during the cold months.
Sell things you no longer need
Do you have any old belongings you no longer need? What happened to the things you brought to wear for school or college? Selling what you no longer need will give you some extra pocket money to play with and help take the edge off. Moreover, it’s super therapeutic to clear up additional space in your room!
Read Abigail’s article: How to use Vinted as a student
Figure out your budget
Keeping a budget makes such a difference because you know exactly what you can/can’t afford, meaning you’ll never get caught off guard!
(Your income + Student Loan) minus your outgoings = Monthly Budget
Once you know how much money you have to play with, you can divide this across your weeks, and then you’ll know your spending allowance!
Read Abi’s article: Budgeting Tools
Swap your bank account
Spotted a student bank account offering a bigger interest-free overdraft than your existing one? It may be worth making the switch! Student overdrafts can help relieve some unwanted stress while you’re waiting for your next loan drop. But remember – although it’s great to have a safety buffer, use it sparingly as you could end up in a worse position!
Switch up your food shop
Wherever you can swap out any branded food items for own-brand alternatives. Bulk-buying is also great for saving money. Try doing this with dry food such as pasta, rice, and tinned food. Many fresh food items have frozen alternatives, which are cheaper and last much longer – so if you have freezer space in your accommodation, use it!
Switch your phone provider
You may be able to save money on your mobile network. Compare your current plan to different providers or get in touch with your current supplier to see if they can give you a student discount on your existing package. Some providers offer students enticing sign-up incentives, but don’t let this sway you! Make sure you read their terms carefully!
Student support and advice
Lastly, if you find you are financially struggling, the University of Lincoln’s Student Support and Advice team has specialist advisers available to give professional, specialist, confidential, and impartial advice to all students. The service is free, and the expert advisers have many years of experience in dealing with issues that affect ALL students.
Find out more here: Financial support & money management – Student Services (lincoln.ac.uk)
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