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Money saving tips for students

Completed your UCAS application, finished all your A-level exams and finally secured a place at university? The prospect of moving to a new city, making new friends and accepting new challenges can be daunting. But one of the main questions is how are you going to fund your lifestyle? Of course, student loans are available that cover the cost of accommodation, but depending on your loan value, some may struggle even to cover the costs of this expense, meaning students have to look for other ways to earn a living. Here are some top tips in order to make your money last longer.


Devising a budget ought to be your first step if you really want help making your money go further. After your student loan is paid into your bank account in three instalments at the start of each term, your bank will look extremely healthy. It is essential not to blow all your cash in freshers’ week, or as soon as you have received your funds. Making your money last is key in ensuring you are never strapped for cash, so make sure you spend it wisely.

Write down how much money you are expecting to receive, then from this work out how much of that you need to use on essentials in order to get by and how much left over you have to use at your leisure.

Once you have worked out exactly what is coming in and what is going out, deduct your outgoings from your incoming funds and divide by the number of weeks you study, then times this by four. The figure you end up with is the total amount you have to live off each month. Spending more than this can leave you running extremely short as the academic year goes on.

Overdraft Facility

While the general practice of managing your money will steer you well away from an overdraft facility, as a student, it is a good idea to get a student bank account whereby an overdraft is available. Unlike other bank accounts, the ones specifically geared towards students offer an interest-free overdraft.

Deciding upon a student bank account can be tricky as there are so many available on the market that all have their own perks and downfalls. Aim to get the biggest and longest 0% overdraft you can, meaning you can spend more than what you’ve got available without being penalised or affecting your credit score. Debt is never recommended, however, in a student bank account, an overdraft facility works well as a buffer just in case of an emergency.

Part Time Employment

More so over recent years, many students have turned to finding part-time employment due to their maintenance loan failing to cover the costs of living with a survey conducted by Endsleigh indicating that eight out of ten students are now working part-time to help fund their studies. Having a part-time job while at university can have a positive impact on your life and let you cover the cost of living more comfortably.

Part-time employment can also help you budget more efficiently as usually when you earn your own hard-earned money, it can often make parting with your money a lot more painful. As well as viewing part-time jobs as a way to make money, it can also be seen as an avenue into your long-term career.

Using a part-time job to gain an introduction into your ideal future career can help you stand out from the rest and be the foot in the door that you need. Gaining experience, beginning to network and forming professional relationships can stand you in good stead to build a successful career of your choice.


Investing may be out of reach for many, but while you are a student, your younger years are amongst some of the best to start investing. Micro investing is a route familiar to some students already. With help from apps like MoneyBox, they make investing in stocks and shares easier than ever before. While this seems like an easy, hassle-free option with a relatively small risk, it isn’t always going to produce high returns.

Those looking to maximise their income and reach financial freedom should look at investment methods that involve larger sums of money, only if you are in the position to of course. Buy to let investment within UK cities is one of the best ways to increase your income rather significantly. If you decide to consider property investment, then be sure to choose a reputable company like RW Invest to ensure you have help from a trusted company who can advise you along the process.