8 Money Saving Tips For Students

24th January 2024 Ellen Conning Featured, Finance

Thriving as a student in London, the vibrant heart of the UK is an exciting time. One common mistake people make, however, is paying a bit too much out in the first few weeks and months. Don’t worry though –  with a bit of savvy and a dash of creativity, you can master the art of saving without missing out on the fun. From embracing public transportation to opting for all bills included student accommodation, there’s a lot you can do to free up your finances and save during your time at uni.

1. Find Free Entertainment

London offers a treasure trove of free entertainment. From museums like the British Museum to galleries like Tate Modern, culture is at your doorstep. Parks like Hyde Park and Hampstead Heath provide the perfect backdrop for picnics and leisurely strolls. Keep an eye out for free gigs, comedy shows, and student nights at local bars.

Plus, the city is bustling with street performers, markets, and festivals that won’t cost you a dime. Embrace these opportunities, and you’ll realise that London’s cultural riches need not strain your wallet. VisitLondon has some great resources for all things free, so give them a look.

2. Travel Smart with Oyster And Contactless

Navigating the sprawling metropolis of London can be intimidating, but it doesn’t have to be costly. Oyster cards and contactless payments are your golden tickets to affordable and hassle-free travel. These options offer significant discounts compared to paper tickets, especially if you use public transport frequently.

Whether you’re hopping on a bus, boarding the Tube, or taking a leisurely ride on the Thames Clipper, these smart payment methods ensure you’re not overspending on your commute.

3. Use Your Student Discounts

One of the perks of student life in London is access to an array of discounts. Your student ID is more than just a mark of where you’re studying – it can score you deals on everything from cinema tickets to dining out. Many museums and attractions offer reduced rates for students, so take full advantage of this.

Don’t forget about student travel cards either – They can help you save on daily commuting costs. Keep your eyes peeled for student-specific offers, and you’ll find that your budget stretches further than you think.

4. Take Advantage of Freebies

London is a city of surprises, and you’ll be amazed by the number of freebies waiting to be discovered. Keep an eye out for promotional events and product launches that often offer free samples or giveaways. Additionally, many restaurants and cafes offer complimentary Wi-Fi, so you can save on your data charges while enjoying a meal.

Explore the city’s libraries for free access to books, magazines, and even digital resources – Save The Student has a great hub all about free things for students to take advantage of. These little freebies can add up to significant savings over time. Plus, all urbanest locations include events and freebies from time to time that can make a difference in your budget plans.

A student sits at a cafe with a pen in hand, two notepads, a coffee and a phone, ready to work on a wooden desk.

5. Shop Smart for A Student Bank Account

Choosing the right student bank account is a crucial money-saving move for students. Look for a student account that offers perks like an interest-free overdraft and cashback rewards. Compare the deals available from different banks and choose the one that aligns best with your financial needs. An overdraft can be a valuable safety net, but it’s essential to manage it responsibly to avoid falling into debt.

6. Learn Your Way Around a Kitchen

Eating out in London can be tempting, but it’s also a fast track to emptying your wallet. Learning to cook a few simple and budget-friendly meals can save you a substantial amount, and free up cash for those special meal experiences that are worth spending on.

Stock up on affordable staples like pasta, rice, and canned goods, and experiment with recipes that stretch your ingredients. Cooking with friends can also be a fun and cost-effective way to enjoy delicious meals together without breaking the bank.

It’s not just about cooking when it comes to sharing a kitchen, though. Knowing how to be courteous to your flatmates, cleaning up after meals, and even agreeing on shared expenses for things like milk and bread can help set up good habits for life.

7. Budget for What You Need and Really Want

Creating a budget is your secret weapon against overspending. Take the time to assess your monthly income and expenses, and allocate funds for essentials like rent, mobile phone bills, and food shopping. Be realistic about what you need versus what you want; sometimes, it’s worth splurging on experiences that truly matter to you.

Setting aside a portion of your budget for entertainment and socialising is crucial for a well-rounded student life, but it’s equally important to save for unexpected expenses and emergencies.

8. Plan Out Your Nights

London’s nightlife is legendary, but it can also be a major drain on your finances. To strike a balance between having fun and saving money, plan your nights out wisely. Look for venues that offer student discounts or happy hour specials. Pre-drinking with friends before hitting the town can significantly cut down on your bar tab (but make sure not to go too wild with it).

Explore events like open mic nights, quiz evenings, or themed parties, which often offer affordable or free entry. Remember, the key is to enjoy the city’s vibrant nightlife without waking up to a hefty bill the next day.

As a student in London, financial savviness is your best friend. By making informed choices, embracing student discounts, and exploring the city’s wealth of free entertainment, you can enjoy everything London has to offer while keeping your budget in check. Remember, it’s not about depriving yourself of experiences; it’s about finding clever ways to make the most of your time in this dynamic and captivating city without breaking the bank.

Ellen Conning

Ellen Conning

For more great posts from Urbanest about accommodation, London life, study tips and much more, visit the Student Journal.