Tuesday 28 May 2024

Tips To Improve Your Finances While Studying

Are you studying for a degree, and finding it hard to have enough money? Studying alongside supporting yourself can be extremely difficult, especially in 2023. However, there are many ways in which you can subtly change your lifestyle and manage your finances better. Supplementing your income via these methods can really help you have enough money so you’re not worrying while studying. Here are all the best tips to help you improve your finances while studying. 


Take Advantage Of Student Discounts

Student discounts are one of the best ways you can cut corners and save money while studying. If you’re in the UK, many stores offer substantial discounts to students, meaning you can save money that way. The UNIdays app can help you find which businesses are offering discounts. However, other countries also offer discounts in different businesses for students as well. For example, tech giants Apple, Microsoft and Adobe are world renowned for their student offers. Being clever about your student discount can save you a lot of money. 


Opt For Shared Living 

One of the best ways you can cut down costs during university is to live with other students instead of having your own living space. Although shared housing can be difficult to manage at times, if you find good roommates, negotiating things like chores shouldn’t be too difficult. Shared living can save you a lot of money, particularly when it comes to rent, bills, and shared living items. Splitting the cost of furniture, and selling it when you graduate, can also save you a big chunk of your money whilst you are studying for your degree. 


Buy Resources Second-Hand

One of the best ways you can save money is to buy things second-hand. You don’t need to buy all new things to get your use out of them. For example, a lot of furniture can be bought second-hand, and the things that can’t can be bought cheaply using shops such as IKEA. Your textbooks can also be bought second hand, and after you’ve graduated, you can sell them on again to students who are in a similar position that you were. Some online textbooks are free, allowing you to e-learn without spending money. Thrifted clothes are also incredibly popular at the minute, and you can find very stylish items without spending a lot of money. 


Look After Your Things

Taking care of your things is one of the most important parts of keeping your outgoing costs down. For example, fixing things instead of buying a new one is a great way you can save money. Replacing a new phone screen instead of buying a new phone can save you hundreds. Paying for antivirus software on your laptop can protect you from having to buy a whole new laptop. Small things like patching up furniture and sewing small holes in your clothes is one of the best things you can do to save money. Being resourceful and looking after your things can be so beneficial to your finances. 


Get A Side Hustle

When you’re studying as well as working, it can be difficult to make enough money to support yourself, especially when it comes to finding enough hours. However, having a side hustle on top of your studies can be a great way to find money on your own timescale. For example, you could do freelance content writing, podcast editing, or other digital work around your studies. This will allow you to create your own timetable. You could also sell your study notes to other students, which could be a great way to get quick money. However, double check that this is okay at your institution. 


Learn To Budget

Sticking to a budget is one of the most important parts of having healthy finances. There are many things you can get to help you stick to a budget, for example, budgeting apps which connect to your bank account. They automatically budget for you, and make sure you are spending in a good way. However, you can make a budget without these apps, on a piece of paper. Some people withdraw their budget money and keep it in envelopes so they can see what they are physically spending. 


Embrace Minimalism

One of the best ways to keep your costs down is to embrace minimalism. Restructuring your mindset so you don’t need constant new things and can be happy with what you have can work miracles when it comes to your spending habits. Only buying essentials and a few luxuries can save you so much money, and can make you happier, as you’re not spending money on things you will end up throwing away. Reconsidering your relationship with consumerism can allow you to save so much money, and allow you to have a better savings fund for when you graduate. 


Reduce Your Expenses 

Being conscious about your spending can really help you reassess what you actually need. For example, paying close attention to your utility bills can demonstrate where you are wasting your money. Turning down your thermostat and turning your plugs off standby when you go out can save you a lot of money. Furthermore, shopping around so you get the best rates can be really beneficial for your wallet. Reducing expenses on non-essential things such as subscription services (such as Netflix) could mean you save money in the long run. Being careful about your outgoings is a great way to save your money. 


Eat Right

Eating is one of the most important factors when it comes to saving money. Everyone needs to eat well, and it can be hard to do that on a budget. However, there are ways you can change your eating habits in order to save money. Bulk cooking healthy meals and freezing them can allow you to have meals that won’t go off for a while. Meal planning and eating out less can all be ways in which you can save a lot of money. Top Tip: Don’t go food shopping hungry- you’ll buy things you don’t need!


Manage Your Debts 

Getting your debts under control is important when you’re improving your finances. If you’ve accumulated debt while studying, it’s a good idea to have a plan to get rid of your debt as soon as possible. Starting a fund to get rid of your debt is a great way to protect your finances. However, if your debts are unmanageable, you should look into getting IVA advice. This could help you pay off your debts and break them down into a manageable, smaller payment plan. Managing your debts is an important part of having healthy finances while you’re studying. 

There are many ways in which you can improve your financial standing whilst studying for your degree. Start doing some of these top tips today, and see how much money you can save!