We need money for everything these days, whether it is to buy groceries in the weekly shop or to get that new outfit that’s been on your mind for weeks. However, as important as cash is to daily life sometimes there just isn’t enough of it to fit your needs. This is especially true for students as the money gained from student loans and part-time jobs can only stretch so far, so any money saved could make a difference. This article hopes to show a few practical ways to save money, which might just make student living easier should you try any of them.
Buying ‘Own Brand’ from Supermarkets
Shops like Tesco usually sell a variety of brands, including both the high-end brands like Nestle that people enjoy as well as value items that get ignored by some people. However, these own-brand items might deserve a little more recognition than first anticipated. For example, the main benefit of buying own-brand groceries is the price difference. Just a simple search on the Tesco website shows that while branded cereals cost anywhere between £1.40 and £2.50, Tesco’s own brand cereals cost only £1 which is a considerable difference. On top of this, most foods are the same, whether high-end or not, meaning the only difference is the benefit to your wallet!
Comparing between Supermarkets
Another aspect of supermarkets is that, due to being competitive for customers, some stores may have lower prices than others. This makes it the perfect opportunity to grab what you need for a lower cost, just by looking in other places! There are even apps you can use to compare prices for groceries, such as LatestDeals, which help you to identify the best bargains; all you have to do is search and browse what prices are available! Another more common option is to check on the supermarket website, but either way, you are sure to find price differences that will matter when practically saving money.
Living at Home
This one may seem obvious, but for students, the best way to save some money is to just live at home instead of living in accommodation. This is due to accommodation being quite costly, being just over £110 per week most of the time. That comes to almost £500 a month, and that’s only the cheaper variety! Living at home also has other benefits, such as not having to pay for other bills that may come in, such as water, and any costs when it comes to food are most likely shared at least. The only downside to living at home is the travel, but the majority of bus tickets for a year only cost as much as a fortnight living in accommodation, meaning that even if you travelled to campus every day it would hurt your bank account a lot less.
Setting up a Budget
Something else you could consider doing is setting up a budget. This could be anything from making a quick note of what you’re spending each month in a notebook, or even as much as recording the money your earning and losing through a spreadsheet if you want to put in the effort. Either way, this is a great thing to consider doing as it brings your spending habits to the front of your mind and helps you to be more responsible with any money you earn. There are also apps available to help you with budgeting, as shown in an article by NerdWallet, so there’s always support available should you want to try this.
Cooking More at Home
The weekend takeaways, or just ordering one because you don’t feel like cooking. We’ve all been there. But all these take out meals and trips to fast food places like Burger King ‘once in a while’ are all going to add up. In fact, an article by Fresh Student Living shows that the average student in the UK spends up to £925 per year on takeaways! When it comes to affording other essentials, this sum of money will take away from what should be a priority which could leave you in a bit of trouble later on. So, why not make more home-cooked meals? The chances are that it’s better for you and is likely to cost you less, so it’s worth giving a try.
That is all for now on practical ways of saving money, but hopefully, one of these will have caught your eye enough to make a difference. Good luck with saving money!