Heading to University? Follow our money saving tips for students and save money

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So you just passed your A-levels and now heading to University? This simple easy to follow money saving tips for students will save you quite bit of money every year. Saving money isn’t very difficult if you know how to and remind yourself that you are a student and you need to save money during your student life at University.

Student bank accounts

Probably the most essential thing to do while you start university is having a student bank account.

Most of the banks will attempt to lure students by giving big rewards, for example complimentary rail cards and cashback for starting a student account. Simply because when you finally open an account with them it less likely you are going to move to another bank, except if you are genuinely not satisfied with their services, therefore the bank can have you as a customer for a lifetime and of course they will be able to have your money on their kitty.

Whatever incentives they offer you, don’t forget to get interest free overdraft. But be careful about this, although at the beginning it seems that this is your money but you have to give back the money at a certain time. Stay away from the bank accounts which give you free this and that and charge a monthly fee. Most of the banks will be more than happy to have you for free as well as offer you all of the incentives come with a student account.

Insurance

Although most of the so called “money saving experts” will advise you to get cheap(?) insurance for your laptops, mobile phones etc, but if you check the background of those “experts”, somehow you find them they are related with those “cheap insurance” companies. Either they get an incentive for recommending them or they are registered with them as an affiliate (for giving them a new customer they will get commission).

In our opinion- simply forget about insurance. Be vigilant about your possessions. If you have an insurance – you will less likely to be careful with your stuff. So cut the insurance expense, be savvy student by being cautios about your stuff. You will see how much money you are saving at the end of the year. But if you are “forgetful” type and don’t mind to fork out some extra expense to be in the safe side, then go for it. But do shop around – compare them with each other. Check your bank if your student account comes with insurances.

Bills

Council tax

Students don’t need to pay council tax when residing in student halls, or if all of the tenants in a rented property are students. If it is a mixed hose share, the tenant who is a student may not be required to pay the tax. Contact with the local council and ask for more information about this.

Water, gas and electric

The best house share is where landlord includes the bills and the council tax. Firstly try to negotiate with the landlord about the bills and pay a fixed monthly bill to the landlord, who will pay the rent on behalf of you. If not – then compare the providers, if required switch them to a new one. Landlord should be happy with this as long as you can prove, it will save you money as well as save him money in the long run. Stay away from those “pay as you go” electric keys. They are more expensive than the post pay electricity.

Broadband, TV and Phone

First of all you should really consider how much time you are likely to be in the accommodation. In case you are not staying there for a year, then there is no reason subscribing to a yearly contract.

Negotiate with the landlord about these services. Most of the landlords should be understandable about student finances. You never know the landlord may agree to include those bills on your rent too.

If the landlord don’t agree with this, and it becomes your responsibility to pay those bills, try to go for a bundle. Where all of those three comes together and look out for promotional offers. But stay away from those door to door sales people. They maybe very good at selling and talking, but at the end of the day you have to pay the bills and deal with the companies.

money saving tips for studentsBudgeting

Aiming a low cost budget to suit your needs is the main element to save money. For weekly and monthly shopping use big supermarkets and lookout for offers.

Avoid buying big brand items, buy the supermarket brands. Trust us – they taste more or less the same! Also you will be surprised to find out that sometimes your local corner shops offer milk and eggs cheaper than the supermarkets. Be nosy, find out where you can find products cheaper than other places.

Here are few more tips which will save you money during your student time at university.

Have an NUS card – This should get you special discounts in excess of 100 stores, like TopShop and Amazon, and based on the NUS it helps you save as much as £500 annually by utilising it. Discount rates start from 10 %, therefore this is the card which is certainly worth owning. It charges £11 annually, but worthwhile to make the savings.

Discounts and vouchers – keep an eye on your student union office or website, sign up with their newsletter. You will be surprised seeing how many companies offer discounts and voucher codes. But don’t start buying stuff you really don’t need just because of the offers. Restrain yourself from the unnecessary shopping.

Young person’s railcard – This provides you 33% rail journey all over the UK. It charges £28 annually, or £65 for 3 years. But only get this if you need to use train a lot. There are few other options which is cheaper than railway. There are few no frill bus services around the UK. Try to use them. Sometimes they offer intercity journeys for £1. Don’t expect any luxury from them.

Buy and sell your used books and other stuff online – Those big books are quite expensive and sometimes they can strain your budget heavily. Once you finish your course don’t keep the books to remind your last semester memories. Sell them online on a site like Bonsoni.com. Also you can search for used and second hand books on Bosnoni.com. Not only books – sell your old mobile phones, clothes, jeans, whatever you don’t require anymore. Also on the similar note, you can search for cheap stuff on site like Bonsoni and find some bargains.

This blog is brought to you by Bonsoni.com, an online marketplace and classified ads site for buying and selling items, properties, finding a flat share, jobs, local services, free to collect items and many other categories. Our aim is to provide a simple, safe, friendly but nimble platform for people to connect with each other, and trade goods and services.  

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1 Comment on this article. Feel free to join this conversation.

  1. Dougle November 6, 2011 at 12:44 am - Reply

    Thanks for excellent info on money saving tips, I am guessing by following this tips I will be able to save money by selling by unused stuff online on classified ads sites as you mentioned! I used to be in search of this info for my mission. I'm no longer positive the place you're getting your information, however great topic.

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