Kia Commodore is the founder of the highly successful ‘Pennies to Pounds’ platform which empowers young people through financial education. Kia is the author of How to Handle Money the personal finance guide for children aged 11+
Managing finances can feel like an impossible task when you're a student. With tuition fees, living expenses, and social activities all requiring financial attention, it’s easy to see why budgeting becomes a necessity rather than an option.
This blog post is designed to help you tackle these challenges head-on and feel like a pro at money management.
- Maximise Student Perks and Discounts
One of the biggest perks of being a student is the growing discounts and deals available. Retailers, restaurants, and even travel services offer exclusive student discounts, helping you save significant money. Always carry your student ID, as you could be in to save a discount on your next purchase.
You can also sign up for discount cards like UNiDAYS, Student Beans, and TOTUM. These platforms provide thousands of deals on clothing, tech, food, and more. It’s free to sign up; just make sure that you have your university email address to hand, and then you can get started saving on your purchases. Many local businesses offer discounts to students that aren’t always advertised, so it's worth asking.
- Plan Meals and Food Shopping in Advance
Food is a significant part of any student's budget, but with a bit of planning, it's also an area where savings can be made. Meal planning helps prevent impulse purchases and allows you to maintain healthy and nutritious eating habits. By preparing meals in advance, you can avoid the temptation of costly takeaways and ready meals.
Creating a shopping list before heading to the supermarket can keep spending in check. Buying in bulk and choosing store-brand products over branded ones can also lead to build-up savings. One of my favourite money-saving tips is to cook meals in batches and freeze portions for later. This saves you time and money in the long run and helps reduce food waste. Additionally, use apps like “Too Good To Go” that offer leftover restaurant meals at heavily discounted prices.
- Use Budgeting Apps
Apps like Yolt, Monzo, or Emma help you track your spending, set savings goals, and ensure you live within your means. These tools provide insights into spending habits, helping identify areas where cuts can be made.
Students can stay informed about their financial status by receiving regular updates and notifications. Budgeting apps make visualising where money goes each month easier, making adjustments more straightforward.
- Utilise University Facilities
Universities offer a variety of free facilities that can replace paid services—gym memberships, access to study spaces, and tech equipment are often available at no cost. Instead of spending monthly on memberships, see what you can benefit from at your university.
You can also join student societies or clubs that host free or discounted social events, which can help reduce entertainment costs. Not only does this save you money, but it also enables you to connect with other students who share your interests, improving your social life without straining your budget.
- Use Free Software and Online Study Tools
Paying for expensive software can quickly eat into your student budget. Fortunately, many universities provide free or discounted access to essential programs like Microsoft Office, Adobe Creative Suite, and more. There are also free alternatives like Google Docs for word processing and cloud storage.
Additionally, digital study tools like Evernote, Google Scholar, and Grammarly can help streamline your study process and improve productivity without the cost of pricey subscriptions. Explore your university's resources—they often provide more than you think!
- Use Cashback Apps and Browser Extensions
Using cashback apps and browser extensions is a great way to save on purchases you’re already making. Install extensions like Honey or TopCashback on your Chrome browser, which automatically apply discounts when shopping online. You can earn cashback on everything from food shopping to tech purchases without changing your habits.
Small savings add up faster than you think, especially on larger purchases like electronics or travel bookings.
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