Budgeting basics: how to save money as a student

As a final year LLB (Hons) Law student, I am aware of the tricks and tips to overcome one of the biggest obstacles students face at university – money. Managing money wisely is crucial, especially when dealing with tuition fees, rent, food and everyday expenses. In this blog, I will explore the tricks and tips that got me through my first year and how you can.

Know your income and expenses

The first step to saving money is getting to know your finances. I found it helpful to create a budget sheet. This included things like my income (student loan, and part-time job) and my expenses (rent, travel, food, and spending money). I used Excel to track and manage my money and this allowed me to be realistic about my spending. By visualising where my money goes, I was able to make informed choices, adjust my budget if needed, and avoid unnecessary spending.

Shop smart: knowing where the best deals are

Food is often one of the biggest expenses of a student. However, being a student does come with some perks and more often than not, you can find some kind of student discount. 

I found that preparing meals and creating meal plans were game changers for saving money. When you plan your meals, you're more likely to avoid unnecessary purchases while out food shopping - this makes impulse buying easier to avoid.

You can some amazing deals on apps like ‘Too Good To Go’. This is a great way to be environmentally friendly, as they avoid food waste, and eat some delicious food without causing a huge dent in our pockets.

There are also lots of other food options on campus that can help you stick within your budget.

Travel on a budget

Getting around is expensive, especially with inflation and the cost of living crisis. Over my time at university, I have found some great ways to save money on transport.

The best tips I can give you and the most efficient way to save money is by utilising public transport. Bradford has a large network of buses and trains which makes it really easy to get to neighbouring towns and cities.

For me, a 16-25 Railcard has been invaluable. It allowed me to save a third on train fares! That being said, whenever possible, I do prefer to walk or cycle as this not only saves cost on transport but reduces my carbon footprint and is great for my mental health.

Finding affordable accommodation

Accommodation is probably going to be your biggest expense, so make sure you choose wisely to ensure you can save money.

Before starting University, I did my research on the most efficient way to live on campus and save money. I chose to apply for accommodation on campus rather than live in private housing. This significantly helped me save money as expenses such as utility bills are split.

Part-time jobs and side hustles

Having a part-time job can make a big difference to how much money you have at uni.

During my time at Bradford, I have worked part-time as a Student Ambassador. This has helped me financially as I have benefitted from the extra income and it has made my money saving efforts a little bit easier. Not only that but it looks great on my CV!

There are plenty of other side hustles you could do whilst at uni, such as selling unwanted items online through places like Vinted. The extra income generated from small things like this has really helped to cover some of my expenses and provided a bit of financial support throughout my time at university.

Not sure where to start with budgeting?

We've got your back.

The University offers a money and welfare advice service for students to access impartial information, advice and guidance from an experienced and professional team of Student Life Advisers.