Staying within a budget can be one of the most difficult things about studying in the UK. With high living costs and often expensively priced student accommodations, many first-time student movers and international students slip up when it comes to controlling their budgets. So, if you are looking for an effective money saving plan for students, read through the 10 ways to save money as a student listed below.
10 Practical Ways for Students to Save More Money
Student life in the UK is great but paying the rent, purchasing university supplies, managing project expenses, commuting between your home and uni, putting food on the table, and maintaining a healthy social life can make monthly budgeting hard. Moreover, the multiple household bills awaiting you at the end of each month can be very stressful, especially when it comes to splitting finances between housemates.Many students save a little out of their pocket money each week thinking that is the only way to save money – but with a limited approach, end up saving only a few bucks. Thus, realising the importance of creating a money saving plan for students at the right time can help you live a happy and comfortable student life.Though money saving is an art that requires consistency and some adjustments in your lifestyle, it is certainly doable. Hence, if you want to save money on student housing, here are 10 ways to save money as a student:
1. Choose a Cost-Effective Rental Apartment
First off, it is very important to find an apartment that perfectly fits your budget and aligns with your basic requirements. Many students end up choosing expensive apartments just because they feel they can’t manage anything beyond luxury and usually misinterpret their utility and grocery bills until they actually have to pay for them.Once they realise they are paying way too much for the rent, it is already late to make any changes. So, choosing a cost-effective rental apartment is sure to make things work for you with a limited monthly budget.
2. Rent with a group of friends in a house-share
Even if you manage to find a good deal for your rental apartment, there is nothing more pocket-friendly than renting a shared house with your group of friends. What could be better than splitting your already cost-effective monthly rent and enjoying a relaxed life with people you are happy to be with? Flatmates not only share the rent but also the household chores (and bills) which makes life easier.
3. Choose a Bundled Bill Plan
Living alone is not only about paying rent but managing a long list of other expenses. However, paying for everything separately is not only hasslesome but also comes with multiple taxes. Hence, one of the easiest ways to save money on student housing is to sign up for a shared bill plan including your utilities, Wi-Fi, and water supply.
4. Split the house bills between housemates
Of course, when you share your student accommodation, you can easily divide all the other monthly bills too but running after your flatmates to pay back every little expense can be tiresome. Moreover, if one of the roommates is not too good with their payments, constant follow-ups can waste a lot of time, lose you money and make renting together horrendous. It is a great way to save money as an international student.Thus, it is a smart idea to sign up for a bill-splitting service to avoid financial conflicts and save time by not nagging your roomies all the time. Resooma is one of the leading bill splitters that bundles all your bills, automatically splits the total amount amongst your housemates, and reminds them about their share without disturbing those who pay on time.
5. Share subscriptions with your housemates
Who said you could only share the house rent and utility bills? With housemates, you can choose to share even the simplest things such as your Netflix, Amazon Prime, Spotify, and YouTube TV subscription.
6. Switch your energy to the best available package
Changing your current energy supplier in exchange for a better deal can help save on average £270 a year – a hefty sum. It is better to switch to green energy to be environmentally more responsible and make big savings. Compare energy tariffs and find the best deal. Also, try to avoid using your electrical appliances at peak hours and use them more wisely.
7. Furnish the House Yourself
Another easy way to save money as a student is to look for a partly furnished or unfurnished apartment to pay a much lower rent as compared to highly furnished homes. Moreover, furnishing yourself ensures everything is customised, up to the mark as per your taste, and gives you a great sense of belonging to your new space.
8. Choose the smaller room, in exchange for lower rent
Some partly furnished apartments can also be expensive because of the large space. Hence, downsizing your room not only helps you save money on your house rent but also means a smaller set of responsibilities to furnish and clean.
9. Use Your Student ID and try and negotiate a deal
Although not guaranteed, your student ID can come in handy while negotiating for a lower rent while finding your ideal apartment. Even if your landlord doesn’t give an additional student discount on the rent, you can save money on restaurant bills, groceries, etc., and get exempted from paying the council tax as a student.
10. Look at the other side of your budget
Although all the tips shared above are very helpful in saving money, they can mean differently for everyone as per their budget constraints, personal preferences, locations, etc. Understand how choosing your apartment can affect your other expenses such as your travel bills.Is there a point in choosing a lower rent apartment in the countryside if you end up paying almost the double amount of money that you saved on your travel bills? Of course, not. Similarly, some bills are reduced if you can manage to pay an upfront fee. So, don’t forget to consider the other expenses too.
Wrapping Up
Students already have a lot on their plate – from keeping up their unabating school work to paying for a comfortable living. Tight pockets further put them in the pitfalls of anxiety and overthinking. If you are also in the same boat, we hope we helped you understand how you can save money on student housing by following some of these effective tips. Remember – if you aim to cut out unnecessary spending and negotiate on almost everything, you can save some more money.