Whether you get a large student loan or a smaller loan, money from family, or you are working part-time to fund your studies, saving money where you can, will be essential to preventing becoming broke at university. I have compiled some well know tips and suggestions for you, freshers and returners staying at our Leicester student accommodation.

Set budgets

Before you start university, make sure you have a budget planned out. Most students use excel to do this. You need to account for food, nights out, travel, and other expenses. There are many spreadsheets templates online that are free to download or copy. If you decide to get a job while studying, budgeting your wages will also be useful, as the money flow coming in is constant, and may vary week to week. Use percentages when budgeting wages, rather than set amounts as your hours may change each week, and you may not be working over holidays.

All-inclusive accommodation

A key way to saving some money is to get all-inclusive accommodation like at student beehive. You will save money on gym membership, and you will be more inclined to go as it’s nearby and you can fit in workouts in the small gaps you have in the day. Gym memberships can cost £150 from the university and even more if using Pure Gym or other private gyms. It’s also a safe place to work out at night if you are the type of person who prefers to hit the gym before bed. 

Pre drinks

A part of the Leicester university culture that you may want to indulge in is nights out and drinking. However, these drinks can get very expensive, and you can save a lot of money by choosing to drink with friends at home before going to the club. A dink on a night out can cost as much as £10 for a double vodka and coke, buy a bottle of vodka for £10 and a mixer for £2 and have up to 10 drinks before u go, or have fewer and save the vodka for your next night out. The common rooms at the student beehive are a great place to hold pres, with pool tables, TVs, and games consoles.

Check for student deals

Several entertainments, salons, and food places offer student discounts. Some of these places only offer student discounts on certain days or certain times of the day, so make sure to keep an eye out for what times and days offer these discounts, you could save up to 50% on meals and cinema tickets, however, I find most discounts are 10-25%.

Meal prep

Food in shops doesn’t come in single potions, you will find even a can of beans can be sued for several portions. Making sure you are using all you buy instead of wasting it and having to fork out more money for fresh food every day is essential to saving money. Making a meal plan that uses up all the ingredients that you buy is useful. Alternatively, save any leftover fruits and veggies and pop them into ramen with some meat, for an easy Sunday dinner.

Separate bank accounts

Choosing a student bank that offers separate bank accounts for dividing up budgets is useful. You could also withdraw money for food, leisure, and essentials and pay with cash to ensure you are keeping within your budget. Also allowing yourself a weekly budget is more successful than attempting to make your student loan last the entire three weeks with no planning. Remember to plan for birthdays or big events.

Get a coffee machine

For those of you with a caffeine addiction who buy coffee almost every day, I highly recommend investing in a coffee machine. This time of year, they often put coffee machines on sale for university students. Grab a Tassimo, dolce gusto, or Nespresso machine now before classes start and save on-campus coffee. A box of dolce gusto pods is usually around £4-6 meaning a latte costs around 50p-75p. Currently, the dolce gusto mini me is on sale in Asda for £35 (this includes 6 boxes of pods). Considering a coffee on campus is around £3, that’s a total saving of £17.50 a week, and £77.5 a month, (if you buy 1 coffee each day of the month)

Textbooks and university library

Textbooks are one of the most expensive items at university. Look for second-hand textbooks on the Facebook marketplace, online, and on eBay. You could also use the university library and save even more. A brand-new textbook can cost around £50-£100, so borrowing them from the library is the best way to save on textbook costs. Photocopying essential pages or screen-grabbing them from the online university library is a better way if you intend to write notes on the pages and keep them forever.

Saving money while at university can be a challenge, especially in the first year when you are first learning to care for yourself and budget effectively. Remember to not spend any money on things that can be saved, such as textbooks. Always use your discounts and invest in products that will last you longer and save money such as coffee machines if you drink coffee. Remember to plan meals and freeze any food that isn’t consumed immediately to prevent food waste and money waste. Try not to stress too much in your first year, especially the first term, as saving money is a learned experience and without much experience before, you are sure to overspend, it’s part of the learning process.