Thimbl. March Press Release
The cost-of-living crisis has affected many of us, and increasing numbers of students are feeling the burden of the rising costs.
Data released in February 2023 revealed that a huge 91% of students were either somewhat or very worried about the cost-of-living crisis, with 49% stating that they were experiencing financial difficulties.
The same report disclosed that 58% of those receiving a student loan said they felt the amount fell short of covering their living costs.
In light of these figures, Alex Kosuth-Phillips, a personal finance expert at thimbl.com, shares five money saving tips for students.
1. Know what you’re entitled to
“Your university years should be a whirlwind of equal parts studying and fun, with new friends and a lifetime of memories to make,” Alex says. “Uni can be stressful enough without the added pressure of money worries. Fortunately, there are a number of grants, bursaries, and schemes available for students.
“Depending on where you live and the course you have chosen to study, you may be eligible for a loan to cover your tuition fees. You are required to pay your student loan back once you finish your degree and start working, but this won’t be until you are earning a certain amount.
You can read more about student finance and check your eligibility on the Gov.uk website.”
“You may be able to access additional support in some circumstances. Save the Student have put together a comprehensive guide to the various grants and bursaries on offer.”
2. Be the boss of your budget
“Many of us may associate the word ‘budgeting’ with cutting back on the things we enjoy, but that doesn’t need to be the case.
Budgeting is a handy exercise to keep track of your finances and give you an idea of exactly how much money you have coming in and going out.
Start by adding up your monthly income, including any wages, grants, bursaries, and student loan payments you may have.
Next, subtract the costs of your essential outgoings, such as rent and food shopping
The amount you have left after all your deductions is your ‘disposable income.’ You can save or spend this however you like - Netflix subscription, gym membership, maybe even a textbook or two.”
“Contactless payments and online shopping can make it easy for us to forget how much we’re spending. We know it sounds tedious, but making a quick note on your phone after every transaction could help you keep on top of exactly how much money you have remaining and reduce the risk of you slipping into your overdraft.”
3. Shop savvy
“Meal planning plays a big role in overall budgeting and could help prevent overspending,” Alex says. “Before you do your big shop, decide on the meals you intend to eat for breakfast, lunch and tea throughout the week and make a note of ingredients needed for each. To really maximise your savings, try to be as savvy as possible with ingredients. Have a think about how you can utilise each item and double up any leftovers for another dish.”
Alex adds, “There are many ways for students to save money on food shopping. Where you do your shop can massively impact your monthly budget. Aldi was crowned 2023’s cheapest supermarket of the year, closely followed by Lidl. At the other end of the spectrum, Waitrose, Ocado, and Morrisons took the title for the most expensive.
Switching to own-label staples rather than branded items can also make a significance difference. For example, a six pack of Warburton’s crumpets is priced at 90p at Aldi, whereas the own-brand alternative costs 45p.”
4. Second-hand savers
“Second-hand sites can be absolute saviours for students.
From fresher’s week fancy dress get-up to lecture-perfect jeans and jumper combos, apps and sites such as Vinted, Depop, and eBay could nail all of your fashion fixes at a fraction of the price.
Items on these sites aren’t always necessarily pre-loved, either. It’s common for brand-new-with-tags garments and accessories to appear at a discounted rate, simply because somebody has changed their mind and missed the return cutoff date.”
“Having a wardrobe clear out? Why not sell your own unwanted items to earn a little extra cash?
You might have fallen out of love with those New Balance trainers, but that doesn’t mean somebody out there won’t absolutely jump at the chance to rehome them.”
5. Part-time job
“If you find that you have some spare time in-between your studies, you may wish to take on a part-time job.
Restaurants and shops may be a good place to start your job search, as they tend to offer flexible shift patterns which may tie in nicely with your university commitments. This may include some weekend working.
You can keep up to date with current vacancies on sites such as Indeed, Unitemps, and Student Job.
The demands of studying and working could take their toll, so it’s imperative to recognise signs of burnout and ensure that you give yourself plenty of downtime. If combining the two becomes too much, you should take a step back from work and focus on your wellbeing and studies instead. No job or amount of money is worth making yourself ill for.”
thimbl. has shared tips on how to save money as a student.
-ENDS-
About thimbl.
The thimbl. credit card and the thimbl. Loan are issued by Vanquis Bank Limited. Digitonomy Limited (trading as thimbl.) is a credit broker not a lender, and provides its services to Vanquis on an exclusive basis in respect of each of these products. Digitonomy is paid commission from Vanquis for these services. If Vanquis are unable to provide you with one of these products, Digitonomy will try to find you an alternative product and will receive commission from the provider of that product if you enter into an agreement for it. Digitonomy's registered office is: Steam Mill Business Centre, Steam Mill Street, Chester, Cheshire, CH3 5AN. Registered in England and Wales, under company number 08385135. Digitonomy is authorised and regulated by the Financial Conduct Authority, and is entered on the Financial Services Register under reference number 690249. Licenced by the Information Commissioners Office, (registration number ZA007309).
Website: https://www.thimbl.com/
Alex Kosuth-Phillips - Personal Finance Expert at thimbl.
Alex is the Compliance Manager for thimbl.com and is responsible for ensuring our website follows Financial Conduct Authority (FCA) regulations. He is passionate about ensuring that we treat all our customers fairly, and do all we can to ensure a positive experience and outcome for our customers. Alex has been featured in various news articles and even on BBC television, providing information and guidance on how to avoid financial fraud and scams.