Starting the journey toward higher education should be an exciting time; however, the reality is that many students are facing financial pressures that are influencing their decisions and affecting their overall university experience.
In 2023, it was revealed that a massive 86% of first-year students were worried about the cost-of-living crisis and the impact this could have on their finances. A further 72% admitted they had considered living at home, rather than moving into student accommodation, to save money. Meanwhile, 42% said that they expected to work up to 20 hours a week alongside their studies to boost their income.
In 2023, it was revealed that a massive 86% of first-year students were worried about the cost-of-living crisis and the impact this could have on their finances. A further 72% admitted they had considered living at home, rather than moving into student accommodation, to save money. Meanwhile, 42% said that they expected to work up to 20 hours a week alongside their studies to boost their income.
Dan Whittaker, a personal finance expert at VivaMoney.co.uk, shares 5 ways students can optimise their finances while acing their studies.
1. Budgeting
‘Budgeting may sound like a bore, but it’s an essential part of managing money, and it can be really simple,’ Dan says. ‘Start by totalling up how much guaranteed income you receive each month. This can include your student loan, and any applicable benefits and wages.‘
Next, subtract your essential outgoings, such as bills, food, and transport costs, whether that’s train fares to and from uni or petrol for your car. Don’t forget to include your phone bill and any subscriptions you really can’t do without, such as Netflix and Spotify – for some people they are essential!
‘The amount of money you have leftover is your disposable income and this can be spent on whatever you choose.
‘You may wish to think about popping some of your disposable income into a savings account. Savings can be a good financial fallback in case of an emergency, or you may choose to work towards something nice, like a well-earned holiday at the end of your exams.’ Dan adds, ‘When going through your outgoings, keep an eye out for any payments or subscriptions that you no longer need. For example, will you be making use of that gym membership once you’re at university? Cancelling any outgoings that you’re not getting your money’s worth from will increase your monthly disposable income.’
Next, subtract your essential outgoings, such as bills, food, and transport costs, whether that’s train fares to and from uni or petrol for your car. Don’t forget to include your phone bill and any subscriptions you really can’t do without, such as Netflix and Spotify – for some people they are essential!
‘The amount of money you have leftover is your disposable income and this can be spent on whatever you choose.
‘You may wish to think about popping some of your disposable income into a savings account. Savings can be a good financial fallback in case of an emergency, or you may choose to work towards something nice, like a well-earned holiday at the end of your exams.’ Dan adds, ‘When going through your outgoings, keep an eye out for any payments or subscriptions that you no longer need. For example, will you be making use of that gym membership once you’re at university? Cancelling any outgoings that you’re not getting your money’s worth from will increase your monthly disposable income.’
2. Student discounts
‘Fancy 10% off at the likes of ASOS, Hotel Chocolat, and River Island? Of course you do! Student discount cards, such as Totum, Student Beans, and UNiDAYS, could help you save money at hundreds of online and high street retailers, as well as gyms and restaurants.
‘Please be aware that Student Beans and UNiDAYS are free, while Totum comes with an annual membership fee. For further information, please visit the Totum website.
‘Be sure to download the app or check out the website of your chosen discount card to keep up to date with deals and offers.’
‘Please be aware that Student Beans and UNiDAYS are free, while Totum comes with an annual membership fee. For further information, please visit the Totum website.
‘Be sure to download the app or check out the website of your chosen discount card to keep up to date with deals and offers.’
3. Second-hand savings
‘Whether you’re searching for a comfy pair of jeans to wear to lectures, or a fancy dress outfit for Fresher’s week, shopping second-hand could be a real money-saver, especially in a world of ever-changing trends and styles. High street charity shops are treasure troves for budding fashionistas, and sites and apps such as Vinted and eBay offer both new and preloved clothing, often for less than the retail price.
While doing our research in July 2024, we found some women’s vintage Levi jeans for just £2.80 on Vinted. We also scoped out a men’s brand-new-with-tags Adidas jacket for £8. Of course, these sites are live marketplaces, and listings and prices are subject to change regularly.
‘If you are paying full price for an item directly with the retailer, remember to check whether you can use your student discount card.’
While doing our research in July 2024, we found some women’s vintage Levi jeans for just £2.80 on Vinted. We also scoped out a men’s brand-new-with-tags Adidas jacket for £8. Of course, these sites are live marketplaces, and listings and prices are subject to change regularly.
‘If you are paying full price for an item directly with the retailer, remember to check whether you can use your student discount card.’
4. Apps
‘For many students, suddenly finding themselves responsible for cooking, budgeting, and time management can be overwhelming. Fear not, as there are a number of handy apps available to make the transition into uni life as stress-free as possible. We’ve rounded up just a few to help you get started.
Cooking:
You’ll never be stumped for dinner inspo’ again with the free Tasty app! Featuring over 10,000 recipes, Tasty also boasts an artificial intelligence (AI) tool to find meal ideas to suit you, based on your personal foodie preferences.
Keeping on top of life on the go:
Juggling lectures, studies, jobs, bills, and your social life can be mindboggling. Streamline your organisation skills with Notion, a free app that enables you to take notes, store documents, manage projects, and keep up to date with your calendar, all in one place.
Studying:
The Forest app costs £3.99 to download but could be an invaluable tool to help you stay focused while studying. If you find that you’re regularly distracted by your phone, use the app to plant a virtual tree. If you succeed in ignoring your phone for the time period you’ve selected, your tree will grow. On the other hand, giving in to temptation will kill your tree. Over time, you can build up a whole virtual forest of different plants.
On a night out:
Nights out can be a big part of the whole uni experience. Look after yourself with the WalkSafe+ app, which lets you share your location with chosen friends, and vice versa. Friends can then follow your journey with real-time updates on your location. There’s also an in-app SOS button that you can activate if you feel anxious and need to let your friends know exactly where you are.’
5. Part-time work
‘Fancy earning a bit of extra income to top up your student loan? There are a number of options to consider when looking for part-time work as a student. Roles within the hospitality and retail sectors could be a good place to start, particularly around Christmas when many companies are looking to recruit temps.
‘Alternatively, you may be able to find a job within your university campus, such as admin, filing, or even mentoring other students. The careers department should be able to point you in the right direction of any available opportunities.’
Dan adds, ‘Earning money feels great, but remember that it’s also important to balance work with your studies, social life, and personal wellbeing. You should never feel pressured to work more hours than you feel comfortable with and must make sure that you also find time to prioritise adequate amounts of rest and sleep.’
‘Alternatively, you may be able to find a job within your university campus, such as admin, filing, or even mentoring other students. The careers department should be able to point you in the right direction of any available opportunities.’
Dan adds, ‘Earning money feels great, but remember that it’s also important to balance work with your studies, social life, and personal wellbeing. You should never feel pressured to work more hours than you feel comfortable with and must make sure that you also find time to prioritise adequate amounts of rest and sleep.’
VivaMoney.co.uk has shared five ways that university students can save money ahead of Fresher’s Week in 2024.
-ENDS-
Dan has worked in the consumer finance sector for over a decade in a number of roles, including developing and maintaining commercial partnerships, marketing, and digital development.
Dan has strong market and product knowledge across a range of consumer finance products including, but not limited to, credit cards, savings, loans, and mortgages.
About Viva Money
Viva Money is not a lender but is a fully regulated and authorised credit broker. Viva Money is a registered Trading Name of Digitonomy Limited, Registered in England and Wales (Company number 08385135), Registered Office; Steam Mill Business Centre, Steam Mill Street, Chester, Cheshire, CH3 5AN. Digitonomy Limited 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)