Students on a budget
Friday, 14th November 2008
It was about this time in my first year that I realised it was time to stop blowing my money as if I was still earning it. This week The Know brings you some top money saving tips.
In order to save money for her brother’s wedding present, Kath Kelly vowed to live on only a single pound a day for a whole year. She managed this, and bought her brother and his new wife a lifetime membership to the National Trust. You might find it a bit ridiculous to think of living on £70 a term – I managed to rack up a bill that big on one night out to Leeds. This week’s The Know might not push your budget that low, but hopefully it’ll save you a few quid.
- If you’re feeling strapped for cash, try writing down what you’ve spent money on in the last month. Separate this list into needs and wants. Needs are things you could live without – be honest about it. Most food can be counted as a need, but do you really need to be getting the extra special chocolate sponge cake? Allow yourself your list of needs, but try and cut out 50% of your wants. You might find when you do treat yourself you’ll enjoy it that little bit more.
Think of dfs. Have you ever known a time of year when they weren't advertising half price sofas?
- If cutting down doesn’t appeal to you, it might be possible to save money whilst still taking part in the things you’ve been doing all the while. If you’re buying something online, try a quick internet search for “(shop name) voucher”.
This may also work with restaurants and cafes. Of course it’s not an online purchase – they just make you print off a hard copy of a voucher, but it’s surprising how often you can save money this way, especially if you’re prepared to eat out during the week.
- Here’s the other side of the coin – just because there is a voucher for it doesn’t mean that you should buy it. It’s not really saving money if you weren’t going to buy it anyway. The same applies to things that are reduced, whether it’s food or clothes. Big companies are smart – they know some people will always buy things full price, whilst others will shop around for bargains. They’re normally still raking in a huge profit, even if the price is ‘slashed’. Sometimes it’s price discrimination – getting different groups of people to pay different amounts, or sometimes it’s to try and make you feel you absolutely have to buy it. Think of dfs (I know most students won’t be buying a sofa, but it’s the best example I can think of). Have you even known a time of year where they aren’t advertising half price sofas? If you think of sales and coupons in this way, you won’t spend your money unnecessarily. Shop around, and if it’s the best price and you need it then go for it. Otherwise it might be better to leave it for the time being.
Tempting...But do you really need to indulge?
- Preparing your own food really does save heaps of cash. Most people realise going out for dinner is an expensive hobby, and know the virtues of cooking at home. But it’s so easy to eat lunch out on campus. Making a packed lunch is far cheaper than grabbing a bite to eat in Roger Kirk.
Buy multipacks of crisps, and make elaborate sandwiches the night before. Not only are these the money saving option, but they tend to be tastier than campus baguettes, as you get to choose your own filling. Think of the same logic with drinking – make your own cocktails at home before you go out and you’ll not only save cash but also bar queuing time.
Financial worries increase stress levels. Prolonged, high stress levels increase your risk of heart attacks, diabetes, hair loss, depression and gum disease. If only for the sake of your gums, it could be time to tighten your belt...
