5 tips for students living on a limited budget

Hi guys, I’m back with a quick post today for students living on a budget.

As you all know well, being a student is a lot of fun but more often than not, you’ll find yourself strapped for cash, one minute, your student loan drops and you’re on cloud 9 and you’re splashing your cash like there’s no tomorrow, the next you find yourself high and dry and barely able to afford bread. Don’t despair, the following post will give you 5 tips on how to manage your money and live on a budget.

 

1. Don’t overspend on necessity products 

One golden rule you may want to set is not to overspend on necessity products. You would need to purchase cleaning products including bleach and washing up liquid unless you enjoy living with germs and having rats for company. There are plenty of low-cost products that do the job for a fraction of the price of major supermarket chains such as Tesco. Home Bargains features quality household products at low prices such as Jumbo kitchen rolls for just £1 and bleach bottles for as little as 35p. This may not sound like a lot but it all adds up and you will find yourself having that extra few pounds to spend on nicer things such as drinks with your mates or a meal out.

2. Be savvy with your Grocery Shopping

This an important aspect for students as the grocery shopping will take up a significant part of your budget. It is easy to overindulge on quality and find that you are racking up  a huge shopping bill because you did all your shopping at a premium chain, you may also wish to shop at a variety of outlets, for example, you may find that doing the baulk of your shopping at a budget chain such as Aldi and purchasing little extras at Tesco will mean your weekly shopping bill will be significantly lower. If you live in city centre accommodation, you may wish to do your grocery shopping in stages since being in walking will mean you won’t have lug a week’s worth of shopping back to your accommodation and then find you run out of fridge/freezer space.

All in all, there’s no shame in doing your weekly grocery shop exclusively at Aldi or Lidl as you still getting good quality at a more affordable price, ideally, you may find you want to get a few little extras such as low-fat chips from Tesco can help strike the balance between quality, price and nutrition.

3. Avoid overindulging on individual purchases

A common mistake made by students is overindulgence on individual items such as coffee and lunch. If you prefer that extra 5 mins in bed or want to pay more for a nutritiously balanced lunch, you are likely to lose track of your spending. This can also be a continuation of my previous tip as you are more likely to get better value for money with bulk buying. Likewise, it will help a lot if you bulk buy coffee in-store rather than embarking on a coffee run every morning although. If you’re an O2 customer, you can enjoy a free coffee every Tuesday or Wednesday from Caffe Nero from midday onwards.

As for lunch, you would need either need to do some research or make yourself a packed lunch. Most people would go with the former so you’ll need to know where to get the best deals. Tesco meal deals are usually the go-to destination for student lunch, however, you can still get variety in abundance. For example, you can get McDonald’s wrap of the day for £1.99. Occasionally, KFC do deals such as the fill-up lunch for the same price where you get more for your money. Of course, you can still let yourself go every once in a while and have a massive meal although it can mean spending extra time in the gym burning off those calories.

4. Take advantage of online surveys

There are many sites such as Swagbucks and E4S that offer paid surveys. It’s possible to make a small fortune although you may need to invest a lot of time in finding surveys that suit you. This will require patience but as they every little helps so gradually increasing your tally will mean you can eventually convert your total into cash or trade it in for a gift voucher. It’s not for everyone but the time and commitment can reap rewards and can be a stress-free and convenient method of adding some extra funds for living and socialising.

5. Try keeping limit on takeaways 

 

Takeaway food can take a lot of your budget. After a long day at work/uni, 99% of the time we default to ordering a takeaway because we’re drained and have no energy to make dinner. Unsurprisingly, costs will add up so it may be worth setting a limit on how many times you order a takeaway. For example, cooking oven fish and chips or making a simple microwave meal can save you a fortune in the long run and requires little effort. If you’re on a diet or you’re a vegetarian, Bol buckets tend to be perfect as the recipes strike the balance between taste, nutrition and fulfilment of dietary needs although you could add some leftover beef from Sunday dinner if you wanted to go further with taste.

Final Thoughts

All in all, it is possible to live on a limited budget and is worth investing time into finding affordable outlets and managing your shopping habits. It’s up to you to decide what’s best for yourself but knowing how to budget your living costs can work to your advantage and be able to make your money go that little further  for that holiday you’ve always dreamed of.