There are lots of great things about being a student, and for many, it is the best years of their lives. However, there is no denying that most students spend the entire 3 years being constantly broke. If you are a student who is struggling to manage your budget or you have already blown through most of your student loans, then the below blog is exactly what you need. 

Make a budget (and stick to it!)

If you have just got your student loan in, then you may be tempted, like most students, to go out and have a major shopping spree. However, this is not a good idea and is guaranteed to leave you without any money before the year is out. Instead, you should make a budget that includes everything you need to pay out, such as rent, bills, and food, and then, most importantly, stick to it. 

When it comes to your budget, the most expensive element is likely to be your accommodation, so you need to make sure you do your research before you pick somewhere to live. This ultimate student guide to renting in Bristol is a must-read for any student looking for somewhere to live in this part of the UK. 

Download a finance app 

If you are not good at managing your money and you are worried that you are going to blow your entire budget in the first few weeks, then you could benefit from downloading a finance app. There are lots of great budgeting apps available, many of which are free to download. You can even find apps that are designed for students. 

Don’t rely on your overdraft 

Continuing to go into your overdraft, or worse, relying on it to pay for essentials, is a recipe for disaster. Even if you have a student bank account that offers free overdrafts, it is still not a good idea to become overly reliant on this banking service. Instead, save your overdraft for emergencies only. If you struggle to stay away from your overdraft, you may want to consider asking your bank to reduce the amount you can borrow. 

Shop smart 

When it comes to food shopping, you need to be smart when you are a student and not blow your budget on big brands. Most grocery stores sell own-brand foods, which are considerably cheaper than big brand names and can slash the cost of your weekly food shop. You can also save a lot of money by using coupons when you shop, and you can find these in stores and in newspapers. Timewise, the best point in the day to go food shopping is in the evenings, usually after 6 pm, as this is when most stores start to discount fresh produce. 

Use student discounts 

Lots of places offer student discounts, including clothing stores, restaurants, bars, and even nightclubs. You can often find these on their websites; otherwise, you can ask a member of staff for details. 

Typically, student discounts are between 10-20% and can often be used alongside other special offers and promotions. 

Buy second-hand 

When it comes to course books and other items that you need for your studies, you can save a lot of money buying these second-hand. You can find second-hand books online, or your university may have a service set up for this. 

You can also find some great deals on clothing in thrift stores and charity shops, even designer clothing, if you know where to look. 

Sign up to secret sales websites

If you have not heard of secret sale websites, then you are in for a real treat. As the name suggests, these are websites that run limited-time flash sales on a wide range of products and services. 

You can expect to find amazing deals and discounts on everything from designer clothing to holidays to days out. It is worth knowing that these websites are not heavily promoted, and most rely on word of mouth to boost awareness, so you may need to spend a little bit of time researching the best ones before you can start to enjoy super savings. 

Have a no-spend day 

To cut back on unnecessary spending, it can be a great idea to have a no-spend day once a week. Although this may not sound much, you may be surprised at just how much you can save over the course of a few months. Of course, a no-spend day does not mean that you can’t buy essentials such as food and travel, but it does prohibit any spending on any luxury or non-essential items. 

Edward Bertrand