Money Saving Hacks for Students

1. Open a savings account

Start by putting money aside each month - even £5 counts. Savings accounts typically offer better interest rates than current accounts, so your money actually grows while it sits there. The more you save, the more you earn. It's that simple. 

One of the smartest moves is setting up a separate account specifically for savings. When your savings sit in the same account as your everyday spending money, it's far too tempting to dip into them. Think out of sight, out of mind. Monzo offers "Pots" where you can set aside money for different goals like holidays or emergencies. You can even automate transfers to your Pots right after payday, or when your student loan comes in, so the money disappears before you notice it's gone.

2. Create a monthly budget

Knowing where your money goes is the first step to making it last. Work out your income and expenses, then divide what's left by the number of weeks in the term. This gives you a realistic weekly budget. 

Include everything: food shopping, bills, travel, Netflix, Spotify and yes, going out too. Track your spending for a week or two and you'll likely be surprised where your money actually goes. The goal isn't to live on beans on toast for three years or skip every social event. You don't have to give up fun - you just need to plan for it. It's about making conscious choices rather than hitting week eight of term, wondering where your entire loan went. When you can see the full picture of your spending, you're in control.

3. Use the 70/20/10 Approach

Here's a straightforward budgeting method you could try: spend 70% of your income on living expenses, 20% on things you enjoy, and put 10% into savings. Feel free to adjust these percentages based on your situation. 

The key is having a framework that works for you.

4. Make a meal plan

Meal planning saves money and cuts food waste because you're only buying what you'll actually use. It also stops those last-minute takeaway temptations when you know there's food waiting at home. If you're in student accommodation, consider sharing shopping costs or cooking big batch meals with your housemates - splitting a big shop at Aldi or Lidl between four or five people makes everything cheaper, and cooking together turns dinner into a social event rather than a chore. Try themed dinner nights to keep things interesting and build a routine that sticks:

• Meatless Monday

• Taco Tuesday

• Salmon Wednesday

• Tagliatelle Thursday

• Falafel Friday

• Scrambled Egg Saturday

• Soup Sunday

TikTok is such a good app if you are lacking inspiration for some cheap, low-effort meals.

5. Look for yellow labels

Those yellow reduction stickers are your friend. Head to the supermarket a couple of hours before closing (though some stores mark down earlier) and you can find discounts of 50% or more; sometimes over 90%. 

Here's when different stores typically reduce prices:

• Tesco – 7:00pm (or earlier at Express stores)

• Sainsbury's – 7:00pm

• Asda – 7:00pm

• Morrison's – 5:00pm

• Aldi – 8:00am

• Lidl – 7:00am

• Co-op – An hour before closing

These times can vary by location, so it's worth checking with your local store.

6. Get a shower timer

Bills are a big expense, and while you can't avoid them entirely, you can reduce them. A four-minute shower timer can save up to £30 per person annually - that's £120 a year for a typical four-person house. Small change, big impact.

Heated blankets or electric radiators can also be more cost-effective than running central heating for long periods. Worth considering when winter hits.

7. Sharing is caring

Sharing household essentials is a smart way to cut costs. Buy condiments, washing powder, and cleaning supplies at home and split the bill. You can also swap clothes with flatmates instead of buying new outfits for every occasion. As long as everyone agrees on the ground rules, this approach helps the whole house save.

8. Get selling!

Got clothes you never wear? Free up some wardrobe space and make money at the same time. Apps like Depop and Vinted make it easy to sell unwanted items.

You can also sell clothes by weight to charities. Services like We Just Recycle pay up to 50p per kilo - that's £5 for a 10-kilo bag. Clear out your clutter and boost your bank balance.

9. Wear an extra layer

Before cranking up the heating when it gets cold, try adding an extra layer first. Your future self will thank you when the electricity bill arrives.

There's a bit of science to layering effectively. Fabrics like thermals or wool absorb body heat and keep you warm. Cotton is more breathable, which makes it better for summer when you need to stay cool rather than cosy.

10. Get a 19-25 railcard

This could be the best student discount out there. A 16-25 railcard gives you 1/3 off rail travel across the UK. If you catch trains home, visit friends at other unis, or head to festivals, you'll save a fortune.

It costs £30 a year, but with train prices being what they are, it pays for itself quickly. Use it for trips into town, weekend getaways, and everything in between.

Trust us, these tips work - students just like you use them every day to take control of their finances. Start with one or two that feel manageable, and build from there. You've got this.

Got any other money-saving tips? If so, let us know.