Taking into account the student tuition fees, living costs, accommodation, studying materials and other costs students tend to leave University in debt.
Regardless of one taking loans, getting support from parents or working additional hours, it is time to take to take control of your financial future. Here are some student stories that we gathered from our community who have saved money whilst at university.
“Having a part time job is not bad after all”.
Some students work a part time job of up to 20 hours a week (dependant on their university time table ) across three years. They tend to live at home during the final 2 years of university and save up to 60- 70% per cent of their earnings in an ISA account or an account that has a good interest rate.
“I managed to save money every month to cover my maintenance and food costs “.
Some students tend to save based on money habits that they have learnt from their parents. They tend to save more than £100 a month and some have been able to put money into an investment fund. The money works for them in long term whilst they are studying. To replicate this you simply search for the best student bank rates.
“The decision to learn about Stocks and ISAs before university has benefited me greatly”.
Some have opened an investment account even at the early age of 18 and 19. They have found that by reading up on the basics of stocks and shares has helped for them to make well informed decisions. With this you can better understand the power of money, and you become selective with the social activities you participate in especially if it is not of great benefit. Students who have taken this approach, after graduation see how fruitful this can be.
“Being selective with social activities is fine”
Using student discount cards has helped people to save money and take advantage of deals. Students in the Active Budgeter community have also stated that they usually tend to go out at least 3 times a month. They mentioned as they get better paying part-time jobs they increase the number of activities or host socials in their homes.
“Everyone is online so take advantage of it”
Students have started to create online businesses whilst at university. This has been helpful as they plan their week based on their study timetable which helps to ensure that everything is manageable!
Overall, there are many ways that one can increase their savings on a monthly basis.