While budgeting for your groceries and managing your spending money might seem important, it’s often the daily expenses that make the most damage to a student’s bank account. Little do many students realise that buying one coffee a day can amount to over £50 a month. Curbing your daily expenses is a must if you are planning on making big savings.
Try the following tips and see just how much you can save over a month:
- Take a packed lunch, If sandwiches don’t appeal, pasta or rice leftovers can be made into salads.
- Buy fewer teas and coffees, or take a thermos.
- Give up cigarettes, or at least cut down. Not only will this save you over £1000 a year (based on 10 cigarettes a day) but you’ll feel much better for it.
- Don’t carry too much cash: if you have it you’re likely to spend it.
- Try paying for things with your debit card. If you pay by cash, the change you receive will likely be spent by the end of the day.
- If cash is how you like to pay for things, then set yourself a weekly budget. If you run out, you have to wait until the next week for more cash.
- Only use cash machines that offer free cash withdrawals. The ones that charge you will state this before allowing you to complete the transaction.
- Don’t be tempted by ‘frequent’ quick drinks in the Student Union. Before you know it you’ve spent over £40 in a week just on catching up with friends during the day – money which could have been kept for a big night out, catching up with all your friends at the same time