You’ll always hear about ‘skint students,’ but is that always true? While many students have to learn to survive on very little, many students are able to graduate with a healthy savings pot and little to no debt. You might think this sounds impossible, but could it be possible to study and save money?
Here is some guidance for how you can save money while studying to help fund your future ambitions.
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Get to grips with budgeting
Learning to budget is one of the most important things you’ll learn at university. By setting yourself a budget, you can still afford to pay your rent, eat, have fun, and leave some room for savings. Even if you put away small amounts each week, it’s a good way to get into the habit of saving. There are some great money-saving apps that are useful for students, helping you to squirrel away those extra pennies to help you build some generous savings over time.
Work while you study
You don’t have to choose between working and studying – it is possible to do both. Many students take on part-time jobs to help boost their income, which can help you put away some savings too.
There are also different ways to fit study around work. A part-time course can take longer to complete, but you’ll be able to work at the same time to help finance it. Another option is to do a distance learning course, like an MS in finance online, to help you study in your own time while working too. Many companies provide study leave and even funding to help employees gain extra qualifications, so it’s worth finding out if your company is supportive of this.
Start a Lifetime ISA now
Want to get on the property ladder soon after you graduate? Open an ISA now. You can start a Lifetime or Help to Buy ISA to help you save throughout university to give you a decent deposit by the time you graduate. Even if you saved £50 a month for three years, you’d be able to benefit from the 25% bonus and end up with £2,250 when you finish your course. Check out the differences between a Help to Buy and Lifetime ISA to help you work out which one is right for you.
Find ways of earning extra money
If you’re serious about saving, then it doesn’t hurt to find extra ways of making money whilst at university. While you could try working part-time, there are also some things you can do on a more casual basis, like copywriting or proofreading. Take a look at some ways of making money in an hour or less to give you some useful ideas.
While being a student can be tough on your finances, it doesn’t have to be the end of your savings. Find simple ways to put some extra money aside to help you balance your studies and saving to help give you a brighter future.
