Wednesday 17-06-2020 - 12:10

During testing times, money is something that many of us will have worried about. With non-essential shops beginning to open up their doors again, it's good to know how to save our hard-earned cash wherever possible. 

 

Money is a universal subject which impacts on all of us differently. With that said, I've put together what I think are some of the best ways to save money for students.

 

Here are some tips on how to make your money go further:

 

The 30 day rule

 

One of the methods that caught my eye is called the 30 day rule. This takes discipline but can pay off massively if you're successful and it really is very simple.

 

- Think of something non-essential you want to buy, whether it be tens or even hundreds of pounds

- Set the money aside for it, but rather than spending it on the non-essential item, put it into a savings account instead

- Keep it in the savings account for 30 days

- If you still want it at the end of this period, then go ahead and buy it. If not, keep it in your savings account!

 

Everybody loves a bit of retail therapy from time to time, and many of us will fall victim to impulse buying because of this. Having the patience to wait for 30 days to see if you still want the item as much as you did at the start of this period can end up saving you a lot of money; as quite often we just won't want it anymore, and voila: money saved!

 

Get cash back on almost anything

 

Learning how to use cash back sites can be really beneficial to saving money. Usually, companies will pay the cash back site to sell their goods through them, and if a customer then buys something from one of these companies through the cash back site, you will earn a small percentage back of what you paid for whatever it is that you buy. Some of the best cash back sites include:

 

- Topcashback

- Quidco

- Swagbucks

 

While it can seem a bit of a pain to go through something of a middle man, it's really not that irritating. You can simply access the retailer's site through the cash back site as normal, and check out as you usually would. If you earn 3% cash back on a £100 purchase, that's £3 made. While it's not much, it certainly adds up if you use it regularly, and you can end up saving yourself a lot of money in the long-run.

 

Before ANY online purchase, always search for voucher codes

 

This is something I do religiously whenever I order online. There are often voucher codes out there to be used that websites won't necessarily make common knowledge unless you search for them. I've saved quite a bit of money through doing this. Some examples of discounts can include:

 

- A fixed percentage off your order

- A fixed figure off your order if you spend over a certain amount, or are a newcomer to the website

- Free delivery

 

Occassonally, a condition of receiving these discounts are signing up to the website's newsletter. This isn't always the case, though, and will more often just be a code that you can copy and paste into the 'discount/promo code' section upon checkout.

 

The website I rely on most for this is Voucher Codes, but there are others out there, too. I often just enter the name of the retailer I'm buying from into Google, followed by 'discount code' or 'voucher code' and it will display an abundance of results. So many websites offer these discounts - big companies and small - and it really is worth exploring it before purchasing.

 

Always check for student discount

 

This one may seem a bit more obvious, but it can be easy to forget the amount of businesses that offer student discount with a valid student card. To use student discount online, make sure you're signed up to Unidays and Student Beans. Signing up is easy; you just enter your details and your Glyndwr email address, and you will then receive an email with a confirmation link that you click to confirm your student status and your account will be activated. It’s worth having a browse of both of these websites to see the exact companies they’re in partnership, as while there are many crossovers, they do also differ slightly. 

Handy tip: Your Unidays ID is also a valid form of student ID you can use in store if you ever forget your physical student ID card. 

 

Get a TOTUM card

 

A TOTUM card, formally known as an NUS card, is a student discount card offering huge savings on over 250 retailers. There is an initial fee to sign up, but you will soon get that back and more once you use it regularly. It offers something different to Unidays and Student Beans because it qualifies you for more discounts. At the moment, there is an offer of a 3 year membership for £24.99, with a 1 year membership costing £14.99. A TOTUM card can be used both online and in stores, so there really are no limits to it. 

A TOTUM card also qualifies as proof of age ID, which comes free when you order a TOTUM card. This can be especially helpful if you don't have a driving licence or passport. 

 

Look at savings accounts with the best-paying interest rates

 

Thinking of opening a savings account? There are a range of different kinds of savings accounts across different banks, so it's really worth doing some research on which ones offer the most benefits. A higher rate of interest on your savings just means more money, and who doesn't love free money?

Try saving funds as soon as they come into your account. It's so tempting to receive a huge lump sum of cash and think about all the things you can spend it on. While treating yourself is okay sometimes, it's also very wise to save any money you can afford to keep back. 

When you get your student loan or wages, why not instantly move 10% into a savings account? We're a lot less likely to miss money that we never had in the first place, and we can think of it as a tax that we will thank ourselves for in the future.

Learn more about savings accounts here: https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/

 

Save the pennies

 

When shopping, rounding your purchases up to the nearest pound can be a very easy way to steadily build up some savings. For example, if you spend £1.67 on your card or in cash, you would round that spend up to £2 and save the remaining £0.33. Doing this for every purchase will ensure a steady rise of funds that you will barely even notice. 

Banks such as Lloyds and TSB offer this service to make saving simple. Every time you spend with them using your card in store online, they will automatically round the spend up to the nearest pound and transfer the difference into a savings account. Hassle-free!

 

Cut down on takeaways

 

Takeaways can be a very convenient treat to enjoy when you can't be bothered cooking or just fancy something different. However, over time they do add up. Having one takeaway per week at £20 works out at at least £80 over the course of a month! That could be spent on a weekly food shop.

 

Don't go food shopping when you're hungry

 

I've sadly been a culprit of this. When doing my food shop online or going into store, I will browse and add everything to my basket that looks tasty. Not tried that before? Better add it to my basket, then. By the time it comes to checking out, you've spent a lot more money than you originally thought because your appetite is ruling your head. More often than not, buying too much food will result in unnecessary food waste, as impulse-buying in any sense often results in acquiring way more than you need. 

To combat this, try to make sure you've had a meal before you present yourself with an abundance of snack and meal options, and you will save yourself a lot of money. 

It's also worth buying the supermarket's own brands, as often you will be buying the same product but paying more for branding. There are lots of rumours circulating that products such as branded corn flakes and supermarket corn flakes are actually produced in the same factory! 

Medicine is another one to be aware of. You will pay extortionate prices for branded medication that carries absolutely no additional benefits to the supermarket's own brands. They very often have the same tablet/pill code on, too, which literally means they are the same tablet/pill packed into different boxes, but priced differently. 500mg of paracetamol will always be 500mg of paracetamol, whether it's got a supermarket label on or a well-known brand. 

 

Cut down on alcohol

 

Many of us have found ourselves to be drinking more than usual under lockdown, and alcohol is expensive. Switching that glass of wine or can of beer for a soft drink will not only save you money, but will also massively benefit your health. A real win-win. 

 

Written by Lauren, Digital Marketing Assistant

 

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