Top 5 money making tips for students!
Advice from a student to a student.
Hi! My name is Amy, i’m a third year primary education student who likes to think of myself as very good with money – i’m a keen traveller, so any way i can save or make money as a student i will be participating in. Here are my top 5 tips for making money for students, whether you’re current or prospective!
- Money saved is money earnt.
I am a big believer that saving little bits of money here and there is the most efficient way to survival as a student – many students fall victim to getting their loan and feeling like the richest person on the planet – but the trick is put it all in savings, and live each day on a budget. This doesn’t have to mean living off noodles, it just means eating out less, cooking cheap yet nutritious meals that can be easily frozen so you always have something in to reduce that temptation to get a takeaway, drinking more at pres so you spend less when out, getting rewards cards for shops and taking note of what is discounted and earning points, taking packed lunches to uni, bringing your morning coffee with you, buying from the reduced section, shopping at affordable food shops, or even getting a kids meal which means you still get the feeling of eating out, but for less!
2. Making use of student discounts!
If you haven’t already signed up for unidays and student beans, what are you doing? There is always so many discounts to be had when shopping for uni and whilst at uni – from clothes to food to travel, never forget to check if there’s a student discount. Even some club nights will give you a discounted price if you have a student id with you. Yates for example, if you have your student card with you (not unidays id) you can get into pound a pint for free! Las Iguanas do a cheaper bottomless brunch for students on a Wednesday, Revolution does 20% off for students, and there’s many more! Saving little bits here and there will help your money last longer!
3. Budgeting!
I know budgeting is not the word you want to hear when you’re thinking about money making, but trust me, once you start properly, your mind will change. Obviously everyone’s budget is different and depends on your income, for me personally, my first year i lived completely off my student loan. I calculated how much i had left after my rent was taken out, which worked out to be £80 weekly. I then put all of my money into a savings pot with monzo- they have since brought out savings accounts that will earn you interest! Use an instant access savings pot and you will make money without having to do anything! I then transfer myself £80 every week, and any leftovers i had went into a different pot that i deemed for emergencies (i also had transaction round ups turned on to go into this pot aswell – another great way of feeling like you’re earning money without doing anything) and i survived first year great! 2nd year i got a part time job as rent took up my whole loan, and just followed this same process except i got my wage every month and put some money aside into a higher interest savings account and then divided the rest into 4 – again transferring myself my weekly budget and putting the leftovers into another pot for emergencies! Another top tip of mine is to put £5-£10 of your weekly budget aside, and every 4-6 weeks do an online shop with asda to buy bulky/heavy items such as pasta, tins and cans, frozen bits etc so i didn’t have to carry them from my weekly shops! Some people even go as far as to allocate themselves monthly/weekly budgets for beauty, clothes, eating out, alcohol and food shops – i suggest testing out what works best for you, i recommend not limiting yourself too much to the extent that you end up giving up on the budget entirely.
4. Part time jobs
There are always many different types of job going in York, my best tip is to keep an open mind and apply for them all! Many places are in need at the start of the semester and also nearer christmas time so keep that in mind when you consider applying! What worked for me personally was walking around York and handing in my CV to smaller businesses, i was told it’s often something they like seeing a smiley and confident face over an online profile! This, however depends as larger corporations will have limits for this. Another part time job possibility is with Uni! York st John have many different roles, be it working at the student union or as a student ambassador, it’s worth applying for these as they are known to be the most flexible jobs that can work around your timetable!
5. Shopping and selling second hand!
This is probably my favourite method of both saving and making money! As a student, it’s highly likely you will join a society that hosts events and nights out where you need to dress up or have a costume! In order to avoid this breaking the bank, i highly recommend checking out online reselling websites such as Vinted, Depop and Ebay as there is always a constant rotation of fancy dress going round – and if you take good care of it on your night out – you can resell it too! This doesn’t have to just apply to costumes either, it’s likely that as you go through uni, you may get bored of your clothes and want some new clothes to wear, depending on the condition, if you sell and then buy second hand, you can end up having a whole new wardrobe without spending any money! Even if you don’t have time to resell – you can take your old clothes to a charity shop and pick up some fun pieces for a super great price – whilst also supporting a charity! It’s a win-win!
I hope these tips helped in some way! Uni is all about finding your feet as a young adult and learning how to be self sufficient and live alone! It’s ok if it takes you time to learn what works best for you! My last piece of possibly controversial advice, is to not let yourself go into your overdraft unless necessary. I’ve heard from many people, that once they dip into it for wants and not needs, there is no going back. Use it as an emergency fund to fall back on if you have any unexpected expenses! Don’t treat it as free money, your future self will regret it.
To find out more information about budgeting, read Leah’s blog with our guide to budgeting for your first year of university.
