Saving Money at University
Debt is something most students can’t avoid while at university, so saving money is essential. But how can students save money and avoid going further into debt?
We will take a look at just two of the ways you, as a student could improve your financial situation while at university.
Get a part-time job
Getting a part-time or seasonal job while at university is an excellent way of boosting your income and improving your finances. There are plenty of places you could apply for a job – here’s just a small selection of ideas:
- Clothes/retail stores
- Charity shops
- Libraries, etc.
The benefit of part-time work is that if you earn less than a certain amount in a year, it will be tax-free! You may find that earning just £100 a month will help you afford your day-to-day living costs, and help reduce the amount of debt you graduate with.
On the other hand, if you can’t find paid work, you could do voluntary work. This could lead to a permanent job one day, but the main thing you will get out of this is experience – which could help you get a paid job next time you look for one!
Keep your debt under control
As mentioned, most students will take on debt to help them through university. Some students will find this debt becomes difficult to manage, but providing you keep to a strict budget and avoid spending your money on things you don’t need, then hopefully you’ll find that your debt isn’t as much of a problem as it could have been.
If you find that you have extra money each month, you could save this, and use it to repay some of your debt faster when you graduate – or keep it so you don’t have to borrow so much in the first place!