The cost of living crisis is affecting lots of people in lots of different ways, and there has been a lot of news about the continued rise in energy bills, inflation, and the cost of living. Here are a few top tips and resources to help you get by
The cost of living crisis is affecting lots of people in lots of different ways, and there has been a lot of news about the continued rise in energy bills, inflation, and the cost of living. It may feel overwhelming for many students, and that there is little that can be done about this on an individual level, but there are many opportunities to reduce costs and make savings. Making one change might not have a big impact but making lots of small changes could have the collective impact needed to help individuals through this difficult climate. This is how we are focusing the National Student Money Week Campaign for 2024. Whether we're supporting students with the basics of budgeting, reducing energy use, or saving money by reducing food waste.
Have a read of top tips from final year student, Lucy, that can help you save some money!
As a student, I know first-hand how difficult it is to save money, whilst being able to afford food, travel to work experience, and to be able to go out and socialise with your friends too. It’s something I have struggled with throughout my time at Uni, but you do become more responsible with money by managing your income and when that will arrive into your bank account.
This year’s theme is ‘Less Risk, More Reward: Maintaining your financial wellbeing at university’, this theme allows us to cater to a diverse range of students across the country. Whether it’s the basics of budgeting, scam awareness, or the dangers of gambling, there is something for everyone.
Here are some top tips as a start to becoming more financially responsible.
Easier said than done, but as much as you can, try map out what’s definitely coming in e.g. student finance, job income, and what will definitely be going out of your account e.g. rent payments, subscriptions etc. Planning ahead is a great idea, but of course putting some to the side for emergencies or to use for a rainy day! You can find helpful information here
How to budget at University - Worried about getting through university on next to no income, or just keen to learn how to make your Student Loan stretch further? You're in the right place.
Manage your risks, lower the chances of having to fork out unnecessary money. If you have essential belongings such as a laptop, or bike that you travel to classes with, then look into personal contents insurance before it is too late! It’s better than having to re buy something later down the line.
A trouble shared is a trouble halved! Share your thoughts, feelings, and troubles with people you rely on, and even expenses. Sharing study materials, transport costs, meals, things that really add up without you realising, sharing that cost will make a big difference.
- Take advantage of student discounts!
Sounds silly, but I know I often forget to use the discount we are eligible to receive! Make sure you sign up to TOTUM and get exclusive student deals and discounts on local and national brands. You can buy a TOTUM card for the full offers, or just take advantage of the free TOTUM digital app. There are other apps you can sign up to and use too, such as UNIDAYs and StudentBeans.
- Ditch your regular gym membership and sign up to the University gym for FREE
- Are you a commuting student? Get discounts on travel from the 16-25 railcard to the Unirider (Stagecoach) , Student ticket(Preston Bus) or an unlimited travel ticket (Fishwicks)
Have a browse through these pages for help with groceries and food during the week -
OLIO - OLIO connects neighbours with each other and with local businesses so surplus food can be shared, not thrown away. This could be food nearing its sell-by date in local stores, spare home-grown vegetables, bread from your baker, or the groceries in your fridge when you go away. For your convenience, OLIO can also be used for non-food household items, too.
Too Good to Go - This anti-food waste app lets you rescue delicious, unsold food from businesses to save it from going to waste.
Student Eats - A great website dedicated to quick and relatively cheap student recipes
Can I freeze this? - Buying in bulk and stocking up the freezer can be a great way to save money on food. But what foods can you freeze, and what can't you freeze?
Have a browse through these pages for help with bills and money -
17 energy saving tips to save money on bills - With energy costs at an all-time high, it's becoming even more difficult to cover your bills with your Student Loan. But we're here to show you how to save gas and electricity.
Help with energy bills – £400 energy rebate and more - If you're worried about how you'll pay your energy bills, here's all the help with gas and electricity that students can get.
How to budget at University - Worried about getting through university on next to no income, or just keen to learn how to make your Student Loan stretch further? You're in the right place.
The Demotivator - A fun tool to show you just how much you spend on non-essentials, and to stop you spending when you can’t afford it
How to Stop Spending - Sometimes waving a magic MoneySaving wand and changing all your providers isn’t enough to really improve your finances. Two simple words are needed... STOP SPENDING. Whether you need scaring into it, or tips on cutting back, this guide and the frightening Demotivator tool will help tackle those spending demons.
Help from the University
Money advice and support
Fees, funding and money help
For a more in depth look at the issues raised in this year’s campaign, and for some useful advice, head to https://www.nasma.org.uk/wp-content/uploads/2024/01/NSMW24-CAMPAIGN-PACK.pdf which has links to lots of help and services.
Follow NASMA on Twitter @NAMSA_uk and Instagram @nasma_uk to keep up to date with the goings on across the country.