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  • Stretching Student Finances

    30 August 2016

With the summer holidays coming to an end, many parents will be preparing to send their children off to university or college. Although the thought of no longer having to be a taxi service, maid and chef combined is an exciting prospect, there is no doubt the initial drop off will be difficult.

To help guard against future financial melt-down, we’ve pulled together some of our top money saving tips for students. Although they won’t wipe out student debt, they will help funds stretch a little further.

  1. Shop at night – seeing as the majority of students are nocturnal anyway, they can take advantage of their sleeping patterns by doing their weekly shop at night. By heading to the local supermarket just before closing time, students often get the best deals from the bargain shelf. Anything from fresh meat to meal deals can be reduced, significantly cutting the cost of a weekly shop.
  2. Walk when possible – an extra five minutes in bed is tempting for everyone, so sometimes just jumping on the bus does seem like the best option, but the costs soon add up. By avoiding the bus, students who live in walking distance of their campus could save up to £10 a week – and avoid the infamous Fresher’s fifteen pounds of weight gain.
  3. Book travel in advance –when coming home for the weekend or visiting friends, booking travel in advance can help cut the price of a train ticket. According to Trainline, booking in advance can save up to 43% on each ticket.
  4. Make a packed lunch – as delicious as the lunches from the local pub might be, the cost of eating lunch out every day can build up, even if it’s just a supermarket meal deal. Making lunch before lectures and eating it in the canteen can save an absolute fortune.
  5. Remember the student card discount – every new student will get a student card, offering discounts at some of the most popular high street stores. When clothes shopping, every student will be sure to make the most of their 10% off. In addition, many restaurants are now offering discounts which can be as high as 25% and, by asking at every restaurant, students can save a great deal.
  6. Budgeting – this is something you can drill in to your children every day and they still might not listen. As soon as that student loan hits their account, the temptation to hit the shops will be overwhelming. However, it is important to remember that funds need to be stretched across a whole term and therefore some budgeting is necessary.

So, whilst it’s important to understand that university and college is a crucial time for young adults to learn about managing money themselves, parents can still help with simple saving tips!

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Paragon Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England number 05390593. Registered office 51 Homer Road, Solihull, West Midlands B91 3QJ. Paragon Bank PLC is registered on the Financial Services Register under the firm reference number 604551