7 Student Budgeting Tips For 2024

If your budget is a bit tight after Christmas and New Year’s Eve, now’s the time to sort out your finances for 2024! 

Managing your money as a student isn’t always easy - luckily, the team at UniHomes have put together some popular student budgeting tips to help you ace the new year. 

1. Meal prepping for the win

When money’s tight, you should consider being smart with food shopping - there’s no way around it. Although it might be tempting to pop into Tesco Express for a tasty meal deal on your way to uni, you’ll be much better off preparing a packed lunch at home. 

If you know you won’t be motivated by a simple ham and cheese sandwich, don’t be afraid to spend a little more on ingredients (think prosciutto and brie) to level up your packed lunch! Over the week, it’ll still generally be much cheaper than a meal deal, especially if you stick to budget supermarkets. 

When it comes to dinnertime, try to avoid pricey takeaways as much as possible. Instead, why not try meal prepping your evening meals for the week? You might not feel like cooking after a long day of lectures and seminars, but grabbing something you prepared earlier in the week from the freezer requires virtually no effort. Plus, unlike a takeaway, you won’t have to wait for delivery!

2. Don’t forget about student discounts

This might sound a little obvious, but always take advantage of student deals. If you’re unsure if a shop, restaurant, or website offers student discounts, ask or check online before purchasing. Make sure you’re signed up for UNiDAYS and Student Beans - both of these are free and give you access to loads of student discounts, so it’s a no-brainer!

If you want even more student deals, consider purchasing a TOTUM card. This gives you access to over 500 exclusive discounts and offers. A TOTUM card costs £24.99 for three years with free proof of age ID.

3. Have a clear-out and sell what you don’t need

January is the perfect time to have a clear out of your student room. Whether your wardrobe is overflowing with ill-fitting clothes, you’ve got loads of games you barely play, or you’ve got a collection of unwanted Christmas presents still unopened, this is a great opportunity to get organised and earn some extra cash.

There are loads of sites and apps that can help with this, including Vinted (for clothes, shoes and accessories), WeBuyBooks (for books, CDs, DVDs and games), and Facebook Marketplace (for pretty much anything). 

4. Don't be scared of second-hand 

When it comes to saving money, pre-loved textbooks can be an absolute lifesaver. Buying new books can be expensive, and the cost can quickly add up. Have a look at eBay and specialist websites, like World Of Books, for some bargains. 

It’s not just books you can pick up second-hand - vintage clothes have become incredibly popular recently, especially for trendy students on a budget. If you look carefully, you can often find well-known brands for a fraction of their original price. Check out international sites like Beyond Vintage, smaller vintage companies like Glass Onion, apps like Depop, or your local high street. 

5. Stay in control of your spending

Although it might sound boring, keeping track of your finances through a spreadsheet is a great way to see where your money’s going. Include all the money coming in each month, such as student loans, bursaries or scholarships, part-time jobs, and money from your parents, as well as all the money going out, like rent, bills, and your mobile phone contract. This will help you work out how much you have left over for non-essential spending and saving. 

If you’re not keen on creating a spreadsheet, there are loads of budgeting apps you can use instead. For example, apps such as Squirrel help you separate out your money so you can see exactly how much you’ve got left to spend on a particular area (like nights out) in that month. 

6. Plan for emergencies 

Even if you’re an expert at budgeting, sometimes you’re hit with unplanned expenses that threaten to derail your plans. Whether it’s a broken phone screen, a punctured tire, or the dreaded blue screen of death on your laptop, having to pay for something you weren't expecting can feel like a real blow. 

Putting a small amount of money aside each month for emergencies (often called an emergency fund) is the best way to prepare for these unexpected costs. Although it might seem like a waste of money at first, when something comes up and you have the money set aside already, you’ll be thanking your past self!

7. Opt for all-inclusive accommodation

Opting for all-inclusive accommodation means you’ll know exactly how much your living expenses will be each month. Paying for bills yourself means that the amount will likely fluctuate month to month. For example, you’ll likely spend much more on heating during January than June, making it tricky to budget. 

Choosing a student house with all bills included means you can work out exactly how much you’ll have left over each month as the price stays the same (this is accurate for UniHomes – other energy providers monthly costs may fluctuate). 

Make budgeting simpler with our all-inclusive student properties

If your New Year's resolution is to be in control of your finances, why not opt for all-inclusive student accommodation for the next academic year?

UniHomes has an extensive landlord and letting agent network with all–inclusive student properties in cities across the UK. All student houses advertised on our website come with uncapped water and energy plans, so you won’t need to worry about accidentally using slightly more than predicted.

Contact us today to learn more about the all-inclusive student houses available, or look at the properties for rent in your student city.

UniHomes are not a financial advisor. This should not be considered as professional financial advice. Do your own research & consult a professional financial advisor before making any financial decisions.