The main issue that students have while trying to save money is how tiresome it is to balance employment and school. Because of this, most students work less hours so they can complete their coursework. Due to their visa restrictions, international students on student visas are even less flexible as they are only allowed to work 20 hours a week throughout the academic year. The majority of students in the UK make the minimum wage, which is roughly £11/hour. 

The average monthly cost of living for students in the UK is approximately £1,000. This may even be higher for students living in pricey cities like London, Oxford, Brighton, Winchester, etc., in which case their monthly income of approximately £900 is almost equal to their living expenses. Considering this, what is the best way for students to save money in the UK?

I will respond to this issue in this article by offering some money-saving advice that I have found useful while studying in the UK. They will undoubtedly aid you as well.

How Can A Student Save Money The Most Effectively?


Saving money, even for those who are not students, always starts with creating a budget.

As soon as your anticipated money arrives, allocate it to certain costs. Your money will be spent on less important items if you don’t create a budget before it arrives.

Prioritize saving and necessities while creating
budget, such as rent, utilities (if rent does not include bills), school expenses (if you have not paid them yet), phone bills, groceries and food, insurance, and transportation.


Saving money is the only way for a student to make ends meet.

Set aside a portion of your weekly or monthly income before making any purchases. That might be as low as 10%. Discipline is required when saving. I recognize that on a low salary, saving money might be challenging. However, it won’t get any simpler if you start making your ideal wage if you don’t understand how to save on a tight budget.

Budgeting, tracking your spending, and eliminating wasteful spending can enable you to make the most of the money you have left over after saving.

To save, utilize the ‘Pots’ option on the app. Depending on the type of pot you pick, you can construct one for a variety of uses and earn an annual interest rate on your savings of 3.05% to 5.47%. Create a Monzo account right now if you don’t already have one. Opening one takes ten to fifteen minutes, and the entire process is done online.

Open a Monzo account now; the entire process can be completed online in 10 to 15 minutes, and if you use my referral link,, to register your account, you’ll receive a £5 sign-up bonus.
Pots can also be used to divide up your budget. Simply make a pot for each type of spending.

Monzo is an online bank. Like a conventional bank, it functions. That means you can use Monzo for everyday financial transactions in addition to saving and budgeting.

Find the least expensive lodging choice

Rent makes up the majority of our monthly recurrent expenses as students, although there are other aspects as well.

Prior to renting, determine whether renting a room in a school or a purpose-built student apartment (PBSA) will be less expensive than renting a private room. While renting a separate room may appear more cost-effective initially, it may end up being more affordable when you factor in electricity costs and the expense of commuting from home to school.

The majority of student housing is near to the school and includes all bills. The majority of private accommodations aren’t.

Make use of the student discount

There are numerous discounts available to students. Transport costs, cosmetic supplies, clothing, gadgets, fast food, streaming services, network service, deals on health and fitness, hotel reservations, and more were all included. Simply remember to bring your student ID with you when you buy in case the establishment grants a student discount.

Discount vouchers are available for online shoppers upon registration on websites such as Totum, UniDays, and StudentBeans.

Schemes Of Loyalty

While there are certain stores that do not provide student discounts, you can still take advantage of their loyalty programs.

With loyalty programs, you accrue points for each transaction you make at the business. In accordance with the terms of the company’s loyalty program, you can redeem your points for a discount or a free item when you reach a particular total

Make the most of the financial aid that your school offers

The majority of UK institutions, if not all of them, provide financial aid to their students in the form of student grants, scholarships, cost-of-living assistance, coffee coupons, retail vouchers, etc.

If you are qualified, you can apply for any of these positions and save some money.

Keep an eye out for retailers offering the best deals

The cheapest retailers in the UK are Asda, Lidl, and Aldi, according to many reports. I can attest from my own shopping experience that Aldi has the best deals on a wide range of products. Poundland also has great deals on a variety of snacks, toiletries, and household necessities.

Nevertheless, purchased certain goods from less well-known retailers for less money. Thus, when you go shopping, especially for things you buy frequently, compare costs.

Go For Free Shopping

There are a few websites where you can acquire free stuff in the United Kingdom. These websites advertise anything from furniture to appliances for the home to gadgets, tools, and even food items. You can use these websites to see if you can discover someone who is willing to part with the items you wish to acquire before you buy some of the necessities.

How to cut costs on transportation as a student in the UK

Another cost that strains the budget is transportation. Here are a few low-cost travel options for students.

Purchase your tickets for travel in advance

You pay extra when you purchase tickets near the time of departure. To save money, schedule your travels several weeks or even months in advance. Additionally, I’ll suggest getting flexible tickets so you can, if necessary, reschedule your vacation for little to no additional expense.

Obtain a railcard

A railcard entitles you to a 30% reduction on train tickets. Obtaining a railcard is an easy process. To acquire yours, stop by any rail station.

For those who frequently take trains to distant cities, a railcard is especially useful.

Obtain a coach card

Similar to a railcard, a coach card operates. You can save money on coach fares by using a coach card. You might even get a return ticket to anyplace in the UK for just £15 on some days of the week! Coach cards are available solely from National Express, they cost £12.50 annually.

If you reside in London, get an oyster card

30% off adult-rate travel cards, bus and tram prices can be obtained with a student Oyster card. It has benefits and drawbacks. To determine whether getting one for yourself will be worthwhile, please click this link to become acquainted with how the card operates.

Make your food

Regularly dining out is a costly way of life. Making your own meals will result in much lower food expenses. You can find recipes on YouTube if you’re not sure how to make your favorite foods.

Read Also: Why Are Nigerians In Dubai Relocating To The UK And Canada

Frequently asked questions about financial savings for UK students

What is the rule 50-30-20?

According to the 50-30-20 rule, which is a framework for budgeting, you should allocate 50% of your income to necessities (including rent, transportation, and food), 30% to wants (like entertainment), and 20% to savings and debt repayment.

How much savings does the typical student in the UK have?

The average UK student has savings of £1,280, according to

How can a student manage their finances well?

Financial intelligence and financial smarts are synonymous terms that essentially describe having the knowledge and ability to make wise financial decisions on saving, investing, budgeting, and other financial matters.

By acquiring financial literacy, students can become financially savvy.

The Richest Man in Babylon is the most useful book I’ve read on financial literacy because it offers the most advice on how to save, invest, and even pay off debt. If you haven’t read it, you really should.

In summary

Creating a budget, keeping track of your spending, eliminating wasteful spending, applying for financial aid, and setting aside a portion of your pay each month or week are some of the finest strategies for UK students to save money. In addition to these, reading books authored by seasoned financial professionals will help you become more financially literate.

Please share any further money-saving advice you may have in the box below for students. If you think this post is useful, please click on any of the social media icons below to share it with your friends and family.

Leave a comment