Cutting your costs
With limited income it can seem difficult to make your money stretch as far as it needs to. With some careful planning, such as having a budget and sticking to it, looking at ways to increase your income and trying to cut your costs it can help your money go that little bit further.
It is essential that you prioritise your spending and identify the items that you must pay for such as rent, bills and food. By working out your essential costs first you will be able to see whether you have got money leftover for non-essential items such as nights out or new clothes. If you are not sure where to start with prioritising your spending why not make a list with two columns headed ‘Have to Buy’ and ‘Choose to Buy’ (PDF: 25.9KB).
Ways to cut your costs
There are lots of really easy things that you can do to help cut your costs. Some ideas to help you make cutbacks are listed below but for more ideas take a look at our budgeting and money management resources.
General Tips
- try having at least one spend free day each week
- make sure you have insurance and that the policy meets your needs - scrimping on insurance might seem like an easy way to save some money but it will cost you an awful lot more to replace lost, stolen or damaged items
- don’t use credit or store cards
- if you have run out of money avoid turning to payday loans. Speak to us about our discretionary short-term emergency loans.
- withdraw your weekly allowance at the start of each week to help you keep track of your spending
- if you anticipate having health related costs make sure you complete an HC1 form to see if you can get help towards these costs.
Useful links:
Superscrimpers
Money Saving Student
Money Saving Expert
Food
Reducing your spend on food is probably one the easiest things you can do: Why not try some of the following?
- when food shopping choose value brand goods over premium branded goods.
- Take a look at our shopping basket challenge to see how much it could save you. (PDF:538KB)
- try local markets instead of supermarkets for purchasing fruit, vegetable, meat and fish.
- look out for discounted and reduced items in supermarkets
- plan your meals and do a weekly shop
- set up a ‘kitty’ with housemates for shared goods like toilet rolls, bread and milk . Use our ‘kitty’ sheet (PDF: 45KB) to help you agree on what items should be included in the house fund
For more ideas take a look at our Money Saving Tips - Food (PDF: 139KB)
Useful links:
Student Nosh
Student Recipes
Economy Gastronomy
Entertainment/Socialising
- look out for offers, vouchers and deals to help you save money
- set yourself a spending limit on a night out and only take out this amount of cash with you - leave your bank cards at home
- there's lots of stuff you can do for free
- try getting fit for free
For more ideas take a look at our Money Saving Tips - Socialising (PDF:35KB)
Useful links:
Student Beans
NewcastleGateshead Deals
Money Saving Expert
Vouchercodes
Course costs
Don't dash out and buy every book on your reading list.
- use the University Library
- buy second hand text books
- set up a pool for sharing text books with friends
- make sure you return library books on time to avoid unnecessary fines
For more ideas take a look at our Money Saving Tips - Course (PDF:75KB)
Travel
- think about buying an annual travel pass to help cut your travel costs
- try and plan your travel as far in advance as possible to take advantage of cheap tickets and deals
- walk wherever possible - its good for your wallet and your health
For more ideas take a look at our Money Saving Tips - Travel (PDF:232KB)
Useful links
Red Spotted Hanky
Trainline
Megabus
Utility Bills
- make sure you shop around and get the best deals on your gas and electricity
- turn down your thermostat
- don't leave appliances on standby to reduce fuel bills
- for information about energy usage see the EON guide (PDF:107MB)
For more ideas take a look at our Money Saving Tips - Utility Bills (PDF:30KB)
Useful links
Compare the Market
Go Compare
MoneySupermarket
Mobile and Broadband
- use a pay as you go mobile and limit your calls
- if you are an international student take a look at our guide to making international calls
- shop around and make sure you are getting the best deal on your broadband
Useful links
