Money Saving Tips While Living At Student Accommodation Sheffield

Students studying in a different city or country already struggle to fund their lives, but with the cost-of living crisis taking its toll on those on low incomes and the aftermath of Christmas, managing your money while at university can be even more difficult.

However, adhering to certain rules and regulations can help you save a significant amount of money. This guide full of money-saving tips will help you get through this difficult period. 

There are numerous ways in which the cost of living crisis may be affecting you while at university, such as struggling to pay for rent, finding it difficult to pay for food shopping, having to avoid turning on your house heating due to energy bills, having to forego socializing, and so on.

Whatever your financial situation at university is like as a result of the current economic climate, there are things you can do to save your money.

Check out the money-saving ideas listed below.
Make a budget

If you're looking for ways to save money, you have probably already done this, but if not, make a monthly budget that you stick to each month. This way, you'll have a clear picture of what's going in and out of your bank account each month. Also rent a Student Accommodation Sheffield that best suits your budget rather than going overboard.

If your only source of income is your student loan rather than a part-time job, you must be extra careful to budget for the next installment. Keeping track of your spending allows you to see where you can make savings. You'll most likely discover some subscriptions that you could cancel to save money.

Make good use of your overdraft

Student overdrafts are available to you if you require them, and you should use them if necessary, particularly in emergency situations where you require a little extra cash. However, it is important to be cautious when using them because you must eventually repay them and it is not free money. While student overdrafts are typically interest-free, you may be charged if you exceed your agreed- upon overdraft limit, so avoid doing so.

Spend less money on food

Annual food inflation in 2022 reached record highs, so it's no surprise that students want to save money on food shopping. You can save money on your grocery bill by shopping at the cheapest supermarkets, such as Aldi, for the best deals, and even splitting your food shopping with your flatmates.

Another way to save money on groceries is to go shopping at the end of the day when items are reduced - get a cheap bargain to cook for dinner! Cooking your own meals rather than eating out or ordering takeout will undoubtedly save you money.

Use public transportation

Another tip for saving money while at university is to use public transportation. It's all too easy to choose Uber over waiting in the cold for the bus, especially if you tell yourself it's "just a few quid more," but these few pounds add up over time. It will make a significant difference in your bank account.