Top 10 budgeting tips for students and graduates

When you’re a student, money is tighter than a hug from Dwayne “The Rock” Johnson. And graduating doesn’t make things any easier! Financial juggling is a must.

At uni, you have to balance study with a part time job. That’s enough of a challenge in itself, without worrying about day-to-day costs and those dreaded bills.

Graduates are venturing out into the “real world” for the first time. They’ve got to find secure work, while establishing themselves in an increasingly tough marketplace.

Our comprehensive guide gives you tried and tested tips about budgeting for students and graduates. From saving pennies to making pounds, it’s all here…

10. Banking

Just as finding energy providers can be a bit of a minefield for unwary customers, so banks can be a similar pain in the backside. Having the right sort of account is key.

Price comparison sites are a great first port of call if you don’t know where to start. Banks are trying to attract new customers all the time, so be aware of the best deals.

9.Budget

An article about budgeting tips wouldn’t be complete without a mention of how budgets work. It’s a skill that, once mastered, will help you the rest of your life!

It’s easier than you think. Ingoings, outgoings and all the fiddly stuff in between is made much simpler with money apps. A selection of these can be seen here.

8. Cash

Nights out can be expensive, especially when the alcohol starts flowing. A good tip if you enjoy a trip to the pub is carry a limited amount of cash rather than cards.

Plastic + pints = a nightmare, so avoid draining your bank account by hitting the brick wall of empty pockets! (Just make sure you don’t jangle and attract muggers.)

7. Cashback

A no brainer when it comes to budgeting is cashback. It’s straightforward and adds extra cash to your balance with a minimum of effort. Who says no to free money?

How does it work? You sign up (this should be free) to a provider like TopCashback or Quidco, who then reveal those cashback deals.

Extra bonus: When you sign up to TopCashback you can get a free takeaway from Just Eat!

6. Coupons

You may think coupons are just scrappy bits of paper, but there are also digital versions for your smartphone. There are plenty of guides out there on how this works, such as this one on Money Saving Expert, so that you can decide if this is right for you.

5. Energy

Energy is a major factor to think about when you’re a student or graduate. Finding the right energy provider for you is a fiddly process but one made easier with comparison sites and energy switcher services such as Look After My Bills.

We know what you’re thinking. My bills are too high! If you share a house or flat you can maybe divide the cost more effectively between you with an app like Splitwise.

You can also save energy by doing simple things like switching lights off, wearing jumpers and not leaving your taps running. For more information you can read this guide on USwitch.

4. Entertainment

Everyone needs some downtime, and thankfully there are numerous low cost options for students or graduates who want a quiet night in with a boxset or some albums.

Amazon do some decent deals for students, offering free access to their entertainment package for 6 months. Streaming contracts can generally be cancelled anytime. If you are just about to graduate, then consider grabbing these deals before its too late.

3. Food

It’s a fact of life. Good food is essential, but it’s usually pretty expensive. Yet with a bit of planning, you can get things cheaper. There are a few ways of doing this.

As well as looking around for the best deals on separate items, you can go online to find free resources, telling you how to create delicious and cost effective meals.

Doing your shop later at night, when stuff like bread is significantly reduced, certainly helps. Also, buy frozen veggies rather than the fresher, more perishable kind.

2. Travel

Another thing that hurts your finances is travel. Crack down on costs with a 16-25 Railcard, which gives you a third off journeys. Plus, if you can walk or cycle there, do so!

For longer trips, National Express or Megabus provide coach travel that takes you across the country for as little as a few pounds.

1. Wombling

Every little helps, as a famous supermarket once said. And you can be like the little Wombles of Wimbledon Common by doing some wombling at the supermarket.

Just as they looked for discarded things, so you must search for receipts that contain rewards and points you can use to your advantage!