As university students, most of us have had to skimp and save at some point. And when we compare ourselves to influencers and crypto investors that are thriving, whilst we’re barely surviving, it can fill us with an overwhelming sense of doom and failure.
But the truth is, you don’t have to make it big to turn surviving into thriving. Small changes, looking for savings, and good habits can lead to big wins!
Daily caffeine kick
Sleep deprived, caffeine high uni students – like me – are well-known for splurging the cash on a daily caffeine kick, or for an aesthetic post. Whilst you could skip that coffee, let’s be realistic, that’s not likely- so you can follow my tips and save a bit of dough.
- Bring your own cup for discounts and rewards: Starbucks will reduce their prices by 25p, and Costa give you two beans (that’s like buying two drinks!).
- Ask for student discounts: Blacksheep have £2 hot drinks on Mondays and 20% off the rest of the week. And remember, it’s always better to ask and be refused, than not to ask and miss out on savings.
- Cheat the system: If you download the Moves+ app and connect it to a fitness app like Strava or Google fit, it will convert your physical activity into points that you can exchange for coffee (or cake) at any King’s food outlet. To get points extra quick, you can record bus, tube, and plane journeys as a run, and these get added onto your account. I recorded my flight to Tenerife and now have the equivalent of 300 free coffees!
Fast Fashion
We’ve all bought that statement piece, only to regret it as soon as we get it home. Fast fashion is bad for your pockets and the planet, but try my little saving tips, and you’ll soon be able to thrive.
- Avoid impulsive buying: instead of buying the item there and then, leave it for a few days, think about whether you really like it and if you have items that would go with it. If you still like it, then buy it.
- Ask for student discounts: whether you’re online or in-person, student discount can save you a small fortune when it comes to fashion. For example, Hollister have a 10% student discount.
- Shop second-hand: it’s even becoming trendy! Why not browse all the charity shops London has to offer or explore the wide variety of fashion on online platforms such as Vinted.
Cut the cost; nourish the body
Eating out, like our daily caffeine kick, can drain our bank accounts quickly, and the food we eat out isn’t always healthy. So, try and switch things up to make some healthy savings.
- Meal prep and bulk batches: You could make your meals for the week on a Sunday or a Monday. Then you don’t need to worry about what to cook after a busy day at Uni and won’t end up eating out. Making these meals freezer friendly is good in case you over prep or end up eating out with friends.
- Save food from waste: Using apps like Too Good to Go can give you some cheap treats and help combat food waste. So, not only are you saving money, you’re saving food!
You might like to put the money you save into (virtual) piggy-pots for bigger spends like a house deposit, holiday, or emergency fund.
These savings, however small do add up. The average Londoner spends £2,000 a year on coffee, so even dropping the caffeine kick every other day will save you £1,000. That doesn’t sound like surviving to me – that sounds like thriving!
Hope Jeffcoat
King’s Student Money Mentor
Part of Money & Housing Advice
The King’s Student Money Mentors blog shares our students’ personal experiences and thoughts on money-related topics. Any reference, opinions or recommendations on a particular company/brand are only the views of the student(s) who wrote the blog post. King’s College London, the Money & Housing Advice service and the Money Mentor project do not share the views in the blogs nor endorse any of the companies mentioned. Readers should conduct their own research before using any companies mentioned in our blog posts.