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Whether you’re a new student here in Dublin or you have been here for years, budgeting is an important part of college life. Some students balance a part time job with their studies. Others work for the summer and save up for the college year. Whichever option is for you, learning to budget will help you throughout your time in college and it is also a great skill to have for your future. Here I have compiled my top 5 money saving tips to ensure your money goes a long way during your studies.
1. Budget
It may sound boring, but setting yourself a budget each week or month can save you serious cash. First, write down all of your necessary spending each week, such as groceries and transport. Next, write down all of your additional spending, such as extra curricular activities and socialising. This should give you a good idea of how much money you will need to survive each week. To make sure you stay within your budget, keep track of your spending. Many apps out there will help you do this, such as Revolut. They will show you what you spend your money on each week so you know where you can cut down on unnecessary spending. Of course, sometimes we need to make purchases that we didn't budget for, and that's okay too. If you overspend one week then try to under-spend the next. You'll be back within your budget in no time!
2. Bring your own lunch
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While eating out every day can be tempting, the cost adds up quickly. Instead, bring a packed lunch each day. Most universities have microwaves around campus if you are bringing in food that needs to be heated. You can also vary the food you bring each day instead of being stuck with the same choices on campus. This is also great for people with food allergies or a food intolerance as you know exactly what you are eating each day.
If you enjoy a coffee or tea each morning, try to bring this with you from home too. Coffee on campus can be expensive and will eat into your budget. By making your coffee at home and bringing it into college in a reusable cup, you are not only saving the environment, but you’re also saving yourself money.
3. Use your student card for discounts
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Once you become a registered student, you will receive your student card. Many shops and websites offer student discounts when you present your student card. For instance, Topshop offers a 10% student discount, even on sale items (topshop.com, 2020). If online shopping suits you better then the UNiDAYS app covers this too. UNiDAYS links with your student email to prove you are a student. They offer amazing discounts such as 30% off Pretty Little Thing and 15% off Feel Unique (myunidays.com, 2020). They also have limited offers every so often such as 20% off H&M or even up to 55% off Misguided. All you have to do is show the UNiDAYS app in store or enter a discount code online.
Another money saving hack is called Honey. Honey is an extension you can download for your Chrome browser. Once you reach the checkout whilst online shopping, Honey will search the web for discount codes for the website you are buying from. Honey will automatically apply any discounts it finds to save you money without hassle.
4. Get a Student Leap Card
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If you are a student in Dublin, more than likely you will be using public transport. A Student Leap Card is a great way to save money on your commute. For instance, if travelling to university by bus, the normal cash price for the majority of journeys is €3.00. However, with a student Leap card it is only €2.25. Whilst you do need to pay for your Leap card, this is a once off payment each year and the discounts will recover the card cost in no time.
Student Leap cards also apply “capping” to your card. This means that each day, if you use only one mode of transport, your leap card will not charge you more than €5.00 (leap.ie, 2020). This is great for anyone who needs to take more than one bus or one luas to college. Student Leap cards also cap at €20 a week if you use only one mode of transport. If you need to use two different modes of transport during the week, e.g a bus and the DART, your leap card will cap at €7.50 a day and €30 a week. This means that you do not need to spend more money than you have to. Student Leap cards also offer discounts in stores and restaurants such as Boots, Deliveroo, and Milano. Visit studentleapcard.ie to learn more and get your card today.
5. Open a Student Bank Account
(Source: studentmoneysaving.com)
In university you will need a bank account. Setting up a student bank account will save you a lot of money in the long run. Most banks charge fees to withdraw money from an ATM, to transfer money, and even to keep your account open. With a student bank account, most banks will not charge you fees. This means that withdrawing money from an ATM or transferring money is all free!
And there you have it, our top 5 tips for saving you serious cash in college!