Which? Money-Saving Monday: How to save as a student

As the cost of living crisis continues to bite, many university students will be looking for ways to cut back. 

A recent study by the National Union of Students (NUS) found that a third of students are living on less than £50 a month after paying rent and bills. With the cost of living soaring, 96 per cent of students are cutting back on spending as a result.

Which? has found nine tips for students wanting to save money while they study.

1. Choose the best student bank account

Choosing the best student bank account should be a priority. When looking for an account to suit your needs, Which? recommends finding one with a generous 0% overdraft that lasts for the length of your course. Student bank account providers offer different perks and offers – so it’s worth making sure you get the deal best suited to you. For example, Santander offers a free four-year railcard which is worth around £90 but it doesn’t offer the largest interest-free overdraft and you’ll need to pay in £500 per term. While NatWest offers one of the largest overdrafts for first-year students, the freebies, such as its one-year Tastecard membership, aren’t as valuable. Other accounts offer cash incentives of up to £100.

2. Consider what kind of laptop or computer you need

Most students find a laptop, rather than a desktop computer, better for university as they’re easy to carry around and don’t take up too much space. Don’t overspend on a laptop that’s too powerful for your needs. Between £250 and £400 should be enough if you’re only going to be researching and creating Word documents. It’s worth searching for student discounts and deals on laptops. For instance, Lenovo offers up to 30 per cent off for students, but you might need to show a valid student ID. You can often find the best deals direct from manufacturers’ websites. For example, HP offers £150 cashback if you trade in an old laptop for a new one. Buying second hand or refurbished laptops is another way to save.

If you plan to work from home most of the time and you’re on a tight budget, a desktop computer might be a cost-effective option, especially if you already have a computer monitor, keyboard and mouse. Desktops typically have a faster processor, more ports and more RAM and storage, compared to the same-priced laptop.

Most universities have computers around campus for students to use, and some have laptops that can be used in their libraries.

3. Find out what additional support is available 

Most universities offer additional financial support, particularly  – although not exclusively – to students from lower-income families. The most common examples are bursaries and scholarships to help with some or all of a student’s tuition fees or living costs. Companies, charities and special-interest groups are all common sources of funding, too. Bursaries and scholarships may be awarded based on academic merit (i.e. achieving high grades at A-level), a talent or skill, and extracurricular achievements.

If you have a disability or dependants who rely on you for care or financial support (for example children, or parents you care for), you might be eligible for grants or allowances to help you. Students will be asked about this when applying for student finance, but it’s worth researching what your university, charities and other groups offer, too.

4. Share subscriptions with your flatmates

Lots of student accommodation doesn’t come with a television or TV licence, and many students rely on streaming services as a result. You can cut this cost by sharing streaming subscriptions within a household. Most services have plans that could help users save money, without losing their personalised features. For example, Spotify offers a Premium Duo plan for £13.99 a month for two people in the same household, saving £71.88 a year compared to the price of two individual subscriptions.

For larger households, the Spotify Premium Family plan for £16.99 a month allows up to six users to get premium benefits, saving a whopping £515.40 a year over six individual subscriptions. Amazon Prime also allows users to share benefits with another person in their household, halving the cost of having two separate accounts.

5. Buy books second hand 

Students will no doubt be presented with a long list of books that they’ll need to buy as part of their course. Tutors often insist you buy them all, but it might be worth checking how many are mandatory and how many are ‘nice-to-haves’. Find out if any necessary books are available in your library to borrow, or if the relevant bits are available online to download for free. Some departments have their own second-hand book schemes, and many university bookshops sell second-hand copies as well. It could also be worth searching for cheaper second-hand copies on online marketplaces.

6. Find student discount codes

It’s always worth checking if you can pay less with a student discount, whether you’re going out for a pizza with friends or treating yourself to a new pair of jeans. Discounts can range from around 5 per cent to 40 per cent, so there are often big savings to be made. While students can typically use their physical student card in shops and restaurants, there are also online cards and schemes you can sign up for such as Totum, Tastecard, Unidays, Student Beans and International Student Card. Each service offers its own exclusive online discounts, so you’ll get different deals with each.

7. Look for freebies

Several companies offer freebies for students, so it’s worth searching for the best ones. For example, Amazon Prime offers six months free when you sign up to an Amazon Prime Student Trial. Students can also sign up for Microsoft’s Office 365 Education for free with their university email address. McDonald’s also offers a free cheeseburger, mayo chicken, or McFlurry Original when you buy any extra value or wrap meal and show a valid student or Student Beans ID.

8. Save money on bills 

While those living in student accommodation will likely have their utilities included, students living off campus usually need to pay for this themselves. Think about ways you could reduce energy use for cheaper bills, such as cooking with housemates, charging your laptop on campus and not leaving gadgets on standby. Students are also exempt from paying council tax.

9. Save on transport 

There are several ways to save on transport as a student. For example, the 16-25 railcard gives a third off rail journeys for just £30 per year, or £20 a year if you purchase via the Trainline before 31 August 2022. You can also buy a railcard with £10 of Tesco Clubcard vouchers. National Express offers a Young Persons Coachcard for £15 that grants a third off journeys as well. It’s worth checking if you can get local travel cards or bus passes – different cities around the UK will have different options. It might also be cost-effective to take a bike with you to save on transport costs. Some universities have their own bike loan schemes, so it’s worth checking when you arrive.

Reena Sewraz, Which? Senior Shopping and Money Editor, said: 

“University is already expensive and the rising cost of rent, food, energy and train fares, as well as books and other student essentials, means that many will be feeling the squeeze and looking for ways to cut back.

“There are ways to stay on top of things. Try sticking to a budget to keep track of your spending. Find a student bank account that offers a decent 0 per cent overdraft and perks that meet your needs. You can also save in a wide range of shops and restaurants with student discounts and offers – so it’s always worth keeping an eye out for deals.”




Notes to editors: 

  • Over the coming months, Which? will be highlighting free and useful money-saving advice every Monday to help consumers manage the ongoing cost of living crisis. The series will cover a range of topics, from how to save money on household bills, to childcare and travel.
  • A July 2022 survey by the National Union of Students (NUS) found that a third of students are living on less than £50 a month after paying rent and bills, as the cost of living continues to soar. A survey of 3,500 university students, college students and apprentices across the UK revealed that more than one in ten are accessing food banks, and an increasing number are turning to their savings, credit cards and bank loans.


Further reading: 



About Which?

Which? is the UK’s consumer champion, here to make life simpler, fairer and safer for everyone. Our research gets to the heart of consumer issues, our advice is impartial, and our rigorous product tests lead to expert recommendations. We’re the independent consumer voice that influences politicians and lawmakers, investigates, holds businesses to account and makes change happen. As an organisation we’re not for profit and all for making consumers more powerful.

The information in this press release is for editorial use by journalists and media outlets only. Any business seeking to reproduce information in this release should contact the Which? Endorsement Scheme team at endorsementscheme@which.co.uk.

Press Release