Ways to Save for First-Year University Students
According to the National Union of Students, the average cost of living outside of London in the UK runs about £12,056 for students, and upwards of £14,000 or more for those living in the city. A study commissioned by the Sutton Trust found three-quarters of students won’t clear their university loans before they’re written off in 30 years, leaving most students paying their debt well into their 40s or 50s.
Take control of your financial future and make money-conscious decisions starting with your first year of university to keep funds in check.
Here are some ideas on where to indulge and where to save.
Laptop
A laptop is essential for any university student to study, access lessons, and keep in touch with family. But an expensive Mac or PC could run thousands of pounds. Instead, consider getting a cloud-based computer like a Chromebook.
Use your Google account to login to your laptop and set-up documents and presentations in the cloud via Google Docs or an online word processing program. The downside to a Chromebooks is the limited storage and inability to download native apps like Microsoft Word directly onto your desktop. But for a few hundred pounds, it may be worth the inconvenience of figuring out a cloud-based option for your word processing, photo editing, and studying needs.
Vehicle
Living outside the city can shave hundreds off your monthly rent and bills. A vehicle will probably become a necessity to get to class and work, however. Skip the new vehicle and save by investing in a used one instead. Get started by taking a free mock theory test on TopTests.co.uk while prepping for the DVSA driving test.
Next, visit a carpooling site like Carpooling.co.uk to organize rides with other students, and share the cost of fuel and other fees.
Mobile
Wait to purchase an iPhone post-graduation to get the very latest version. Choose a pay-as-you-go plan to stay on top of your spending and to avoid excessive, unexpected fees.
International students can make overseas calls with the Ringo app, which converts international calls by using local phone networks. This way, calls are typically 25 percent cheaper than Skype and there’s no need for a web connection.
e-Reader
Dragging around textbooks and other materials can put a strain on your back and commute. Invest in an inexpensive e-reader that can load up your lessons and study materials in one place without the need to haul around multiple books. Most e-readers can also be used to hop online and access email and class schedules as well.
Combine this technique with a cloud-based computer to stay connected for a fraction of the cost of an expensive Kindle Fire or MacBook Pro.
Online Storage
File away your documents, photos, and videos in cloud-based online storage. Check out Dropbox or Google Drive for free storage options and share your uploaded material as needed. Cloud storage is also a wise choice if you want to avoid bringing your laptop to university each day, or in the event you need to access a document last-minute.
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