So, you want some student money-making and money-saving tips? Keep reading for 10 Things To Do If You’re a Student With No Money.
We’ve all been there. Students are dealing with rising tuition fees, rising rent and living costs, and we all struggle with money. I’ve been a student in London for the past five years, so believe me, I know.
I’ve previously shared tips on how to save money as a student, hacks for life on a budget, cheap alternatives for holiday accommodation, and budget-friendly tips for fashion. This time I’m writing about what to do if you’re a student with no money, I hope you find it useful.
10 Things To Do If You’re a Student With No Money
- Ask Mum & Dad (or Grandparents). I’ve got four younger brothers at home so I generally avoid this unless I’m truly desperate (yay for rent deposits and letting agent fees), but remember that your family do love you and want to support you.
- Check if you’re eligible for any bursaries from your university or college. I got the “King’s Living Bursary” from King’s College, because my parent’s household income was low enough to qualify. This gave me an extra £1500 grant per year, plus £350 for graduation costs. Without this, I don’t know what I would have done! Living as a student is hard enough, let alone a student in London.
- Look for part-time or casual jobs. It’s hard to have a job and be a full-time student at the same time, but a lot of us have no choice. I’m lucky to have a part-time job from 10am-4pm, 5 days a week, which fits nicely around my Master’s degree. I won’t lie, it was hard to manage working during my third year Undergraduate exams and dissertation. During my first and second years at uni, it was pretty much impossible to have a job, due to the random lecture times I had, but third year involved a lot more independent study, so I got a job. A lot of my friends are on part-time or casual work contracts, and the regular income on top of our student loans helps so much. If you don’t have the time to find a job, why not earn some extra money online? I’ve written a blog post all about the ways I earn extra income online with minimal effort!
- Quit the gym. Unless you love going to the gym, or you totally need all the equipment there, why not quit that monthly payment of £20+ and run around the local parks or cycle? I enjoy following pilates and yoga YouTube videos at home, they’re free!
- Sell your clothes. Whenever I’ve needed a bit of extra cash, selling a few unwanted clothes or shoes has worked out well. I use Depop or eBay usually, but don’t forget that they take a commission. You could always try Facebook or Gumtree too!
- Buy & Sell / Upcycle. For this you’ll probably need a small amount to invest, but you could always pick up some furniture for free on Freecycle (which is totally awesome by the way), then resell it after cleaning or repainting. I’ve been meaning to try out something like this for a while, Shabby Chic furniture is so cute! You could always do the same with vintage clothes.
- Matched Betting. This sounds dodgy as hell, but I promise it isn’t. Thanks to Yesbets, an awesome website that tells you exactly how to match bets, you can earn a lot of profit. You need a bit of upfront money in order to place and match the bets, but then you get a lot more back. In June I made exactly £217.32 in profit from this! You can sign up for a free month of Yesbets here. It’s probably best if you have a look yourself instead of me trying to explain it, but basically, you take advantage of free bet offers from various betting sites.
- See if you can increase your overdraft. Student accounts generally have awesome free overdrafts (mine is £2000 at Natwest), so make sure you’re on the maximum possible. If you’ve been a student for a certain amount of years, many banks offer a larger free overdraft. I also have an overdraft in my Monzo account.
- Never go above your free overdraft limit. This is so important. Banks charge you an insane amount if you go over your limit! If you’re in desperate need of money, you’d be better off getting a payday loan than going beyond your overdraft limit. Yes, I’m serious. I’m not really an expert on credit etc, but CashLady* provides loans for those with bad credit. Make sure you’re careful and pay back loans on time, or you’ll be in real trouble!
- Get a 16-25 railcard! I got one free when I opened my student bank account, but even if you have to buy one, it’ll save you so much money when travelling home to visit family. Or you could get the Megabus, it’s so cheap! It took me forever to get from London to Exeter on the Megabus, but it saved me a lot of money.
Bonus Tip & November 2019 Update: Why not invest in professional personal finance advice? Gaining advice on saving money, paying off debt, and increasing credit score are fundamental to life, yet we’re not taught this at school?! Hmm.
I took it upon myself to learn about these important things for my future, with help from the Master Your Money Super Bundle from Ultimate Bundles. I’ve mentioned before on the blog that I love their curated resources and easy-to-use printables / cheat sheets.
The Master Your Money Super Bundle costs $49.97 (£28.66). The value of these products, including ebooks, courses, workbooks and printables comes to $1207! (£933.74).
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That concludes my list of 10 things to do if you’re a student with no money! What are your student money-saving tips?
Thanks for reading,
*this blog post contains a sponsored link to Cash Lady, but all opinions are my own, this is not an ad, and this blog post was written by myself.