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Posted Feb. 24, 2014

Things Postgrads Can Do To Save Money

Things Postgrads Can Do To Save MoneyIt’s no secret that being a postgraduate student can be a costly business.

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From the substantial tuition fees to the rising cost of living, not to mention the inability to earn a full-time wage whilst your time is dedicated to your postgraduate studies.

So, how can you live in a more cost-effective manner as a postgraduate student?

Here are some useful ways you can save money whilst studying your masters degree.

Ditch the drinking

Alcohol can be expensive and it can also get in the way of your studies. Why not ditch the drinking, save money and be a bit healthier all at the same time?

We’re not suggesting you give it up for good – although that is no bad thing. Instead, why not do a Dry January cleanse or sign up for Sober October? You could even just make a rule not to drink on weekdays.

Don’t buy designer labels

Yes, they might look great. Yes, you can show them off to your friends. Yes, they might come with a huge brand name across the front, so no one is in any doubt as to what you're wearing.

Unfortunately, designer clothes and brand labels come with hefty price tags and, much as you can try and convince yourself that you could afford those £200 jeans, as a postgraduate student you probably can't.

Instead, shop smart at your local charity shops and markets. Pay for the clothes, not for the label.

Give up the gym (it's not what you think)

Maybe you work out, maybe you visit the gym regularly, maybe you have a routine and you stick to it. If that's the case, this money-saving tip is not for you.

This is for those of us that like the idea of the gym, pay the extortionate prices for the rolling contract and then only go twice. If you're even a tiny bit hesitant, it’s better to spend a fraction of the money on some running shoes instead. Once you have all the kit, running in the great outdoors is completely free – and just as good for your student wellbeing.

Give up the fast food (it's exactly what you think)

It tastes good at the time, it's easy and you can't beat it after a night out. However, it's fairly common knowledge that fast food is bad for you, as well as being a drain on your finances – so give it up.

That way, when you do splurge every once in a while, it will taste that much better. Everything in moderation, right? And the best bit – eating better can make you study better (no, really!).

Turn down your heating

There is nothing more wasteful than leaving the heating on when you’re out at lectures all day. In fact, this could be costing you a huge amount each month on your energy bill, and it is also costing the planet's health – so just stop right now!

And if it gets chilly when you’re at home, try putting on a jumper, or a slanket, or a snood, or anything else warming that takes your fancy. It is much more energy efficient to warm your body than to warm an entire house.

Cut it out and you'll be surprised just how much you can save for your postgraduate piggy bank.

Switching off your lights

It has to be the oldest tip in the book, but for some reason people still remain reluctant to turn off the light when they leave the room.

This also applies to the television, laptop, CD player and any other device that is plugged into the mains. Talk about wastage. Electricity costs you money and leaving things plugged in and turned on uses electricity.

Stop the drafts

A drafty student home could be costing you more money than you think.

The good news is that there are simple solutions to all drafts. If it is coming under the door, simply roll up an old towel and block it off, or if you are lucky enough to still own one of those old school door snakes, dig it out and put it to good use. If there is a draft coming in from the window, get hold of a pair of heavy-duty curtains from a charity shop and cover up the entire window space. Don't let those pesky drafts get away with it!

Look out for offers

As a student, especially throughout Freshers’ Week and beyond, you should be able to access free stuff and events where food and drinks are free. Keep your eyes open and your hands receptive to leaflets that are thrown at you (if they are unsuitable, the worst is that you have to throw them in the recycling bin).

And don’t forget that as January start dates are increasingly popular, Freshers’ Week can sometimes come twice a year – as can the student offers.

Also, when you are a student there are some great schemes on loyalty cars such as Tesco Clubcard or the Nectar Card.

Apply for scholarships and bursaries

There is only so much money you can save by economising, so it’s worth looking into scholarships and bursaries to help with your postgraduate funding. In some cases, these could completely cover the cost of your degree or at the very least, give you a substantial contribution to your costs.

For starters, you could apply for one of our Postgrad Solutions Study Bursaries worth £500 towards your postgraduate tuition fees.

Join Freecycle

If you are not familiar with Freecycle, then you are missing out on a potential goldmine of free stuff.

By joining your local Freecycle group, you can be part of a network of people who are giving away all sorts of stuff, completely for free! You'll be amazed at the things people are willing to give away! From bikes, TVs, laptops, books, clothes, furniture, mobile phones, and just about anything else you can think of. You can even post up requests if you are looking for something specific.

It's the perfect way to kit out your new postgraduate house, boost your wardrobe or even replace your old television, without having to dip into your already overstretched postgraduate funds.

Put your credit card on ice

No, this is not just a catchy title to get you to stop using your credit card, we literally mean card + water + freezer = block of ice! And no, we haven’t gone mad. This will prevent you from making any hasty purchases on your card before you have had time to think it through.

Money saving know-it-alls say that the safest way to shop is to walk away from something and give yourself time to mull it over. You'll find that the majority of the time you don't want to purchase something once you've had a chance to think about it properly – and waiting for your credit card to thaw out will give you that opportunity!

And finally… the simple methods are the most effective

When it comes to money saving ideas, people always seem to get carried away trying to come up with really complicated new ideas, when in fact some of the simplest money saving methods that have been around for years are actually the most effective.

These include things such as taking a packed lunch with you, walking or riding your bike to university, buying own-brand foods and having a few drinks at home before you go out.

Yes, there are other ways of saving money, but you should be doing all of these things as standard – so if you are not, start right now and reduce your postgraduate living costs.

Related articles

Postgraduate Funding Guide

General Living Costs

Postgrad Solutions Study Bursaries

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