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Six tips to help you save

How to start saving as a student

From earning extra cash to labelling your savings, we’ve put together some practical tips to help you make the most of your money.

Feeling strapped for cash? There are easy changes you can make to help you save and earn a little bit extra. Read our six tips on how to give yourself a money makeover .

1. Earn a bit of cash 

Nearly 70% of students1 now work part-time to earn money and it can be a good way to bring in some extra cash. If you work in a restaurant or bar, the hours may be flexible and you’ll often get meals thrown in too; while some clothing stores offer employees discounted rates on their clothes. If you like sharing your opinion, why not get paid to do it and put yourself forward for a market research project? Companies, such as Saros, can pay anything from around £30-£100 a time. Or make the most of your studies by sharing your expertise with younger students by becoming a tutor. There are lots of resources online to help you find out how to go about it. You can set your own rates and you’ll get a sense of satisfaction from helping others too. 

2. Set a savings goal

Studies2 have suggested that separating money in our minds helps us save more. So, if you want to have enough for a weekend at a festival, it’s a good idea to open a savings account (if you haven’t already) and allocate money specifically to that. If you see the words ‘Festival money’ on your bank balance, it gives you a clear goal to follow and an incentive to save. Plus, you may be able to earn interest on your savings. You can set up standing orders in Barclays Mobile Banking3 – find out more about setting a savings goal in Barclays Online Banking.

3. Prepare for an internship

Internships are a great way to get relevant work experience and make contacts, but they can be tough financially. If you do manage to find temporary work at a company you are interested in, don’t be afraid to ask about money. The majority of internships should pay you at least the minimum wage, advises Howbox. Check out what a company offers in terms of expenses, and consider asking if you could start a shift slightly later so that you can save money on peak travel costs.

4. Work abroad 

Everyone loves a holiday, but they don’t come cheap. With a working holiday you can earn money and benefit from a CV-enhancing experience at the same time. There are lots of companies that can help you with working holiday options around the world. The Save the Student website offers a helpful overview of the opportunities available, and it’s also a good idea to get personal recommendations from friends. 

5. Get help with money worries

If concerns about money are getting you down, don’t struggle alone. Talk to your bank (you can use Call Direct through Barclays Mobile Banking4) and approach your university’s welfare team who may also be able to offer advice. There are charities that can help, too. StepChange Debt Charity, which is working with Barclays to support people with their finances, offers independent advice and help online.   

6. Review your spending 

Getting to grips with your spending can be surprisingly satisfying – especially if you can make instant savings. If you’ve got a service subscription due for renewal, shop around and ask your current provider whether they can offer a better deal than their competitors. You can help work out the best way to save money on utilities with energyhelpline.

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Important information

  1. Student Money Survey 2017, Save the Student, January 2018
  2. Cash by any other name? Evidence on labelling from the UK Winter Fuel Payment – June 2011
  3. You must have a Barclays current account and be aged 16 or older to use Barclays Mobile Banking. Terms, conditions and restrictions apply.
  4. Calls to the Banking Office and the Mobile Banking Helpdesk are charged at the local rate when dialled from the UK, and will be included in any prepaid minutes in your mobile phone price plan.