Skip to main content
Phone Icon Call free today: 0800 043 1320

Write off debts you can't afford

Find out if you're eligible now.

21/09/2022

How students can tackle the cost of living crisis

SHARE

The ongoing cost of living crisis is having a devastating impact on everyone’s finances but with little income to cover the rising cost of living, students are being hit particularly hard.

There is a misconception that young people have no money because they waste it on nights out, clothes and other seemingly pointless items but with no time to work a full-time job and accommodation costs at an all-time high, it’s a challenging time for students.

 

The ongoing cost of living crisis is having a devastating impact on everyone’s finances but with little income to cover the rising cost of living, students are being hit particularly hard.

There is a misconception that young people have no money because they waste it on nights out, clothes and other seemingly pointless items but with no time to work a full-time job and accommodation costs at an all-time high, it’s a challenging time for students.

In this article, we’ll outline how students can tackle the cost of living crisis with further price hikes expected in the upcoming academic year.

Why choose Carrington Dean?

  • Write off unsecured debts over £5,000.
  • Stop interest and charges soaring.
  • Reduced payments from £85 per month.

Plan your meals

If, like most students, the majority of your money goes on overpriced takeaways or last-minute food shops, planning your meals in advance can help you save time and cut costs.

From meal-prepping to writing a shopping list, a little bit of organisation can go a long way and prevent you from wasting money on unhealthy frozen meals or being tempted to order a takeaway when you’re pushed for time.

This can also free up more time to spend on those all-important studying sessions because sometimes doing a food shop and cooking dinner is the last thing you want to do after a full day in the library.

If you don’t know where to start, there are plenty of resources out there with cheap recipes, meal prep guides and supermarket tips to help you get the most bang for your buck and bag the best bargains during your next weekly food shop.

 

Walk to class

The cost of living crisis has impacted everything from food to fuel but the price of public transport has also skyrocketed in recent months due to record-breaking inflation and wholesale fuel costs.

However, with most students relying on public transport to get around and a growing number of student accommodation buildings being built on the outskirts of towns and cities, you could be spending a staggering £600 a year just to get to and from campus.

If you can, walking to and from class can save you hundreds of pounds a year and ensure you’re getting out for some much-needed fresh air between back-to-back studying sessions.

There are also some apps that can reward you for getting active, like Sweatcoin, BetterPoints and winwalk, by exchanging digital coins for vouchers than can be redeemed at a whole host of well-known brands including Costa, Netflix and Primark.

 

Get a part-time job

If you can, getting a part-time job that works around your studies can be a great way to earn some extra cash, keep yourself busy and get your foot into the door of the working world before you graduate.

The most popular jobs for students tend to be in shops, restaurants, cafes and, if you don’t mind the late nights, bars and nightclubs due to their ability to be part-time, flexible and fit around the busy, and often unpredictable, schedule of a student.

However, you must ensure you’re getting paid the minimum wage for your age, paid accordingly for the hours you work and compensated for hours that aren’t accounted for in your wages.

How we helped Yvonne

“I never thought I’d be in this situation in a million years but knowing that I had somewhere to turn for support and the arrangement has been an absolute life saver. It has made a huge difference to our financial situation."

Yvonne, Wishaw

Get help like Yvonne did

Sell unwanted items

Do you have any belongings you no longer want or need? Well, selling them on an online marketplace (like eBay, Vinted or Depop) can help you earn some extra cash and free up some space in your room. What’s not to love?

From clothes that no longer fit you to furniture that’s too big for your student dorm, there’s a market for almost everything and there will always be someone willing to give your pre-loved items a second chance.

This can help fellow students in a similar position to you that are looking to bag a bargain and get more bang for their buck when times are tough and everyone is struggling.

If there are some items that just won’t budge, taking them to a charity shop or clothing bank can ensure that, even if you don’t earn something from the sale, someone else can benefit from your unwanted items.

 

Ask for help

There has always been a stigma when it comes to students and their finances but if you’re worried you won’t be able to cover the cost of rent or food, there are plenty of places you can go to ask for help.

For example, most universities have cash set aside to help students struggling with their finances. This is known as a hardship fund and, in most cases, doesn’t need to be repaid.

However, if you’re entitled to a maintenance loan and your circumstances have changed, you might be eligible for extra support to help you bridge the gap between your finances and your essential costs.

If you don’t know where to turn, your university should be able to inform you of any grants, bursaries or scholarships that you could be entitled to or just point you in the right direction to help you get the support you need so you can focus on the most important thing: your studies.

You could write off up to 70% of your unsecured debt today

Latest Articles

29/11/2022

DWP overpayment write off: Your guide to benefit overpayments

If you discover you’ve received benefit overpayments, the thought of paying them back can be stressful, especially if money is already tight and you were overpaid through no fault of your own. That said, it’s ...

18/11/2022

5 tips for avoiding Black Friday scams this weekend

The cost of living crisis has meant that this Black Friday – the biggest retail sales day of the year – may be somewhat of an afterthought.  For many of us, we need to use ...

02/11/2022

UK blackouts: How to prepare if they happen

The UK has been warned that it could face blackouts early next year amidst fears of reduced gas imports as the cost of living crisis rages on. It comes after the National Grid’s Electricity System ...