The new academic year is just around the corner. Students living in halls will often live fully-catered. Mature students, second and third years and post-graduates usually rent privately in HMO accommodation (House of Multiple Occupancy). You’ve probably received bucket loads of information on how to save money as an individual student. What is much sparser is how students can combine efforts to save money when living together.
Do a Combined Food Shop
There are two advantages to this. The first is that you can take advantage of supermarket multi-buy options (Buy One Get One Free, 3 for £5 etc.). The second advantage is that it will reduce food waste. Buying a box of 12 eggs between four students is perhaps better than each person buying a box of six each and then end up wasting some later on. Bread is one of the most commonly discarded foods. Why throw away a combined equivalent of a loaf of bread because the last few slices in each packet have gone mouldy? If you’re concerned about subsidising other students wasteful spending, then perhaps agree to combine spending on the basics.
Travel Together
Not all students will have cars, but where the campus is far enough away to require to drive, it’s expensive for parking charges and for fuel to all drive in separately. Car sharing and organising pick up and drop off times, then rotating your designated driver will help save money on one of the most expensive elements of the student living experience. For train journeys, consider buying a Two Together card for people who might need to do the same journey regularly.
Housework Rota
Combining washing up, laundry, drying and other household chores will help you save money. So will taking turns to cook for everyone rather than cooking separate meals every night – that’s a lot of hob, oven and microwave use. Why do four small loads, using four times the water and four times the detergent or washing up liquid when you can do two? Utilities are one of the invisible costs of living in an HMO. Without keeping a proper eye on spending, you’ll get a nasty surprise. It is easier to keep a handle on expenditure when you’re not spending out on more cleaning goods than you need.
Crowdfund and Share Academic Books
This usually works best when a group of students are on the same course. Academic books are expensive, even second-hand books are pricey. Even if the course director requests you all buy a copy instead of hoping the library has enough when you’re living in the same household that’s less of a problem. You can take photocopies of the key sections and pass them around. Plan academic work around each other’s schedule if you all need the same book at the same time.