Financial Advice for Students Embarking Their Postgraduate Studies

4. Save and Invest Wisely

Even as a postgraduate student, the importance of saving and investing shouldn’t be undervalued. While focusing on academics, it’s crucial not to lose sight of future financial health. Even setting aside a small amount monthly can create a financial cushion for the unexpected. 

If you do have money to spare, speak to a financial advisor about placing your funds into stocks, shares, bonds, or mutual funds. If that feels too risky at the moment, place what you have in a pension or a high-welding savings account that won’t penalize you for a premature withdrawal. 

In addition to traditional financial advice, exploring digital financial tools can greatly benefit postgraduate students. A fintech software company offers innovative solutions that can simplify budgeting, saving, and investing. These tools provide real-time tracking of expenses, automated savings plans, and personalized financial advice, making it easier for students to manage their finances efficiently. 

5. Make Use of Student Discounts

As a postgraduate student, student discounts are more than just perks. They’re a practical way of extending your budget while still enjoying life’s luxuries. Numerous businesses offer price cuts to students on everything from clothing and tech goods to cinema tickets and restaurants. 

Sign up for free online services that provide these discounts, such as UNiDAYS. Each discount you use allows you to keep more money in your pocket. With that said, try to buy only the things you need. Even discounted, too many non-necessities can really stretch your budget.

6. Get Part-Time Work If Necessary 

Securing part-time work during your postgraduate studies could offer a financial lifeline, even if working isn’t ideal. With that said, working part-time can enrich your CV with practical experience and broaden your professional skill set, so it isn’t just for the money. 

After all, your experience will be beneficial when job hunting after graduation, showing potential employers that you can balance study commitments with work responsibilities. Just make sure your work doesn’t interfere with your studies and that you maintain a good work-life balance.

7. Use Credit Cards Wisely

Taking on debt is understandingly scary, but we need to do it to improve our credit scores. A good credit score gives you access to better interest rates and financial products, and that can help your finances. Credit cards can even get you cash back on things like groceries and gas.

With that said, you need to use credit cards responsibly. As a rule, you should only charge something to your credit card if you can pay it off within the month. This means you won’t take on more money in interest. Paying only the minimum amount will keep you in a debt cycle. 

8. Plan Out Your Meals

As a busy student, you might think there’s little time for anything beyond studying! However, meal prepping is a powerful tool that can help you save money and maintain a healthy diet. By planning meals in advance, you won’t be tempted to splurge on costly last-minute takeaways. 

Plus, it’s an excellent way to ensure nutritional balance amid the busyness of academic life. Begin by making simple, nutritionally dense, and inexpensive meals. If it makes things easier, you can cook your meals in a batch, freeze them, and thaw them throughout the week. 

9. Use Public Transport 

While having a personal vehicle may seem convenient, the costs associated with having one might quickly outweigh the benefits for postgraduate students in the UK. Fortunately, many cities in the UK have affordable public transport systems that are efficient and reliable. 

Swapping your car for buses or trains can reduce travel costs and free up money for more pressing expenses like tuition fees or textbooks. Plus, it’s greener, and you also get to avoid extra costs like insurance, maintenance, parking fees, road taxes, and much more. 

10. Graduate Bank Accounts

After completing your studies, it’s worth switching to a Graduate Bank Account. These accounts are designed by banks with the financial needs of recent graduates in mind. They often offer better interest rates on savings, significantly lower fees, and favorable overdraft terms. 

You’ll be able to take advantage of these terms for up to three years after graduating. Making this switch can be a significant step toward managing your finances efficiently and developing long-term saving habits, setting you on the path to robust financial health beyond your studies.