By
CampusLife
Posted 1 hour ago
Thu 30 Apr, 2026 12:04 AM
Starting your summer savings early means you have the chance to put away more money for longer. Once your loan comes in, it can be a good idea to put some money aside straight away to build on so you can enjoy your summer without the financial pressure.
Separating your money from your daily spending also removes the temptation of spending all your money at once and creates a safety net so you can budget your spending too.
If you use bank accounts like Monzo and Revolut, they have 'pot' features which allow you to separate your money too. For example, you could have a savings pot, a food shop pot, or even a night-out pot. This way, you can track what you're spending and logically put enough money aside so you're not feeling broke during the week.
Here are some more tips and tricks to help you save for summer:
Take advantage of student discounts!
Whether you've seen some nice clothes online or a new food place you want to try, see what student discounts they have to offer. Apps like UNiDAYS and Student Beans can help you do this. It not only saves you money on what you're buying, but it also means you can put more money aside if you're worried about spending too much on one thing.
The 50/30/20 rule
The 50/30/20 rule is a budgeting system to help you not only track your spending but also budget your money. It's basically where 50% of your income goes to your needs, 30% to your wants, and 20% to your savings. Now, we understand that using this rule can be tricky for students, as accommodation rent is typically more than 50% of your income, and if you're living on your student loan without extra income. So, to make this applicable to students, we have tailored it more towards you:
Your rent will always come first when tracking, budgeting and spending money. It's the most important. Take a look at your rent payment and take this off your maintenance loan.
An example:
- April Loan instalment – £4580
- April Rent instalment – £2880
- Left over – £1700
This £1700 can then be divided into your monthly budget. Typically, there are 3 months in between each instalment, so let's divide this total by 3. This will be your max budget for each month; however, if you have a part-time job alongside this, you can either add your wage to your monthly total or use that as savings money.
An example:
- £1700 divided by 3 = £566. This means you have a budget of £566 each month, for the next three months.
With your monthly £566, we can split this by:
- 30% wants = £169
- 20% savings = £133
Again, this doesn't seem like a lot, but you can play around with it, for example, you could make your 'Wants' budget higher and your 'Savings' pot lower.
It depends if you'd prefer to have more spending money or be a bit stricter with your savings. But by doing this, even if you're lowering your savings to spend more during the week, you're still saving money. If you use this, by summer you could have £200-£300 in your savings.
Life as a student can be expensive, but there are budgeting techniques that can help you track and save money so you can relieve any financial pressure you may be feeling. If you are struggling with money and finances, you can check out what financial support is available for students ❤️
This article does not constitute financial advice.
