Student Money Saving Tips

Feb 09, 2018

Written By Billy Sexton, Editor, AllAboutLaw.co.uk

Though you may have plans to be raking it in when you land a training contract following graduation, that doesn’t help your sticky financial situation right now. It’s just that part of the term – rent has come out, there’s a few birthdays, you bought train tickets home for the holidays. Unsurprisingly, your bank account is now suffering (believe it or not, that’s how money exchanges work).

Yes, yes, we all know about how you should have budgeted in first semester and you should have probably shown patience and restraint when buying all those yellow-stickered products in Tesco.

So what can you do as a law student specifically to save on the ol’ pennies?

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Saving money on law textbooks

There’s a range of things you can do related to law textbooks to save on money. The downside of studying law is that you usually have to use the latest editions of the textbooks in order to get by in your exams and essays. You don’t need to be a genius to know that newer editions of a textbook costs a lot more bunce than older editions.

So, money generation tip number one is to sell the textbooks you don’t need anymore. Breeze through contract law? Thought that criminal law was a walk in the park? Get firsts in both of them? Then why not sell your textbooks on to first years still trawling through tort? You may not make as much back as what you spent on your books in the first place (they are used after all), but every little helps.

Additionally, for books that you need to use for your elective modules but are reluctant to cough up for a book on personal injury law, you should make good use of the library – it’s free after all! Even if you get late fines, these aren’t nearly as expensive as the book itself. Alternatively, you could chip in with a fellow law student for some books, but this may become an issue when it comes to revision and essays.

Join your university's law society

It may cost a fair amount to join your law society, but it’ll be a great investment. You get discounted nights out, can make new friends to swap and sell books to (hint, hint) and can also have bags of fun at the same time.

Some university law societies, such as the one at the University of Nottingham, also offer a degree-length membership at a cheaper price than an annual membership. If this is the case at your university, your brain should be screaming at your to buy this. It may be a bigger outlay initially but it will save you money in the long run.

Land a vacation scheme

Easier said than done, this! Landing a vacation scheme is not only super useful for your law career – you’ll undertake real work at a top law firm with the prospect to network with some of the best lawyers in the world. An added advantage is that vacation schemes provide you with some wonga too (around £250-£300 a week, with some firms such as Cleary Gottleib offering up to £500!).

Vacation schemes are more popular in the summer but many firms have opportunities in the winter and spring holidays too. Just what you need to restore your bank balance to a healthy amount.

General money saving tips

Obviously, all these tips are associated with what a law student can do, but there are also general money saving tips that you can employ. A 16–25 railcard is an absolute must, as are reward cards such as a Tesco Clubcard and Nectar Card. It’s also advisable to buy non-branded food – there’s little difference between Heinz baked beans and a supermarket’s own brand.

Pre-drinking should come as second nature to students these days and we also encourage you to make the most of guest lists, early bird tickets and free entry.

There is always the option to take on a part-time job, but you need to make sure your grades don't suffer. It's worth checking out your university's careers department or jobs boards, as many campus cafés and bars hire students and will be more understanding of your academic needs than an external company.

Life as a student can be tough financially, but most others are in the same boat. And remember, with a trainee lawyer salary awaiting you (subject to hard work and dedication!), there’s nothing to fear.

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