Managing your money can be hard at university as you need to budget your money across a number of weeks – especially if you have a student loan. Here’s some tips to help you manage your finances:
If you’re looking to make some extra cash whilst being at university, a part time job is a great way for you to afford treats as well as boosting your CV. Large cities are full of shops, restaurants and bars that are great for students to work in in the evening time when you’re not attending your lectures. Do some research on the area near your accommodation or university and find out which places are offering jobs, apply there first before term starts and give yourself a better chance before other students apply. Most universities have a student employment office than can help you find part-time work too!
It is important to ensure that your working hours fit with your academic requirements. Having a good balance between your working life and your university life will stop you from becoming overwhelmed and falling behind.
Allocate your student loan into weekly amounts. It is great to keep track of this in a diary. For example, you can split your weekly budget into food, essentials, transport and going out. Here are a few things to avoid:
1. Going on a shopping spree as soon as your student loan comes in – even if those trainers that you have always wanted are in the sale!
2. Trying to avoid going into your overdraft if you can
3. Eating out often, try cooking at home more
Group Buying and Cooking
You and your friends can save money together. Group buying groceries means that nothing goes to waste. Whilst you are in the supermarket lookout for yellow discount labels to grab yourself a bargain. Socialise with friends and cook together. Why not make a night of it? You can freeze leftovers and use them another day too. This does not apply just to groceries, share cleaning products and kitchen appliances.
Get a bus pass as they usually offer great discounts for students. Railcards also offer a 1/3 off travel if you are between 16-25. If you need a taxi, remember to share with friends to split the fair and keep costs down. You can purchase a bike, even find a second hand one on Facebook Marketplace, and be at your lectures in no time at all. Most student accommodations have secure bike storage to keep your bike safe. And remember always walk if you can – get your daily steps in!
- 60+ tips to stretch your student loan – https://www.moneysavingexpert.com/students/student-guide/
- 83 practical ways to save money (Save the Student) – https://www.savethestudent.org/shopping/the-best-money-saving-tips.html
- Save money as a student, top ten tips (UCAS) – https://www.ucas.com/finance/managing-money/how-to-save-money-at-uni
- Top 15 money saving tips for students (The Telegraph) – https://www.telegraph.co.uk/money/student-money/top-15-money-saving-tips-students/
- Nine quick money-saving tips for students (Which?) – https://www.which.co.uk/news/2018/09/nine-quick-money-saving-tips-for-students/