Whether you’re a wide-eyed first year student or a seasoned third year, managing your money while at university can be a daunting task. With the newfound freedom and responsibility that comes with uni life, it’s essential to develop good financial habits early on. Here are some tips to help you!
Calculate Your Income and Expenses
The first step in effective budgeting is to get a clear picture of your financial situation.
1. Start by adding up all your sources of income, including your student loan, financial support from parents or guardians, any savings, income from part-time jobs, and grants you may be eligible for. This total will serve as your income base.
2. Next, deduct all your outings such as tuition fees, rent, bills, food, and credit card repayments from your income.
3. Finally whatever you have left you can use for other things such as uni books, accommodation decor, clothing, and social activities.
For a detailed budgeting planner, you can check out the money-saving guru, Martin Lewis, here.
Explore Part-Time Job Opportunities
One of the most effective ways to have you save and budget is by securing a part-time job. Fortunately, there are many jobs going for students, especially in cities so you should be able to find one pretty easily. If you are wondering what types of jobs you should look for, click here.
Smart Money-Saving Tips
Besides earning more, you can also save more by adopting some smart money-saving strategies like these:
- Use Your Overdraft Carefully: High overdraft fees can quickly accumulate and become a financial burden.
- Shop Smart in Supermarkets: Plan your grocery shopping in advance, make a list, and stick to it.
- Always look for Student Discounts: Download apps like UNiDAYS and Student Beans to access a wide range of exclusive deals.
- Invest in a Railcard: Save on train journeys, especially when traveling home or visiting friends in other cities.
- Build Up Your Savings: Even if it’s just a spare £10, try to set aside.
- Buy Second-Hand Course Books: Textbooks can be expensive, but you don’t always need to buy them brand new. Check platforms like Vinted, Depop.