There’s a lot to love about university, but managing your own budget can be tough.
Suddenly, it’s up to you to manage your finances to be able to buy food, enjoy nights out, pick up what you need for your course, and still have some leftovers for rainy-day emergencies. And that can feel quite daunting and even overwhelming at times.
But it doesn’t have to be.
Smart money management and budgeting will allow you to enjoy student life and still have enough left over for rent, food, and other everyday needs – using a combination of student deals and discounts, different pots and accounts, and full transparency with yourself (no more head in the sand, ignoring the problem!)
In this blog, we’re sharing our top tips on managing your money as a student.
Things you need to pay for as a student
Perhaps the most important thing we will say in this entire blog, is that when it comes to managing your money, you need to be aware of what you need to pay for – and how regularly.
Whether in halls or one of our student accommodation blocks, you will need to pay for where you live. This includes a rental fee and any other bills as per the contract you sign.
You will also need to pay for any additional services you require as part of your home life while living as a student. This includes gym memberships, TV channels and other subscription services, and of course the everyday essentials for life at home.
Other things that you need to add to your regular budget and outgoings list include:
· Food and drinks
· Social activities/sports / clubs that you are a part of both in and outside of the university
· Books and other resources for your course
· Socialising and nights out
· Any money you need to spend on car maintenance/travel
TOP TIP: Work out when all of the regular payments are due and mark them in your diary or on your calendar, so that you can always make sure to have the money available when you need it.
Being able to plan in advance will also give you time to collect the contributions of other members of your house or flat, ensuring a fair and even split.
Top Tips on making your budget stretch further
The following tips are all designed to help you pay for life as a student and manage your money, so you don’t have any nasty shocks when paying for things.
1. Get a student railcard
A student railcard requires an upfront payment, but if you plan on getting the train regularly then it is well worth the outgoing. You will need a student ID to pick up your railcard, and once you have it you will need to make sure you book student travel tickets to ensure you activate and receive the right discount.
2. Use student discounts in local shops and major retailers
Your student ID will also get you a discount in local shops and across major retailers both online and on the high street. While many will advertise this at the checkout counter, always ask if somewhere accepts student discounts as local bars and restaurants may have the offer there but not advertise it as clearly.
3. Access university and campus resources
This includes but is not limited to the students union for cheaper drinks, the library instead of buying books, the university gym rather than an outsourced and more expensive gym, and second-hand equipment for your course.
4. Buy in bulk – and shop with your housemates!
Buying in bulk is almost always cheaper, as the higher the quantity the more money you save in the long run. As such, buying food and other goods in bulk is a good way to maximise the value of your spend, especially when it comes to food, cleaning products, and other essentials.
If you’re worried about overstocking for your own needs, consider sharing the cost of bulk purchases with housemates or those in neighbouring flats or apartments, and splitting the goods.
5. Avoid using a credit card
This is a really important one when it comes to money management, as it’s vital that you don’t become used to living beyond your means. Having a credit card means spending money that you don’t have, and then having to pay it back or else fall into spiralling debt. To avoid this, and to practice living within your means and your income, avoid having a credit card – and if you do have one, make sure not to take it on nights out with you.
6. Sell books and items you no longer need
As well as budgeting and managing your outgoings, it is also worth earning a little extra income by selling course books and other things that you no longer need.
As you progress through your course, books you once needed will become redundant – however, a new intake of students will suddenly require those books for their own learning. Find out how you can sell these books directly to incoming students, rather than letting books fall into disrepair on your shelf.
7. Have different pots of money for different things
Having a rent and household bills pot, a travel pot, a socialising pot, and a food shopping pot is a great way to manage your expenses and keep track of your money. What’s more, this kind of money management is easier than ever thanks to app-based banking as offered by Monzo and other apps.
Explore these options and find one that works best for you.
We hope this advice helps you to enter your student era feeling confident about your ability to manage money!
