It’s no secret that students are often short of money, but it doesn’t have to be as hard as you think. With careful planning and a bit of discipline, you can easily learn to manage your money without having to miss out on all the fun that university has to offer.
- Stop eating out
Takeaway meals might be quick and easy but they’re certainly not cheap, and the money you spend on them could be used in much more effective ways. Learning to cook might not be something you really want to do but it will save you a lot of money every month, so get yourself some new frying pans! Another great way to stop yourself from buying food when you’re out is to get all of your snacks in one affordable gift pack.
- Say no to that extra night out
University is a lot of fun, but you won’t be having any fun if you completely run out of money, so consider saying no to that extra night out. And when you do choose to go out, make sure that it’s a student night so that you don’t break the bank, and consider walking home instead of getting a taxi (if it’s safe to do so).
- Write it down
How much money you can spend will obviously depend on how much money you have, so write down all of your expected income and expenses each month. This should include your student loan and the costs of food, rent, books and more. Writing this down will enable you to create a realistic budget, just remember that you can’t stick your head in the sand when it comes to managing your money.
- Don’t rely on your overdraft
Don’t fall into the trap of spending as much as you want just because you have an overdraft to fall back on. Unfortunately, if this is your approach to managing your money at university, your overdraft will disappear very quickly. Many students find themselves in serious financial trouble and can even end up with multiple overdrafts. Having financial trouble at university will distract you from your work, and also cause real stress, so save the overdraft for emergencies! Don’t forget that the money you receive from your student loan and overdraft is not free, you have to pay it back.
- Take advantage of student discounts
Luckily most big retailers offer significant student discounts, so it makes sense to take advantage of them. However, make sure you don’t end up spending even more just because the items are on discount.
We hope this blog helped you on your journey to becoming a better budgeter at university, and if you want some more advice then check out these 10 things to put in your student survival kit.