Chances are university will be the first time you have to manage your own money and bills. So, we’ve put together some helpful tips on how to manage your student finances.
If you receive a loan or funding at the start of term it may seem like a lot of money but remember you need to make this last so, it’s important to work out a budget – and stick to it.
How to manage your student finances at University
Income v outgoing
To start with you should add up your total student income. Consider any loans, savings or money from parents. Next you need to calculate your expenses, these could include accommodation, bills, food and travel. Then you can put together a budget and work out how much you have left (minus bills) to spend per week.
Bank account
Shop around for a student bank account – many offer deals and incentives to get you to sign up but by far the most notable benefit of a student account is a 0 per cent interest overdraft which can be as much as £3,000. There are many comparison sites where you can find the best offers, alternatively contact your local bank and see what they can offer you.
Be a savvy shopper
Shop smart and make the most of student discounts. Many leading retailers and restaurants offer as much as 15/20% off on production of a valid student card. During Freshers, some retailers double the amount of discount students can get. There are student discount apps to help you find bargains too.
When it comes to course materials check your reading list and see if you can either borrow the books from the local or uni library or purchase them second hand.
Entertainment
Nights out and socialising can quickly add up so try to take advantage of student offers, two-for-one cinema deals or consider taking it in turns to host friends at home. Why not set a weekly ‘entertainment’ budget to make sure you don’t overspend.
Avoid debt
Remember, any money borrowed will need to be paid back so consider this before dipping into your overdraft or blowing your loan unnecessarily.
If you do find yourself struggling to manage your money then most universities and colleges will have a Student Money Adviser or support services available to offer advice on how to manage your student finances, they can help you develop budgeting techniques and inform you of any financial help options available to you as a student, such as a hardship loan.
More advice and inspiration on the nijobfinder blog