One of the biggest concerns for students is money – and of course, lack of it! From nights out, to accommodation costs to buying books, it’s easy to spend a great deal when studying, which is why it’s important to budget from the start.
Make a financial plan
It’s important to decide how much you can genuinely afford. Creating a financial plan and a weekly budget is a great place to start. From food essentials to transport costs, to a hectic social life and utility bills, it’s essential that you’re able to pay for both the fun things in life and also, the necessary things.
It’s extremely easy to over-spend at University, especially in the first couple of weeks. There’s always a great deal going on, including Fresher’s activities, new clubs and workshops. Despite this, it’s wise to rein in the spending!
Applying for a job is not only a great way to make a little extra money, it’s also a good way to meet new people and make life-long friends. Both weekend and evening jobs are suitable for students, as long as they don’t get in the way of studying.
Open a bank account
There are a number of banks that now offer student deals. Many accounts even offer benefits in the shape of complementary student rail cards, free overdrafts and reduced loan rates – it certainly pays to shop around.
Food can be a great expense, it is however essential. Try to limit eating out and instead of buying lunches every day, make a pack lunch instead. If you live with friends, sharing both cooking responsibilities and food costs is a great way to save a little money. Bulk buying and cooking from scratch is a much more cost-effective solution that buying expensive ready meals and eating out.
Books are a huge expense to students, there are however ways to save when buying such essentials. From opting for second hand copies to becoming a member at the local library, there are a number of ways to avoid buying brand new books.