It is said that University will be the best years of your life, especially your first year. Not only do you get to be independent, you also face exciting yet challenging times, such as leaving home, making new friends, starting the journey of your career and facing the biggest hurdle for most students: finances.
When it comes to getting your first payment of your student loan, you feel overwhelmed because not only are you not used to having that amount of money, you also question what to do with it. Do you spend or do you save?
Here are a few tips on how to budget at university, yet still be able to have fun:
Student Piggy Bank
When you’re a student, it would be ideal for you to create some form of a ‘safety box’ which can be used in case of emergencies if you ever need to buy necessities like food, toiletries, etc. So, either get down to your bank and create a savings account, or have a cash box locked away in your room and add money to it from your student loan or from your wage, if you want to get a part time job.
Manage Your Outgoings
When it comes to being independent, you will always have to buy essentials such as food, clothes and university equipment. So, before you shop, make a list of what you need, how much it will cost and set yourself a budget of how much you wish to spend.
Online or Traditional Shopping?
Sometimes it is cheaper to shop online rather than to go out shopping and be stuck with an overpriced product that you could have for half price on Amazon. Make sure to do your research and you may find that can get what you want for a better price.
Before coming to university, it is recommended that you look into buying a railcard or a bus pass. It means that if you want to go home to visit family, you will be able to go without having to worry too much about the price. This is beneficial for students who wish to commute as a 3 year railcard will only cost you £70, or you can buy a monthly/yearly student bus pass. For more information go to the Metro website.
These are only a few tips to help you budget while at university, you can find many more by having a quick Google.
Follow these tips and you will have one less worry and be able to focus more on your studies and making the most of the first of what will be your most memorable years.