Educational Advice

Budgeting bliss: how to boost your student finances

It’s no secret that students are stringent with their pennies: whether it’s dining on pasta for six nights a week, or brand testing Tescos-Own, Sainsburys-Own and Morrisons-Own, money can’t be frittered away. Nearly all university students and graduates have their own horror story – the lowest they had to sink to stay afloat and in the black while studying. It’s all part of the not-so-glamorous side of student living. However, surviving on tins of beans and frozen bread for three years doesn’t have to be your fate if you build your budgeting skills early.

Sort out your living costs

If you’ve decided that university is for you, don’t hesitate to start looking at fees and rough costs now. While you’re eligible for a student loan, these only cover living expenses to a certain degree: it’s unusual for the maintenance loan to pay for everything you need! Think about rent, food, and bills – these are the basics that your loan is for. But, on top of that, you’ll need money for course materials, days and nights out and the odd shopping trip. You also want to be covered in case the worst happens – a lost phone or broken laptop – and not be surviving on week-old leftovers just because you can’t afford this week’s food shop.

Once you have a rough idea of how much you’ll need per year, you can start creating a saving plan. If you don’t have an ISA account already, set one up. Shop around for the best interest rates, and use this as the base for your university piggy-bank. It can also help to start choosing a student budget planner or setting up a budgeting spreadsheet.

Save, save, save

University might be a while off yet, but there’s no time like the present to get saving. The longer you can save up for, the less you have to put aside to reach your target amount. We recommend setting up an ISA account to get the best out of high interest rates. Separating your savings from your spending money is a great way to make sure you don’t splash out too much and accidentally fall into your savings.

When you can put aside more money, do it. But keep to a realistic amount so you don’t dip in and out. Remember, you won’t want to miss out on holidays and fun things before university.

Acclimatise and adjust

Living as a student away from home is going to take some getting used to. You’ll have bills and rent to pay, as well as having your own food to buy. It’s a good idea to start learning to budget now, so it doesn’t feel like jumping into the deep end when you start university. Think carefully about your future purchase when you go shopping – is it really necessary? Do you need it? And most importantly – can you afford it? This is where your budgeting skills will come in handy. Knowing your average student budget per week (and recording your spending!) gives you a quick view at whether you have enough for a splurge – or not.

Do something about budgeting

Saving and not spending aren’t the only ways to stay out of your overdraft. Find out if you’re eligible for grants or scholarships with the government or your university – apply to any and all of these if they are open to you. If this isn’t applicable to you, it’ll be time to start the job hunt. Working at university is a great way to relieve financial stress and help your budget to go further. It’ll also strengthen your time management skills, which will set you up for uni work and beyond.

Adjusting to life with more financial responsibilities is hard, but one of the best life lessons you’ll learn whilst at university. Cheap yet nutritious recipes will be the foundation of your life and hunting for bargains in the sales will be a new hobby. Little things become treats: a takeaway or a taxi home, and you’ll soon get used to making smart choices with your money.

Written by JC, Guest Blogger

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