Wednesday, 27 August 2014

Uni Tips - How to Budget Like a Boss


Keeping track of your money is vital for university. Student Finance is a pain in the bum, and getting too much into your overdraft is not ideal. So here are some of my tips on how to budget your money and spend a bit less

1. Work out how much money you will have per week 
Once you have your letters from student finance, take off your accommodation and that is how much you will have to spend that term. Divide it by however many weeks until your next loan and tadaa! Remember to take off any other monthly expenditure such as phone contracts, netflix etc. Also, remember to save some money for the time that you are at home as well!

2. Use cash instead of card
If you are serious about sticking to your budget, get out the cash for the week rather than using your card. You know then that you can't spend any more than your weekly budget. This is also important when on a night out. I often don't take my debit card with me so that I don't spend a lot of money!

3. Keep tabs on what you are spending money on
If you do use your card, write down what you spend on food/going out/online shopping - this is not only useful for looking at how much you are spending, but you can also make sure that nothing fishy is going out of your account.

4. Save your change
Saving your £1/50p/20p to pay for washing machines and bus fares etc can all add up if you save a bit every time you get some change.

5. You may have to make some sacrifices 
You will not be able to afford to do your food shopping at Marks and Spencers or constantly go clothes shopping. Just be cautious and don't go crazy.

6. Save Save Save
Don't spend all your money for one week? Don't spend it, save it!

7. Get an NUS Extra card
I think that they save a lot of money. I bought a 3 year one so that I wouldn't have to remember to renew it. Although your normal student card will offer you some discount, you can often get extra discount with the NUS extra card

8. 16-25 Railcard 
One of these is also a must! You can save a third off rail travel, vital for going home or visiting friends. Santander give a 4 year one away for free when you sign up to their student accounts.

9. Don't let it stress you out
If you are having problems with money, the student union can give you advice. It is just about having a bit of restraint and being responsible. There is no point using all your money in Freshers Week and not being able to eat, but don't feel bad if you don't stick to your budget for one week, just save some money the next.

Hopefully this will be useful!
University is getting close now for many - I don't start until the 29th of September which is really late. 


xxxx


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4 comments

  1. Using cash really helps and adding up spare change can surprise you! Great tips :)

    Jessica
    the.pyreflies.org

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  2. I think one of the things I should do is take out cash and use that rather than my card. I abuse my card and don't realise how much I've spent, budgeting is not my strong point!

    Emma x
    Writing Essays With Wine

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    Replies
    1. I wasn't very good at the beginning of the year - I spent way too long procrastinating on amazon, but got more into it by the end of the year! Good luck! x

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