managing your money as a student
If you’re entitled to a student loan, it can be easy to get carried away with overspending as soon as the instalments reach your bank account. Online shopping hauls and takeaways with flatmates may be tempting, but if you over-spend now you could put yourself in a poor financial position when you leave university.
So, how can you effectively manage your money as a student (and still have fun)? Read our tips below:
1) Create a budget plan - The idea of creating a spreadsheet to keep track of your spending might seem a boring task at first. However, if it means you can enjoy uni-life a little more without any financial worries it will be worth it. Simply note down your essential costs e.g. rent, food, course resources etc, and sensibly allocate amounts for your non-essential costs. Remember, you don’t need to spend all your money ‘just because’, see if you can start adding to a savings pot.
2) Improve your money habits - Before buying non-essential items, try asking yourself these questions:
· Do I need this, or do I just want it?
· Could I get this item cheaper somewhere else?
· If I wait a month, would I still be interested in buying it?
· After buying this, will I have enough money aside to cover unexpected costs?
3) Set up a student bank account - If you haven’t set up a student bank account yet, make one! If you find yourself needing extra money, a student bank account will allow you to have an overdraft at no extra cost (up to a certain amount). Providing you are able to pay this sum back once you graduate, this can be a useful benefit for managing future costs. Often student bank accounts come with other perks too, you could be entitled to a railcard that offers you discounted travel.
4) Save the student – Make sure you’re always getting the best deal! From utility providers, entertainment, beauty, fashion, food & drink, save the student has plenty of deals and offers.
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