Hey guys!
It’s Lydia here and today I am here with my top 5 budgeting tips whilst at university. Managing your finances at university can be challenging; there is so much to consider. Being effective at budgeting will really ensure you have a smooth journey through your student experience!
- Be realistic with your budget
Consider your income (student loan, part-time job, and grants) and then subtract your essential expenses (rent, bills, groceries, textbooks) to see what you are working with. Then decide how much money you will need for less essential spending such as nights out and clothing. This allows you to see if you do need to work a few hours in a coffee shop to live the student life you want to lead.
- Plan for emergencies
As we know, bills and other unpredicted circumstances can arise when it comes to finances. Having a small ‘safety’ fund saved is a sensible idea. I like to do this by saving a small amount of my income each month for unexpected costs such as a broken phone screen (trust me, I’ve been there!). It means so much less stress when there’s a surprising outgoing.
- Save money where you can
There are so many stores, restaurants and services which provide student discounts. If in doubt, ASK! Saving pennies really does add up over time and help stretch your budget. Personally, a great investment for me was a 16-25 railcard. It means that I save a third on each train journey I take; I think it only took 2 trips home to pay for itself!
- Ask yourself “Do I really need this?”
I know it’s easy to think you need a new top for every night out at TimePiece or a coffee every day on campus, but thinking twice about my purchases made me consider if these spends were necessary. I began looking in charity shops, swapping clothes with friends and taking my flask to campus; easy swaps really made a difference!
- Ensure you’re insured
A lot of students bypass insurance for their gadgets because it’s seen as an extra expense. I would encourage you to invest in some insurance for your phone, laptop, and other valuables. If something happened to these belongings, the chances are the outgoings would be a huge expense. Insurance means that you pay less to get the lost or damaged item repaired or replaced which may save huge amounts in the future
I hope these tips are useful and help you to stay savvy with your spending at uni!
Lydia