Student life can be expensive – the government says around £11,000 a year! With all the fees and rent and things there’s often not much left over to spend on your social life. However, with a little bit of care you can write a budget that will be workable and let you spend a bit on you too and limit the amount of debt help you may need when you leave University.
Write a Budget Sheet
Start by putting pen to paper and write down all your income and expenses. (two columns). Make sure you include everything you spend money on such as library fees, food, laundry etc. not just rent and bills.
Organise your Income
Expenses can be daily, weekly or monthly, and income may be the same, or may even be in lump sums once a term. You might work in the holidays and then not during term time. If you can, set up one account for all your rent/hall fees and don’t use this for daily expenses. Divide your remaining money into even chunks for each week/month it has to last so you can see clearly how much you have to live on.
Maximise your Income
Working to give you extra is a good way to help maximise your income – it won’t hurt your CV either, but don’t try to work too hard or your education might suffer. Full time work in the holidays can sometimes lead to part time work through the term. You might be able to earn £50-100 extra per week this way.
Get Discounts
Look for places offering student discounts – restaurants, bars, cinema, etc. Sites like studentbeans.com can tell you about some of these, and the NUS Extra card can get you money off in shops too.
Learn to Cook
Cooking for yourself is cheaper even than the college canteen. Make coffee and carry it in a flask, buy cheap vegetables and fruit on the market, and own brand supermarket products and a decent cook book and you’ll save yourself a fortune. One person can easily live on £20-£25 a week and less with care.
Buy & Sell
Second hand stores and sites can save you money on things like text books, and if you’ve finished with the item then you can sell it on and make some of your money back. Ebay and other similar sites can also be good for selling on other unwanted items too.
Avoid Debt
Overdrafts, credit cards, store cards – all are often on offer to you as a student, but before you accept any of these, think carefully about whether it’s worth it. A low interest overdraft can be extremely useful towards the end of the term, but you should avoid taking on any unnecessary debt. Keep an eye on your finances and use cash where you can. Never take out more than you need and stay in control.
Don’t Overspend
Ok this sounds obvious, but if you’re in a shared house, you don’t EACH need a TV licence, just one between all of you. If you’re living in private accommodation you may not need to pay council tax, and if you can get a cheap washing machine instead of using a laundrette you’ll save £’s.
