The Student Guide to Finances: 5 Ways to Manage Your Money

As a student, staying on top of your finances can be difficult. According to Which, four in 10 first year students said they’d found managing money trickier than expected and a worrying 15% said they were struggling financially. Learning how to manage your money properly will ensure you have a much better time at university, without having to stress about being in debt.

Below are five ways you can start managing your money today:

Choose a good student bank account
There are many different student bank accounts, all with different features and benefits, don’t just choose the one with the best free gift! As an undergraduate, you’re likely to get an interest-free overdraft which can be really helpful in your first year. Ask your bank what services and support they can offer you and make sure there’s a branch in your university city.

Don’t forget to budget

If you receive loans here and funding for your studies, there can be a lot of money flying about; it’s easy to lose track of what’s coming from where. Budgeting is key so you know exactly what’s coming in and when it’s going out. Making your loan last across the year can be tough, especially with such a busy social life. If you budget at the start of each term and have an ongoing spreadsheet to guide you, you’ll find it more manageable.

Be savvy and shop smart

Being a student, you’ll benefit from lots of discounts and promotions. Make sure you take advantage and sign up to everything – you’re entitled to after all! Be savvy when it comes to things like food; if you’ve never been one for cooking, now is the time to learn! Takeaways and ready meals can be expensive; you’re better off buying fresh ingredients and batch cooking meals with your housemates. It really can save you a lot of money each week.

You can also save on public transport by applying for a railcard and cut costs on your high street and online shopping with an NUS card. Buy books second-hand where you can and rather than sign up for a costly gym membership, make use of that local park!

Get a part time job

According to the Telegraph, eight out of 10 students are now taking on some form of job to help ease the financial pressures posed by university life. Working part time is a great way to earn extra money and build up skills and experience to add to your CV. You may even meet some new friends. Ask at your university’s Students Union for recommended jobs and contact local employment agencies.

Take out insurance

While getting insurance won’t instantly help save you money, it will give you (and your parents) the reassurance that, for any reason, if your expensive smartphone breaks or your laptop gets stolen, it’s covered. In the long run, the added protection means you (or your parents) won’t end up having to fork out lots of money.

Tags: student finance

Category: Student News