Written by Fiza Ijaz
When asked about my university experience, I always highlight the enjoyable moments and unforgettable memories. Being a student has also meant I've had to learn how to independently budget for monthly expenses, whilst also allocating disposable income for socialising. In this blog, I'll share tips on organising finances and budgeting that may be useful for you too.
Take advantage of student discounts
The most effective way for students to stick to a budget is by signing up to apps like UNiDAYS and StudentBeans, which offer a wide range of discounts on brands; my favourites include H&M, ASOS and JD Sports. These apps also provide discounts on food, drink, technology, and beauty, covering many student purchases. Whilst shopping or eating out, ask if the business offers student discount and simply show the app to redeem.! Also, if you're looking to buy an iPad or MacBook at the start of the academic year, take advantage of the Apple education pricing.
Open a student current account
Banks such as NatWest, Santander, HSBC and many others offer incentives for students. The incentives offered can include free cash or a railcard. The majority of student current accounts offer a free 0% overdraft- this is useful in an emergency. Moreover, if you’re a student who travels on the train frequently, Santander offer a free four-year railcard. I would recommend exploring various providers to find the best current account for you.
Plan a budget for expenses and stick to it
As a student, budgeting is a non-negotiable, especially if you have moved out for university. My personal tip would be to create a spreadsheet or tracker of regular expenses, for example, rent, utilities and grocery shopping. Allocating a specific amount of money per week or month can make it easy to manage money as it allows you to be more in control of your finances. Another money saving tip would include learning to cook to avoid wasting money on takeaways or restaurants. For personal essentials, keeping a list and regularly checking what needs replacing can be more affordable than having to do a huge shop; organisation is key.
Find activities that are free or inexpensive
A lot of my favourite memories at university involve spending little to no money. Activities you can do on a low budget range from picnics in the park, to visiting free museums with friends. Another great tip is to join a sports society with friends and actively attend the events; after purchasing a membership for a low fee, many events are free of charge. Regularly socialising and taking part in sports will also help for mental health and to take a break from studying. Furthermore, the University regularly offer free events on campus; always sign up and attend if possible. Taking advantage of these free opportunities can provide a chance to network or make new friends; refreshments are often provided too which is a bonus.
Use rewards or loyalty cards
A less common budgeting recommendation is to sign up loyalty cards; a Tesco Clubcard or a Boots Advantage card are two great examples. Signing up to these schemes allows you to receive vouchers or student discount, as well as providing the chance to accumulate points which could be spent in the future. Personally, I would recommend prioritising the reward cards for supermarkets and stores such as Superdrug and Boots as many student essentials can be found here; maximising the money saved!
Thank you for reading; I hope you find these tips useful and can implement some (or all) of them into your university life to help manage your finances.