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Iceni Magazine | May 17, 2019

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Budgeting Tips for Students

Budgeting Tips for Students

The time you spend at University will be one of the most exciting and fun-filled times of your life. It’s also a time when money is short, meaning every penny you have has to count. There aren’t any courses you can sign up for to help you manage your money, unfortunately, but below are some helpful tips so that you can make the most of your money and enjoy your time at university without stress.

  • Work Out a Budget

This isn’t going to be easy, especially if you’ve just left home for the first time. You don’t need to be exact with your figures, however. Even a rough figure will give you a good idea of how much money you’ll need to spend on your bills and, more importantly, how much you’ll have left for partying. Remember to include things such as transport, laundry, rent, food, bills, books and stationery. Luckily, you can visit for all your stationery needs.

  • Spend Wisely

Try to stick to your budget as much as you can and consider the following ways to save money:

  1. Look for course books that are second hand as these will be at knock-down prices
  2. Use a student railcard, a young person’s coach card or a student Oyster photocard for travelling
  3. Learn how to cook rather than buy expensive and unhealthy takeaway food
  4. Switch your electrical items off rather than leave them on standby
  5. Apply for a National Union of Students TOTUM card; there are some great discounts available in many different shops, as well as restaurants and transport.
  • To Work Part-Time or Not

Having a part-time job is definitely going to make your student loan go much further. It’ll also help pay for night’s out and socialising. If you want to get a part-time job, there’s nothing wrong with that as long as you don’t overdo it. 15 hours a week should be more than enough to provide you with some extra cash and still leave you time for study.

  • Keep a Close Eye on Your Finances

It pays to keep a close eye on your finances rather than trust to luck and presume everything is okay. Check your bank account regularly; an excellent way to do this is to sign up for online banking. Set up direct debits for regular bills, so you don’t forget to pay them. If you find yourself running short, talk to a student advisor or your bank.

  • Student Maintenance Loan

This is a sum of money you can apply for if you need help with your living costs. How much you’ll be awarded depends on where you live and the university you’ll be attending. There may also be other funding options or means-tested grants you can apply for. You will have to meet specific criteria for these bursaries or grants, but you don’t usually have to repay them.

Student life can be incredibly fun and life-changing, but it can also be very stressful, particularly where money is concerned. Follow the tips above and your years at uni should be pleasurable as well as educational!


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