Things Students need to Budget for when in University

As a student, making your money last can be extremely difficult. Therefore, it is important to make sure that you budget as much as possible.

Heading off to university is an exciting prospect, after all, you are heading on a journey where you will get involved in new interests and meet new people and come away with a degree that will set you on the path of success. However, around 40% of students struggle when it comes to managing money and many find themselves in financial difficulties. So how can you manage you money better? Read on to find out more.

Getting Around

You are going to need to get to your lectures or you are going to need to get around for other reasons, all of which will cost money. However, there are student travel initiatives available to help you. These include railcards which can help to save as much as a third off rail fares as well as coach cards which can also save a considerable amount.

Food and Eating

Of course, you are going to need to eat and you don’t want to be one of those students who lives off microwaved noodles. It is possible to have a healthy diet that doesn’t cost the earth. Grabbing a quick lunch when you are out and about can prove costly, therefore, make yourself a lunch in the morning to take with you. Cooking at home can be improved by planning ahead and making a good shopping list of the things you need, this will prevent you from making impulse purchases. Then, when the time comes to cook, make large meals that make it possible to freeze. This way, you are saving on waste and have meals there when you are short of time.

Socialising

As a student, you are almost expected to get involved in those hectic nights out, concerts and even sports events. The cost of getting involved in these kinds of things can add up so give yourself an affordable budget to spend on entertainment. You don’t have to stay in every night but just picking the right times to head out or even taking advantage of cinema offers and two-for-one meal offers can help to save money.

 

Resources for your Course

When it comes to heading off to university, you are going to have to purchase resources for your course and these are required to help your studies. Many students end up spending more than they need but there are savings that can be made.

It is possible to pick up books from other students who no longer need them and some universities have sales of used books. However, before you purchase, you should take a look in the library to see if they have any books available which will stop you from having to purchase them.

Bills

For those students who stay in a private rented accommodation, the bills will form a large part of your monthly outgoings. You will have to keep money back to cover these bills because failing to pay them could see you evicted from the property. If you can set up automatic payments on a regular basis it should make things a lot easier.

Where possible, you could even look at using a different supplier for your gas or electricity. Online comparison sites make this possible and you could find that you save a significant amount each month.

Broadband

The internet will be a useful tool for you and your studies and so, you will need to think about the cost of your internet package and budget for it. Sometimes, the cost that is advertised is not the price you will pay because there are additional costs such as having a phone line installed. To get the best deal and save money, look at some of the comparison sites to make sure you are getting the best package for your money.

 

Clothing and Toiletries

It is all too tempting to head out and buy expensive clothes for your nights out but you can avoid spending too much but taking advantage of the discounts available for students. You can also earn cashback by purchasing clothes online through many of the sites that offer cashback.

When it comes to toiletries you will be surprised at how much you can save. While the luxury brands are always appealing, it is worth looking at supermarket own brands and any offers that are running.

It doesn’t always have to cost

As you can see, there are many things that you will need to think about and the costs can add up. However, managing your money and your budget will enable you to clearly see how much you have to spend on specific things. Some things are more important than others are but university life keeps you busy in many ways and so, ensuring that your money is managed well will provide you with the ability to live worry free. 

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