Going to university is an utterly exciting experience and one for which you’ll have been working towards for years upon years. With your first year of undergraduate study staring you in the face at long last, you have a newfound independence to look forward to. But with this independence comes responsibility – financial responsibility, amongst others. Money is tight, and student loans are often not enough to cover the gap; what are some tips to help you in your first year?
Know Your Finances
No meaningful financial planning can happen without you first getting a grip on your personal financial situation. This shouldn’t be too hard to divine but could require a spreadsheet to help you keep track of all the numbers.
You’ll likely have some savings squirrelled away already, which you should note down; you’ll also need to look at your maintenance loan ‘income’ for the coming year, coupled with any potential part-time work income or stipends from family. Halls of residence rental costs usually come out on a term-by-term basis, depending on the institution; this can make calculating your leftover money a little easier.
Budget
From the basic maths above, you can find what is effectively your annual budget. Use this figure to draw up a proper week-by-week budget, that takes your grocery needs and leisure ‘wants’ into consideration on top of transport and study materials.
The budget should do its best to ensure money is kept to one side, whether for emergency costs or simply for longer-term savings. If the numbers work, you can set a direct debit to send a pre-set amount of money to your long-term savings account at the same time each month, thus guaranteeing it won’t get spent by accident.
Utilise Student Discounts
As a student, you will be eligible for an extremely wide variety of discounts and deals. Owning a student card will give you access to a number of useful programs and subscriptions, from free access to Microsoft software to limited-time free Amazon Prime subscriptions and beyond. Even Apple have a student discount, which can make acquiring a study computer or tablet much more accessible than before.
Learn to Cook
This might sound more like nagging than a financial tip, but cooking for yourself will be demonstrably cheaper than ordering out. This is to say nothing of the health benefits, which in turn bring their financial boons; the healthier you are, the less likely you are to need to spend for your health. Learning to cook can also be excellent for your social life, and for the cost therein – speaking of which…
Take Care When Socialising
University is well and truly the time to make friends, but making friends can become an expensive endeavour if you are going out every night. Taking care not to overspend early on pubs and clubs can help stand you in good stead in the long run; maybe have your course friends around for dinner one night instead…
University is truly a life-changing experience, and financial worries should by no means get in the way of that. However, a little shrewdness can go a long way and can have positive impacts on your time there.