Most students tend to have some money generated from a part-time paid job, completing small tasks for a friend or family member and from the bank of Mum and Dad. Surviving on a student budget can be a real challenge but with a clear spending and budget plan in place you will become the Student Financier who uses their money wisely.
Check out some of the tips below:
1. Be mindful of the banks you choose
Usually there are really attractive deals open to students who are opening a bank account which majority of the time involves freebies.Stop and pause and look at the money-saving features that the bank has to offer. This can include interest-free borrowing.
2. Fall into the habit of checking your bank statements online
This will help you to see any errors or possible fraudulent activity on your account which is something that we do not want to happen. Checking your statements can also help to keep guard of your spending habits and ensure that you are not overdrawn on your overdraft.
3.Budgeting is fun and it helps eliminate unnecessary stress
Simply take out money in cash and spend it within a given week or month, if you want to go digital and contactless put a certain amount of money into your current account to avoid you spending. Budgeting should be fun especially as you get plan your week better. You do not want to fall in the trap of being left with nothing at the end of the academic year especially for any unplanned emergencies.
4.Pay your bills on time
Excitingly paying bills on time avoids any late payment charges that can potentially affect your credit score. This will also teach you about discipline so that all payments are paid in time which means you can make better choices about the remaining amounts left after each payment date.
5.Take advantage of student discounts
Invest in an NUS extra card to get you a bunch of discounts. Do not be afraid to ask if they do student discount in any shops you go to even gym membership has a reduced rate for students.
6.Food shop and recipe inspiration
Two tips always go for the bargain deals at your local supermarket and buy in bulk. Next thing is that at the end of each day supermarkets tend to reduce certain food items that you can freeze and eat at a later date. Be on a lookout for Aldi and Lidl as they stock good quality food for an affordable price. Pinterest can also inspire you to create cost-effective dishes by providing you with some yummy recipes with appealing images.
First of all check whether the library has electronic copies of the books you need on your reading list or buy second hand online. Usually online you can also find your course representative and they can keep you informed on departmental book sales.
8.Do it for charity
You can always find a good bargain for clothing, homeware and many more university essentials at charity shops.
9.Save up for luxuries
With your student card you may be tempted to buy luxury items, do save for the item instead of going overdraft. You may find that your priorities may change with regards to how much you spend on travel, food, social and starting an emergency fund.
A car is not a necessity but this may also depend on where your campus is located as you are able to then make a firm decision to either invest in a travel card, get a bike or drive less frequently to save on petrol.
You can find more about students and graduate money at https://abiolaola.com/savings/student-graduate-money/
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By Abiola Ola