How Do I Live on a Budget as a Student?

The time has finally arrived.

Summer is regrettably drawing to an end and everybody is returning to their more regular routines of the office, heading back to school, or preparing to go back to campus to continue their studies.

Although for some of you who received your A-Level results this summer, this could be the beginning of a new and exciting chapter, and you are preparing for that transition from sixth-form to University for the very first time.

One of the biggest challenges Freshers face is how to manage their finances and joking about living on Pot Noodles can become a rather tiresome (and unhealthy) reality, unless you have the right budgeting skills, and a few life hacks up your sleeve.

So if you are looking forward to stepping out into the big wide world on your own, but want some tips on how you are going to live on a budget, read on…

Have You Opened a Student bank Account?

If you don’t already have a bank account, there are literally loads of financial institutions out there wanting your business, as it is a well-known fact that most people are more likely to stick with their bank than with their partner!

Be prepared to shop around for the best offers and compare things like interest rates and long-term overdraft facilities as well as the tempting introductory gifts. Some banks offer loyalty schemes and cash back offers and even if it isn’t the best rate, you should be getting interest paid on any credit balances.

Make sure you read the small print and get the account that works best for you for when you get those all-important instalments from Student Finance.

Be Prepared to Spend Wisely

This is a big one. There are so many things you need and spreading those payments out to cover everything is a seemingly impossible task.

Things to think about are;

• Your Rent
• Utilities
• Course Materials
• Weekly shopping (food / drinks / toiletries)
• Transportation
• Communication (Mobile phones / Internet)
• Insurance
• Socialising & Entertainment
• Clothes / Hair
• Unexpected expenses

If you plan ahead, it doesn’t have to be that daunting. There are loads of ways to make your money go further.

Here are our Top Tips

If you are living in private accommodation, make sure you use a reputable letting agency who are experienced in renting to students and can offer many additional extras such as cleaning service and Wi-Fi in with the weekly rent.

As with bank accounts, shop around for the cheapest utility providers, set up monthly direct debits so you don’t face huge bills every quarter and don’t be afraid to switch after six months if another provider has a better deal.

Course materials can seem like a huge outlay but be savvy where you spend, and it won’t cost as much as you think. Get into the habit of browsing second-hand book stores, (they are a serious mine of information and a great place to kill time!), use the libraries at University and order second-hand books online, making sure you keep them in good condition, so you can sell them on again afterwards.

Shopping and toiletries

This is another biggy, and deserves to be investigated carefully, as it’s so easy to get in to a pickle over pickles! The best way of making sure you don’t overspend is to divide your total income in to the number of weeks it has to last, take off your rent payments and utilities, then divide up what you have left for your weekly shop and stick to it rigorously!

Learn how to cook.

There are loads of good recipe books out there that mean you can eat healthily whilst Cooking on a Bootstrap and don’t be afraid to switch from your regular brand of luxury toiletries you have at your parents to a more budget brand now you are on your own. Your shower gel might be endorsed by celebrity A Listers, but at the end of the day, you are only going to wash it off and down the plughole, so bear in mind as long as it smells good and does the job, packaging and branding are not something you need to worry about right now.

Look for special offers on non-perishable items such as pasta and tinned tomatoes. These are great store cupboard essentials and will last and remember BOGOFF deals are only a good investment if they are on items you will definitely use. It’s no good having a store cupboard full of tins of Alaskan Salmon if it will still be there at the end of your degree course!

Transport  

If you are living in one of the great cities the UK has to offer, then chances are you will have a railway station nearby. Invest in a rail card or a Unirider and make the most of the discounts they offer. Get a bike and cycle to the campus it’s quick and keeps you super fit, saving money on expensive gym memberships!

And if all else fails, be a foot soldier! Walking is again great exercise, and if you live in a city, probably one of the easiest ways to get around, beating the traffic and saving a load of money in the meantime.

For items such as insurance, mobile phones and Wi-Fi, (if your digs don’t already have it within the rent), then as with banking and utilities, use a money saving website to check for the best deals, there are plenty to choose from and it will get you in to the habit of doing your research.

Clothes / Hair / Socialising

Oh it would be so easy to go out and blow all your finance on any one of the above and admit it, loads of fun too. A word of warning, you will regret it for the rest of the term, be in a bit of a financial predicament and life will be miserable.

Instead, spend what you can afford, be creative and go to charity shops and do clothes swaps with mates, and don’t forget to 

take advantage of all the freebies that are available with Fresher’s week tickets.

Most students also get a part-time job to supplement their income and pay for the nights out and all the extras. Plus, if you are lucky enough to get a job in a bar, there’s your social life right there!   

If you want to continue reading check out this article "26 Downright outrageous money making/saving tips for students"  https://sheffieldpropertytolet.co.uk/article/student-money-saving-tips