Congratulations!!
You've made it into University.
Now what?
Managing to life your life on s student budget is at times an art form.
I've seen how to do it from people, and I've also seem what not to do.
So here are my top tips for budgeting on a student loan.
1.
Open a student bank account as soon as possible - this can be done before you actually get to uni. They will be able to offer you an interest free overdraft, which hopefully you won't need but will be if necessary. Different banks have different incentives on offer, for example free railcards or NUS cards. This helpful article from the Guardian should help you choose the right one for you.
Also, if your bank will let you, open a second account. This can be used to store the majority of your student loan once you get it so you can't touch it from your everyday bank account. This will avoid the "I've accidentally spent my rent" problem!
2.
Ask for student discount at every possibility. Some shops will accept your student card provided by the university. Others will only accept an NUS card, this may be something worth investing in as it's only£10 and entitles you to loads of exclusive discounts.
You can get discounts for students everywhere from the cinema, most retail shops and loads of restaurants. But if you ask and that shop doesn't offer one, you haven't lost anything. It doesn't hurt to ask.
3.
Print out a monthly calender and display it somewhere prominant. Use it to mark all the money going in and out; loans, bursery, rent, bills. This should help you know what money you will have and when so you know how much you have to play with.
Don't forget to budget in money for food!
4.
When going on a night out, decide how much you can afford and take only that in cash. This way you won't have your card on you and the temptation of extra alcohol and spur of the moment purchases.
One friend of mine has a habit of buying expensive bottles of champagne on nights out - she doesn't even like champagne so gives it away. Don't let this be you!!
5.
This is probably the point I'd like to stress the most. Do not, and I repeat DO NOT get a credit card. Your bank will constantly try and push one on you, but resist. Unlike an overdraft on a student account they charge really high interest rates and are difficult to crawl out of.
If you are really struggling with money, there is no shame is asking your parents for a little short term help. Or if the situation is more dire then your university will have a department that should be able to help you out of your specific situation!
Managed properly, it is possible to survive on a student budget
without majorly depriving yourself.
Just don't go mad when your loan comes in - it has to last you all term!
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1 loves:
Great post, some fab tips there x
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