Managing Your Money
Starting university is a busy and exciting time. You’re making new friends, living in new accommodation, starting a new course and embracing freshers, there’s little time to be thinking about how much you’re spending. But managing your money is very important and by following these easy tips you can have a great time without the worry of getting into unnecessary debt.
Here are 3 easy steps to help you manage your money…
1. Workout your income
Work out where you’ll be getting income from and how much. For most people this will be their student and/or maintenance loan, saved money, or income from a full or part time job during uni.
Divide this total into weekly amounts…
Tip: Don’t include your interest-free overdraft. This should be used for emergencies only!
2. Work out costs
Now you have a weekly budget, it’s time to work out costs per week. This is important as it will help you know how much you can safely spend per week on the more ‘fun’ activities.
Firstly, work out the essentials you will need money for on a weekly basis:
- Bills (Fortis include electricity and water bills in their rent, but other accommodation providers may not so remember to check before you start. Also remember personal bills such as your mobile phone)
- Food (Around £40 is an advisable amount)
- Travel (weekly bus/train/tube pass or petrol)
- University supplies (books/stationary)
Then work out other costs:
- Nights out
- Other food (meals out/ takeaways)
Tip: Freshers can be an expensive time, maybe budget in an extra £10 a week for this busy period.
3. Now manage your money!
Now you have a rough weekly budget try stick to it! Keep all your bank statements so if you find you’re going over each week you can sit down and work out where money is being spent and where it can be saved.