We know that when you move away to university, the cost of living can be a shock to the system. This is why we’ve decided to put together a handy guide with some tips to help you manage your money!
When you see that student loan come in, it’s a wonderful feeling – but don’t get caught up in the excitement and spend it all straight away. Because your payments are infrequent, you need to make this money last, and here’s how to do that!
Firstly, work out how many months rent and essential bills this payment will cover, and how many it needs to cover. For example, if it needs to cover 4 months, and you have enough for 5, then subtract the 4 months rent.
With the leftover total, divide it by the number of weeks or months it will need to see you through. This is a good way to work out how much you have left to spend on food and see if you have any disposable income, giving your weekly or monthly budget.
If you know how much you roughly spend on food each week, you can subtract this to get your disposable income, which is money for things like nights out, clothes, or anything else you want. You might not have a lot of disposable income, so use it wisely! If you have a part time job, then obviously this can help.
Plan your food shopping as much as possible, and go to your most affordable supermarket. Lots of students tend to opt for Aldi or Lidl. Good planning will mean less quick trips to the expensive corner shop, or convenient takeaways. These things can add up quickly, and eat away at your funds!
If you’re struck for cash, sell things you no longer need, like clothes you no longer wear. There are lots of apps available for this, and it’s a great way to make some money if you don’t have time for a job. It’s also more sustainable for the environment than throwing them away! Buying your clothes from these sites will also save you money and be more sustainable.
Watch our video here
Check out the rest of our Young People Money Guide here!
