Manage Your Student Money Like A Boss
The new university term has begun and the key to living comfortably and not missing out on any social events is to manage your student budget effectively. Take a look at few of our top tips for managing your student loan...
Set A Weekly Budget
It's important to give yourself a weekly student budget, this will be how much money you've got left to spend on all non-essential things each week:
- Work out your total income for a university term.
- Minus your essential expenses for the same period.
- Divide the number you're left with by the number of weeks in a term.
Open A Second Bank Account
You will receive your student loan as lump sums throughout the year, therefore it's easy to spend it all at once and not budget accordingly to ensure you have enough money until you receive your next installment. By opening a second bank account it will allow you to transfer or Direct Debit a small amount into your current account each week and avoid overspending.
As soon as you know what you're doing, plan ahead to ensure you have enough money for everything you want to do during the week. This includes knowing which nights you're eating out on to avoid buying in food and wasting it because you've made last-minute plans to eat out.
Find The Best Student Offers
Recycling textbooks, clothing, electronics or anything you don't use anymore is the perfect option to make a little bit of extra dosh. This can easily be done by tapping into local Facebook groups or Apps and websites including Depop, Ebay and We Buy Books.
Think Twice Before Spending
Before making a purchase ensure you are spending your money on something you need rather than want. Can you re-wear an outfit rather than purchasing a brand new one? Try and keep clothing purchases to special occasions rather than every night out.