How to manage your money well

How to manage your money well

As many new students enter their first year of university there are a variety of new exciting things that wait ahead. One of these things is independence… financial independence. For new students this is the first time that a huge sum of money will be entering their account all at once. That being said, these top tips may still need to be read by some older students, who have not quite got the hang of budgeting.

With each new loan instalment comes the desire to splurge. To manage your money and save yourself the sticky situation of being
broke, there are several ways to make your money go further.

Winter is coming towards us at a fast rate with the wind, the rain and the cold temperature chasing us to our lectures and grocery trips. But getting a new coat does not have to be an expensive task. If you are looking for new winter clothes going to a charity shop is the best solution. Charity shops have a vast collection of second-hand items just waiting to enter your wardrobe. Even better still, you can purchase an expensive coat for a fraction of its retail price and the money goes to charity too. The stigmatisation that going to charity shops is stingy, or gross, or sad is only held by those who have not searched the rails properly to find a good buy. So, tip one is to get yourself down to a charity shop the next time you need to update your
wardrobe.

To truly conquer the knack of student life the skill of budgeting must be acquired. The best way to ensure you have enough money to last the entire term is to simply do the maths. Add up the essentials first so your rent, bills and average grocery shop for the next term. Minus this amount from your loan and whatever is left can be allocated into the fun weekly spend pot for clothes, socialising and other purchases. A good way to save a bit of money when grocery shopping is to bulk buy items that do not go out of date and to only frequently buy fresh items. So, tip two is do the maths.

Now, when considering the previous budgeting step, it is a lot easier said than done. A good way to stop yourself overspending is to separate your money. There are a couple of ways to do this. One way is to get mobile banking and within that app add a savings account. This allows you to transfer bills money into the saving section until it is needed and keep the money for groceries and socialising in your normal account. Therefore, you can see both your bills balance and spending balance separately. Another way to prevent your splurging spree is to get a prepaid card, like Monzo, which allows you to add money to the card with an app that also monitors your spending. Another way to help your budget is to make sure you ask about student discount, yes sometimes we feel anxious asking for a discount, but this money may buy you tomorrow’s meal deal. So, tip three is don’t
just budget, budget smart.

Tip one, get yourself to a charity shop. Tip two, do the maths. Tip three, don’t just budget, budget smart. With these tips, you
are sure to make it to the next loan drop. Whether you are a new student, or an old student, remember to be money smart.


Section: Lifestyle

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