A guide to budgeting for your first year of University
We know how finances can be daunting, especially if it’s your first year at university. That’s why in this blog we share a guide to budgeting for your first year of university.
- Budgeting Spreadsheets
Budgeting can seem scary – especially if you’re not great at maths – however by using a student friendly budgeting spreadsheet or app it can become a lot less daunting. Many of my friends use this budgeting spreadsheet by SaveTheStudent student-budget-worksheet.xlsx (live.com) which does everything for you – all you have to do is log in the money you have coming in for that month and then your expenses. The spreadsheet will then do all the calculations and make sure you’re on track for that month providing you with peace of mind during your studies.
- Student bank accounts
It is a great idea to take advantage of the incentives signing up to a student bank account gives you such as free railcards, Tastecards, 0% interest overdrafts, a subscription to an online library of textbooks which will save you money across the entire length of your university course.
- Meal planning and food shopping.
By planning your meals weekly and writing a shopping list before heading out to the supermarket it can help you avoid impulsive spending. It is also a great idea to take advantage of supermarket loyalty cards. Tesco Clubcard is a prime example and saves you a lot of money. The points you earn can also be turned into rewards such as cinema tickets or restaurant vouchers providing you and your friends with free entertainment.
Eating out frequently can also drain your finances. Instead, a fun way to socialise with your friends or flatmates is to cook a meal together for everyone in your flat kitchen. This way can provide great entertainment for a get together and buying ingredients is much cheaper than eating at a restaurant. If you do want to eat out, make sure to take advantage of student deals or offers such as York Restaurant week. Details can be found at: York Restaurant Week – 11th-17th March 2024.
- Student discount
It’s crucial to take advantage of student discount to save you substantial money. Apps like StudentBeans and UniDays are the best in providing the most up to date discounts and codes which are exclusive for students, allowing your budget to stretch further. Particularly when online shopping it is a great trick to quickly look for a student discount code when you are at the checkout.
