The picture displays a piggy bank and some coins
BudgetingStudent Life

How to manage your money as a student

Maria Kakogianni

University life is exciting but can also be financially challenging. Developing good money management habits early on can make all the difference. In this blog, we will explore how to manage your money as a student. These practical tips will help you stretch your budget and make the most of your time at York St John University.

1. Budget, Budget, Budget!

Budgeting is the cornerstone of financial stability during university. Start by calculating your total income (student loans, part-time jobs, scholarships, or family contributions) and your essential expenses (rent, bills, groceries, travel).

How to Create a Budget:

  • Write down your monthly income and expenses.
  • Use budgeting apps like YNAB, Monzo, or Emma to track spending in real time.
  • Plan for occasional expenses, such as books, birthdays, or travel home.

Pro Tip: Allocate a small amount for treats or social events—budgeting doesn’t mean missing out!

2. Be Smart with Accommodation

Rent is often your largest expense, so choosing wisely can save you hundreds of pounds each year.

Options at York St John University:

  • On-campus accommodations offer a convenient option with utilities included, making costs predictable.
  • You can view our accommodation here: Accommodation | York St John University
  • Private accommodation near campus can save you money on travel, but check if bills are included in the rent.

Money-Saving Tips:

  • Share a house with friends to split costs like rent and utilities.
  • Use apps like Splitwise to manage shared expenses with housemates.
  • Check whether you qualify for the university’s Commuter Bursary if you live at home and travel to campus.

3. Take Advantage of Student Discounts

Being a student comes with plenty of perks, so make the most of them:

  • Sign up for discount platforms like TOTUM, UNiDAYS, and Student Beans for deals on food, clothing, travel, and entertainment.
  • Many local shops, cafes, and restaurants in York offer student discounts—always ask!
  • Use railcards like the 16-25 Railcard to save on train travel, especially if you plan to visit home or explore other cities.

Pro Tip: Combine discounts for even bigger savings, such as using your railcard when booking tickets during a sale.

4. Cook at Home

Eating out regularly can drain your finances, but cooking at home is a cost-effective and rewarding alternative.

How to Save on Food:

  • Meal plan to avoid overspending on groceries and reduce food waste.
  • Shop at local markets or budget-friendly supermarkets like Aldi and Lidl.
  • Stock up on staples like pasta, rice, and canned goods when they’re on offer.
  • Invite friends around and cook a dish together to save on money and energy.

Pro Tip: Cook in bulk and freeze portions for quick, easy meals during busy weeks.

5. Use York St John’s Financial Support Services

York St John University is committed to supporting students with their finances. Take advantage of the resources available to you:

  • Budgeting Workshops: Attend sessions run by the university’s financial advice team to sharpen your money management skills.
  • Emergency Hardship Funds: If you face unexpected expenses, contact the university’s Student Funding Advice team for guidance and support.
  • Dedicated Advice: Visit the Your Finances page for tools, advice, and contact details for financial support.

6. Save Where You Can

Small changes can lead to significant savings over time:

  • Travel: Walk or cycle instead of taking buses or taxis. York is a compact city, and most places are within walking distance.
  • Books: Borrow textbooks from the university library or buy them second-hand from older students.
  • Subscriptions: Share streaming service subscriptions with friends or use student discounts on platforms like Spotify or Amazon Prime.
  • Part-time Work: Explore flexible part-time job opportunities through York St John’s Careers and Placements team, like working as a student ambassador or in retail.

7. Build an Emergency Fund

Even setting aside as little as £10-£20 a month can make a big difference when unexpected costs arise, such as a broken laptop or an urgent trip home.

How to Start Saving:

  • Set up a separate savings account to avoid dipping into it for day-to-day expenses.
  • Automate savings by transferring a small amount into this account each time your maintenance loan is paid.

Pro Tip: Look for high-interest savings accounts or ISAs for better returns.

8. Avoid Common Money Pitfalls

Staying aware of potential financial traps can help you avoid stress later:

  • Overdrafts: Many student bank accounts offer interest-free overdrafts, but they should be used as a safety net, not regular income.
  • Credit Cards: Be cautious about using credit cards unless you’re confident you can repay in full each month.
  • Impulse Purchases: Before buying non-essentials, ask yourself, “Do I really need this?” Waiting 24 hours can help you avoid buyer’s remorse.

Final Thought

Managing your money wisely doesn’t mean you have to miss out on the fun of student life. By budgeting, taking advantage of student discounts, and using the financial support services at York St John University, you can focus on what truly matters: enjoying your university experience and building a bright future.

If you’re ever in doubt or need advice, the Student Funding Advice team at York St John is always ready to help. Reach out early to stay ahead of financial challenges!