Managing your money whilst at university

Managing your money whilst at university is really important, since in most cases this is the first time you have been fully in control of your spending. You might be surprised at how quickly it all adds up. From accommodation to food to nights out, it all costs money. Whether you have student finance or are working part-time you need to make it last.

Set out a budget

Creating a budget based on your income and what you plan on spending is an important place to start. This budget should cover rent, utilities, phone bill, food shopping and miscellaneous costs, basically anything you are likely to spend. Once you have worked out how much you are roughly going to spend, work out how much income you will have with either student finance, extra funding, or part time work. This will allow you to forward plan and work out how much you need to live on, as well as show you what money you have leftover.

How to stick to your budget

Setting a budget is the easy part, sticking to it is the hard part. It is easier said than done, since you’re in a new environment and looking after yourself most likely for the first time. There is no defined way of sticking to a budget, you just need to make sure you aren’t overspending and have enough money for essentials. However, one way of trying to stick to a budget is to make a spreadsheet, this will help you see everything all laid out on what you can and can’t spend. The spreadsheet will be able to calculate easily you’re spending and keep you on track.

Another way is setting up standing orders, this will involve two bank accounts. For example, when you receive your loan or get paid, transfer your spending money for bills and utilities to another account so it is less easy to access and spend.

Always check for student discount

Student discount will be your best friend whilst at university as it will save you quite a bit of money. Most student discounts are available online and in person at places such as retail shops, cafes, restaurants, cinemas and more. The discount usually ranges from 10-20% so it is definitely worth your while, or some places even give you free items when buying another.

There are a few sites which let you sign up for a student discount with a valid university email address such as Student Beans and UNiDAYS. These websites allow you to search directly what places that offer student discounts.

Speak to your chosen university

If you are struggling with money or are worried about money, then get in touch with your chosen university’s funding department. Whatever you are struggling with they will always be happy to help, so don’t be afraid to reach out if you need them. At York St John you can visit our designated finance page for more information about finance advice at https://www.yorksj.ac.uk/students/your-finances/