If you’re heading off to uni, then congratulations! You’ve got an exciting few years ahead of you. Going to university is a fantastic time, where you’ll meet plenty of new people and take the next step towards your future. It’s also a place where you’ll learn a lot – and not just the subject you’re studying!
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For most students, going to uni gives a first taste of financial independence. But managing your own money for the first time isn’t easy, and many students struggle with this part of uni life. Check out these top tips for managing money at uni to help you enjoy your time without stressing about your finances.
Work out your budget
The first thing you need to do before you get to uni is figure out your budget. Everyone’s financial situation is different at uni, but this is a great place to start to avoid unnecessary debt and know what your money situation is.
- Work out all of your income from your student finance, savings, jobs and any money given to you by your parents.
- Total up all of your expenses, including accommodation costs, monthly bills like your phone bill and gym membership.
- Work out how much you’ve got left for food, clothes, going out and other activities.
This should help you work out how much you have each month/week to live on. If things look like they may be a little tight, you may need to cut some costs.
Find ways to earn some extra money
Understanding what your basic income is as a student is a good start. For many students, this should be more than enough to live on. But if you want to increase your monthly budget, then it’s a good idea to find ways to earn some extra money. Some great options include:
- Finding a part-time or casual job. Bars and restaurants, event venues and shops can be ideal for earning money while at uni.
- Take part in research activities – these can be done online or in person and help you earn a little extra each month.
- Start a side hustle! There are a lot of different side hustles that are ideal for students, some of which can earn you money with very little effort!
Look to your fellow students for some advice, they may have great ideas about how you can earn more money at uni:
@devlloyd99 Making money alongside my 9-5 #havks #money #makingmoney #sidehustles #9to5life #lawyer #hacks #vlog #students ♬ If We Ever Broke Up – Mae Stephens
Be sensible – especially when that first student loan payment comes in!
Getting that first student loan payment can feel exhilarating. For many students, it’s the first time you’ll have seen such a large amount of money enter your bank account. But be careful not to blow it! It’s easy to get carried away when you first start uni.
When setting your budget, it’s good to put a little more aside for that first month. You’ll be drawn into fresher’s events, fairs and discounts. It’s good to get involved, but make sure it doesn’t wipe out your funds too quickly.
Setting up some pots can be a great way to manage your money, and ensure all of your essential bills are covered before you start spending on other things.
Be a good tenant
Being a student often means living away from home, and whether you live by yourself or with others, it will pay to be a good tenant. Some good tips to help you avoid losing any deposits or paying for unnecessary damage include:
- Pay your rent on time – set up direct debits to ensure it’s taken care of.
- Follow the rules of your tenancy agreement. If it says no smoking, parties or things fixed to the wall, then don’t do it – it’s not worth the hassle!
- Keep the peace with your housemates – do your washing up, help keep common areas clean and don’t hog the washing machine!
- Consider getting a cleaner between you to help keep things looking fresh.
- At the end of the year, bring in end-of-tenancy cleaners – they will save you a lot of stress cleaning up, and do a professional job. This could be the difference between getting your full deposit back and being faced with some deductions!
Learn how to cook
Besides rent and bills, food will be one of your biggest outgoings as a student. Food costs are rising, and it’s good to know how to save money on food to keep your spending in check. Learning how to cook is a great idea – it will help you eat healthier, and save you money on eating out too much.
Some top tips for cooking as a student include:
- Learn how to batch cook. There are some great student recipes you can make in advance so that you’ve got food in the fridge ready for you.
- Take turns with your housemates to cook dinners. It means you might only need to cook once a week!
- Make some lunch to take in with you – this could save you anything from £5 to £10 a day on food, which could be better spent on something else!
- If you’re going to go out to eat, go during the week – this is when most places tend to do good deals and discounts. Don’t forget to flash your uni card!
- Buy yourself a cheap coffee machine or cafetiere and take your coffee from home. Takeaway coffees can soon add up over a week!
Find a little balance
When you start uni, it can be hard not to say yes to everything. While going out and taking part in different social events is great, it can soon start to take its toll on your finances. Try to find some balance between going out and having some quiet nights in as well – movie and pizza nights with your friends can be just as fun! Save some of your money for self-care too – exercise is important, and you will have access to a lot of gyms and different activities as a student.
Seek help at the early signs of financial difficulty
If you’re struggling with your finances at uni, get help sooner rather than later. It’s really common to fall into difficulty, which is why so many students come out of uni with debt. If things start getting too much, reach out for extra student finance help. There’s nothing to be ashamed of, and you’ll feel relief at being able to get your finances back into a good place.
Your time at uni should be something to enjoy, instead of stressing about money. With a sensible approach, you can manage your finances and still have a great time, so make sure you follow the tips above to help you make the most of your uni life.