Students and Budgeting in this Economy
Banks and Budgeting
A lot of banks offer student accounts which commonly involve:
Interest free overdraft which provides students with a safety net
Extra perks for students, like railcards or a TOTUM card (Student Discount Card)
When it comes down to the actual budgeting, let’s start with the basics.
What are you earning in a month and what are you spending?
Take some time out to really go through this, even down to the costa coffee you might grab before a study session. Once you have this, you can easily take a step back and see where you might want to cut down on spending and how much to allocate where each month. Create a budget from this and stick to it as much as you can.
Tips we want to highlight are:
Get a Part-Time Job: Have a monthly income coming in. Relying on student finance or maintenance loans can be daunting and for a lot of students it just isn’t enough. We are seeing an increase in prices, but not an increase in student finance which creates financial struggle especially for those who are from lower income families.
Wherever you are shopping, always ask for a student discount. From laptops, to clothes, to stationary, most companies offer student discounts. We suggest sites like Unidays and SudentBeans to see the wide array of offers you as a student are eligible for.
Get books from the library. While this one is tricky as it’s a first come first serve basis, try and get your books from the university library or the local library. Books can cost a student over £100 per module at times.
Always ask the university you’re attending for the bursaries and grants available. Apply for the ones you are eligible for as this is a great way to increase the money you have available to spend during your university years. This information can be found on your university’s website.
If you are looking at taking out alternative means of credit (e.g. personal loans, credit cards etc) other than your student finance and wages, make sure you take the time to make an informed choice where repayments are affordable before signing or agreeing anything.