Life at UCB through the eyes of our student bloggers

How to manage and save money

How to manage and save money

Hi everyone!

This week I thought I would give you 8 tips on how to manage and save your money.

At university, everyone’s financial status and how they like to manage their money is different.  I am one of those students whose loan doesn’t cover my accommodation meaning I have to find my own money to pay for food, any treats and the rest of the rent/bills. Despite different financial status’ I think it is a good idea for all students to look for deals and learn how to manage their money effectively.

During my first year at university, I found many tips on how to manage and save money which I still use now I am in second year.

Tip 1 – Work hard and save – Before I started both my first and second year I worked as much as I could over the summer.  By doing this I was able to earn money which I could save for any treats such as clubbing, meals out, cheerleading etc.

 

Tip 2 – Get a student Railcard – Getting around Birmingham and traveling back home can be expensive, so by investing in a student railcard it will help you save some money when doing so. I would also recommend checking with your bank as some give you a railcard or free when opening a student account.

 

Tip 3 – Don’t buy books – Throughout university you will need to do a great deal of reading.  But this doesn’t mean you have to go out and buy hundreds of books! A great way to save money is to use the library (located on the 5th Floor in Summer Row) or access your books online.

 

Tip 4 – Get an NUS card – This will give you discounts in so many shops form clothing to restaurants and is definitely worth it!

 

Tip 5 – Take advantage of deals – Particularly in food shops you will see ‘3 for 2’ or ‘buy one get one free’ deals which are a great way to stock up on cupboard essentials.

 

Tip 6 – Cash not card – When going on a night out, I found I spent less money when I took cash instead of my card.  By doing this, you can only spend what you have in your purse/wallet.  I also suggest trying not to use apple pay as much as possible as much like using your card, you can spend more than what you want with just a simple scan.

 

Tip 7 – Use separate purse/wallet – This one may sound rather odd, but I found it worked when learning how to manage my money.  During first year, I had my regular everyday purse, a smaller purse with my food money in (£30 a week) and a small clubbing purse.  I found that by keeping my money separate I didn’t spend all my food money clubbing or vice versa as they were always kept separate.

 

Tip 8 – Make it, don’t buy it – Although the university does serve very good food, I found that by making my own lunch everyday it worked out cheaper than buying it every day.

I hope you found this week’s blog post helpful.  If you have any questions, please leave a comment.

Jessica x



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