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.