You’ve made it into uni? Great. You’ve got past the first hurdle; now it’s time to look at some ways you can stay on top of your money while your head’s in your books. Here are some tips on how to budget while you’re in full-time education.
Opening a student account
There’ll be some things you’ll want to sort out before your first day at university. You’ll want new stationery, new pots and pans, new bedding and a student account.
Student accounts are like standard accounts, but they sometimes come with interest-free overdrafts and freebies like railcards. An interest-free overdraft means you pay back no more than you borrow but you should always check how long an overdraft will stay interest-free and what the charges are after that changes.
Your credit score can determine how much overdraft you’ll be offered, so it’ll help to know your score and take steps to improve it.
It’s good to have a look around at different banks to make sure you’re happy with the features that’ll come with your new account take a look at our student account for starters.
Budgeting your student loan
Going to university might be the first time you’ve lived away from home and the first time you might’ve had to budget. Costs like accommodation and household essentials are all big pieces of your student loan pie, so you’ll need to budget well before you set foot on campus.
You’ll never get your budget completely accurate until you’ve spent some time at uni, but it helps to guesstimate your cost of living after adding up your groceries, travel, university resources like books, and other things you’ll need to buy regularly.
Budgeting at uni
Student loans are a popular way of funding your way through uni they cover tuition fees and they offer loans and grants to help with day-to-day costs.
Whether you go through the popular route of Student Finance (UK), or fund your course another way, it’s always important to live within your means. As a student, you might not have income from work, unless you have a part-time job, but you may have income from student loans, grants, and contributions from family. To make a budget, you should try to work out how much income you’ll have each week or month at the start of each term.
Affording student life
Sometimes, student loans aren’t enough to cover your expenses. Let’s take a look at some of the ways you can live within your means.
If you’ve got time, getting a part-time job might be a good idea. For a few hours a week, or even outside of your term time, you could make a significant difference to your budget.
Take a look at your expenses. Are there any areas you could cut down? Fewer nights out could save you a lot more than you realise. Swapping branded groceries for supermarket own brands could also make a difference.
If you’re in doubt, there’s usually a financial adviser on campus to talk you through any concerns short term payday loan Node Wyoming or questions you might have. In most cases, they can help you plan and manage your budget.
No matter how you fund your university experience, it’s important that you spend and save the right way. This is especially true when you start working some people may find it difficult to budget after having been a student. Managing your money throughout uni gives you the head start you’ll need for life after full-time education.