Managing your finances can be one of the most difficult aspects of moving to university. There are a lot of new expenses such as bills and food shopping and it can be hard to make a lot of money while studying. This is why learning how to manage money is so important. Realistically, you aren’t going to budget everything (you are a student after all), but a few small hacks can help you save some cash during your time at university.
Open a Second Bank Account
You probably aren’t going to be depositing money into your savings each month while you’re at uni. But having a separate account allows you to separate your monthly expenses from the rest of your money so you know exactly what you are left with. Each pay day, move all of your monthly bills, rent and subscriptions into a different account. No more accidentally dipping into your rent money when you order a hangover takeaway.
Cook in Bulk
Cooking for one person isn’t the most budget friendly. Most supermarket ingredients come big enough to feed at least two people, so cooking for one can result in a lot of wasted food. Cook two portions of everything you make and keep one in the freezer for another day. This takes no extra time or effort but can almost half your grocery spending.
Limit Your Going Out Spends
We have all had a few too many drinks and got carried away on a night out. Prone to buying a round of shots for the whole club when you’ve drank a bit too much? Leave the card at home and take cash on your nights out. This way, you can set yourself a budget and, when your money is gone, it’s gone. Just remember to carry spare cash elsewhere (for example in your phone case) that you can use in case of emergencies.
Share the Subscriptions
Netflix, Amazon Prime, ASOS next day delivery, it can all add up. Join forces with your housemates and each pay for one service. Then share the passwords between you so you have access to everything you need for a fraction of the price.
Always Ask for Student Discount
So many high street shops offer a student discount. Even if it’s only 10-15%, it can all add up and make a big difference. Be sure to sign up for sites such as Unidays or Student Beans to see what discounts are on offer. From the apps you can also access discount codes which can be used for online shopping.