Supporting yourself, and learning how to budget your savings to be as financially stable as possible for the university year ahead, can add an extreme amount of pressure to start your academic year with.
The important thing here is to relax. Financial stress can be a big aspect of university life. But remember there are support systems in place within the university where you can go for guidance and support.
Below are some tips that I would highly suggest if you are unsure of where and how to start managing your finances.
Having a budget
it is important to try to make a weekly budget for yourself, to be able to keep track of your spending habits.
No matter what this is, you will be able to assess if you may need a part time job while studying. You will also be able to know your limits for your year at university.
Create a list of your regular expenses such as your rent, phone bill, utility bills and food shop.
Although this may feel like you are spending a lot all at once, you can then alter these charges in relation to how much weekly budget you are allowing yourself.
Using an overdraft as a student
As you are a studying as an active student, you are entitled to an interest-free overdraft.
This is a hugely helpful asset that you should use wisely (if you have done your research and choose to go down this route).
This overdraft is interest-free for three years after you finish your studies. This gives you enough time to be able to pay it back, even if you do end up maxing it out.
However, perhaps more sensibly, just have the overdraft as a precaution for if you need to have an extra £10 for your food shop or a ride home. This ensures your peace of mind, as well as your safety.
Use student discounts
By getting apps such as Uni days, you will be entitled to many discounts at restaurants, shops, and cafes. This is something you most definitely should use during your time at university.
Even if this is a little saving of a few pounds here and there, it will soon add up. By getting in the habit of applying these discount codes, you will see just how much you have saved (and will save) over your years of studying.
Travel
If you think you will be using trains a lot throughout your studies, perhaps to visit friends or to return home now and then, definitely purchase a 16-25-year-old rail card. This is 100% worth it!
Your card will discount the price of your train tickets dramatically, and is something that you can use unlimited throughout the whole year until you have to renew it again.