How Not to Blow the Student Budget

The joys of being a student; not only do you get your first taste of freedom away from the watchful eyes of parents, but university gives you the chance to really discover who you are. Aside from learning a profession, you can finally gain a sense of independence and see for yourself what the world has to offer.

Of course, there are many exciting experiences to be had but student life does not come cheap. Indeed, according to research carried out, the average cost of studying away from home lies around the £11,000 mark.

It is essential, therefore, that as a student you are money savvy. And, while it may sound duller than a night at home peeling blu-tack off your walls, it’s an intelligent idea to create a budget: a quick internet search will provide you with all the information you need. This will not only allow you to see how much money you have, but will also give you a clear indication of how much you can spend on the ‘essentials’ like partying!

In addition to creating a financial plan, there are a number of things you can do to keep the costs of living down.

For example, independent advice suggests that you review your current gas and electricity supplier, since you could save up to £150 a year by switching. And, although it may mean wearing an extra jumper, you could save 10 per cent on your bills by turning the thermostat down just one degree.

Travel costs are another expensive outlay. For those who embrace exercise and want to keep costs to a minimum, it can be a good idea to invest in a bike. Not only will this keep you fit, but it will have paid for itself before the term is over. If, however, arriving at university windswept is out of the question, you can instead purchase a monthly bus pass. This will save you money on daily ticket prices and re-payments can usually be spread across the year.

As a student, you will also need to engage in study from time to time and will have to buy things like books. Bought new, these can really eat a hole in your social money; therefore, it can be worthwhile looking around for second-hand deals. Other advice recommends finding a part time job in a supermarket or restaurant. On top of earning extra cash, you may be entitled to free or discounted food, thus saving on weekly shopping bills.

Having a bank account is also imperative. Although you may have an existing account, it is clever to shop around for one catering specifically for students. Many student bank accounts now offer interest-free overdrafts, as well as a host of enticing freebies such as cash, music downloads or NUS Extra cards.

With a bit of know-how and a little research, it is easy to make sure you don’t blow your student budget, leaving you with time to concentrate on the more important aspects of student life!