Top Tips to Budgeting as a Fresher

Many say that you learn nothing about life until you move out of your parents’ home. This is something that hundreds of thousands of students are faced with as they leave home and head off to their chosen universities.

At first, balancing a busy social life with university work can be tough; however it is often the increase in personal and financial responsibility that will be the largest shock to the system. By finding that perfect balance between work and play, you should be able to get the full ‘university experience’ while gaining grades that will ultimately help you to get the job you want a few years down the line.

The first financial challenge of university is deciding what you’re going to do with your maintenance grants and loans that have just been deposited into your account. One way of avoid the trap of wasting all of your money needlessly in the first few weeks of the term is tracking your spending in a monthly budget.

Throughout this article we will demonstrate that if you can create some sort of plan for your spending, then you can still have an amazing university experience without breaking the bank.

Budgeting

As I outlined above, sitting down and calculating exactly how much money you have to spend and where you can afford to spend it. Online personal finance software is a great option in assisting you. One way of controlling your spending is to work out how much you need for the week and only take that amount out of your account; once it’s gone, it’s gone. Other ways could of course be to plan monthly what you allow yourself to spend, or simply budget yourself for essentials only and spend the extra money you have on what you want. 

Don’t drink your funds away

It is inevitable that in your first year at university, a lot of your funds are going to go towards nights out and visits to the pub. Remember that if you go too wild at the start, then that limits the amount that you can go out for the rest of the year; you don’t have to spend ridiculous amounts of money to have a good time. Often pre drinking with friends in your accommodation will mean you don’t feel the need to give in to expensive nightclub prices later in the night.

Search for food

One of the largest monthly expenses while you’re at university will be food which is why it is important that you do everything in your power to limit your food bill. Living off takeaways may be convenient but it is far from cost effective, it is much cheaper (and healthier) to buy good food and cook it. You may find the shopping with roommates helps to reduce your bill as you are able to buy in bulk and simply split it when you get back to your accommodation.

Student discount

It is important to use your student discount when you can, as this will save you a stack of money over time. Student discounts can be applied at a number of stores to help you save money on everyday shopping, travel, motoring, fashion and entertainment. Most stores will advertise the fact that they offer student discount but if you’re at all unsure, simply ask – you may be surprised.

It is important that in your first year that you have the best time possible. University is meant to be the best experience of your life; the only way you can ruin it is by putting yourself under unnecessary financial pressure. Simply implement a basic budget and keep a track of your spending and you should never find yourself struggling to make ends meet.