4 University Budgeting Tips You Need to Know

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Do you feel ready to manage your own money at university? Do you know how to balance your obligation to pay your bills with your desire to hit the town?

If you don’t think you’re quite there yet but are willing to learn, then you have come to the right place.

From finding all the best student discounts to creating a meal plan, and sticking to it, keep reading to discover the top four university budgeting tips that will ensure you can get the most out of uni life without racking up too much student debt.

1. Determine what type of student you are

If you want to be able to budget effectively, it can be a good idea to first identify what kind of student you are going to be, as then you can make a good guess about where the majority of your money will go.

This Freshers personality quiz from Endsleigh insurance is a fun and interactive way to find out what kind of fresher you are going to be, helping you to determine whether you are likely to overspend on socialising, shopping, or something else entirely.

2. Calculate your monthly outgoings

One of the most common problems that students face is that they are spending more than they are earning. Of course, this is easily done when at university, with a whole host of new bills to pay and so many exciting new places to visit and see, most of which cost money!

That being said, if you want to stay on top of your finances, you need to create a monthly budget sooner rather than later. If you have done this and you’re still not breaking even, your options are to:

• Reduce your expenses
• Increase your income (maybe with a part-time job)
• Speak to a financial advisor

4 University Budgeting Tips You Need to Know money

3. Use student discounts

Everyone knows that student discounts exist but do you know that you can save money on practically everything, from clothes to transport, eating out, to trips to the cinema.

Check out the best student discounts 2020 here and enjoy university life to the fullest!

Don’t forget to also look out for free events at your student union, as well as virtual events that will be taking place in universities across the UK this year, such as online pub quizzes and virtual house parties.

Haven’t you heard? Staying in is the new going out!

4. Save on course materials

An inevitable expense of university life, the costs of books, photocopying, and printing soon adds up. Fortunately, there are a few simple ways in which you can save money on course materials.

These include:

• Using the library – although be sure to get there ASAP, as the most sought-after books will get checked out almost immediately.
• Only print out what you need and save paper by printing on both sides.
• Buy second-hand books, either online or at local second-hand book stores.
• Consider buying your own printer (or asking the bank of mum and dad!) if you regularly need to print out a large number of pages.

If you do need help with debt whilst at university, there are several free resources that you can turn to for advice and support. Firstly, you can speak to someone at the university directly, a member of the administration or your tutor if you are close. Alternatively, contact the Citizens Advice Bureau or StepChange Debt Charity.

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