Student loans, grants and overdrafts are the ultimate temptation. University seems to be full of things you need to buy and you may find yourself asking “what could go wrong if I blow it all on nights out?”. If a looming future of value beans, and toast if you’re lucky, becomes less nightmare and more reality, then try these simple tips and adjustments throughout the term and to help your bank balance stay out of the red!
Bank Safe… most banks offer online banking so take advantage of this at every opportunity to keep track of what exactly you are spending. Never get an account where you have to pay monthly for any unnecessary extras – all high street banks have free to open current accounts. Look out for extras that come free with student accounts like insurance for travel or gadgets – but be aware of any catches.
Be a frugal student… watch for student discounts at every opportunity and don’t be afraid to ask shops for them! Most independent shops are happy to offer discount to students. University is the time to cut back on the premium items you can’t afford, unless they are on special offer, and always look for own brand substitutes – some of them contain exactly the same ingredients!
Split your money… avoid spending from the large, tempting pot of money that the beginning of term brings, or at least inhibit big spends on a whim or when slightly incapacitated by having two bank accounts. By setting up a standing order to send a weekly budget from the Loan account to the other, you can easily control your spending. For the weeks where you don’t spend all of your budget, well next week can be a rollover (in slightly smaller proportions than the lottery) so you can either save or use the extra money for special treats or something you haven’t budgeted for, like new clothes, Tesco’s finest food or a more ‘memorable’ evening.
Change the way you study… it may mean adjusting the way you do your university work, but using the library and its countless online resources is a sure-fire way for students of the arts and those with hefty reading lists to avoid big payouts at the beginning of term. Google books and online journals are a lifesaver for essays, with many full books and texts able to be ‘previewed’ online. Using texts inside the library, whilst inhibiting you writing on the book itself, will save countless pounds when it matters.
Food budgeting… don’t just watch what you buy in terms of supermarket own brand, but watch what you throw away. You can easily save around £5 on your shopping if you ensure everything you purchased last time is eaten. Buying for a group also normally works out to be cheaper, so perhaps share meals with housemates once a week to test if it could work for you. Also, only consider buy-one-get-one-free deals on non-perishable foods such as tins or cupboard staples, or share a deal with a friend to maximise the saving and minimise any wasting of money!
Cheap Transport… get used to walking and not relying on taxis during the day. Although they do tend to cheaper in York than a lot of places in the country, frequent taxi use is a quick way to drain your student loan. Cycling is not only great exercise but it cuts travel time massively. York is pretty bike-friendly so investing in a second-hand bicycle from local shops or online sites like Gumtree could work out to save you time and money.