Budgeting tips for students

Lots of students will be heading off to University in September, but many of them will never have had to budget or manage their money. This video will give tips and advice on how students can manage their money and still have a great time doing it... 

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BUDGETING TIPS FOR STUDENTS

It’s not scary, and the sooner you start the easier it is to know where your money is.
Firstly, make a note of your income.

Most students will receive a lump sum at certain times of the year, so it makes sense to work to that timeline.

Once you’ve divided the money up, putting major expenses like rent in a separate savings account is ideal to protect it from being spent.

Then it’s important to make a note of your regular outgoings! This will probably be food, rent and any activities you do.

Once you’ve done that, you’ll know exactly how much you have left for each week - all you need is a little discipline

SHOW ME THE MONEY

When you’re managing your money, the simple steps are the best –

Keep a note of what you spend.
 
Banking online is excellent for real time managing of your money

Selling old textbooks can be a great way to fund the new books you’re going to need – and there’ll always be a market of students in the year below!

Some of the more organised students could even make a small income from mentoring as well – keeping those old notes and essays could help others and give you some extra cash.

Don’t just go for the bank with the best free gift.

THE OVERDRAFT

Now we’re talking free money, right? Wrong.

The fabled student overdraft is one of the biggest benefits of a student bank account, and it’s usually interest-free.

This doesn’t mean that you can afford to be reckless - you will still have an agreed overdraft limit and you will incur fees if you exceed this.

It sounds obvious, but don’t load too much onto it, pay off as much as you can during your time as a student, and remember that it’s there to back up your budget!

DISCOUNTS

1 main discount students get is with the NUS card. The NUS extra card gets you more discounts, and will cost you £11.

Search online for discount codes and vouchers – sites like moneysupermarket.com offer money saving deals all year round.
Follow these tips and you won’t go far wrong. Being a student is one of the best times of your life, and learning these skills now is part of the life after uni.

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