Top Tips to Stay on Top of Your Student Finances
Struggling to manage your student loan or finding yourself short on funds? We’re here to help.
For many students heading to university is the first time they’ve been responsible for their whole welfare and finances. Not paying attention to your bank account can often put you in some pretty tight situations, from skipping meals to missing rent.
Remember you’re not alone and it’s best to take action rather than ignore the issue! Here are just a few ways you can begin to get your finances back in order and make the most of your time at university.
Plan out your budget
Many people fall victim to blowing their student loan in the first few weeks of term. Whether you’re starting university or approaching a new term, make sure you budget your money out responsibly. Of course have fun but if you’re drunkenly buying rounds for everyone, then that needs to stop asap.
Find a part-time job
For many of us the first year of university allows a lot of free time, this is ideal for finding a part-time job and earning yourself some additional income. Not only will you be more financially stable but you’ll likely save money on drinks if you were at a bar or food at a restaurant.
Prioritise your outgoings
When you know how much money you have in your budget, the best thing to do is begin to allocate it to the highest-priority areas. That means set money aside for rent, utilities, food and travel, before non-essentials.
Having an overdraft may seem like a godsend and whilst it can be okay to dip into at times (when you know you have money coming in). Rely on it too often and you can find yourself quickly spiraling into difficulty. The best advice is to be very sensible when it comes to borrowing and avoid it as much as possible.
Take advantage of deals
One of the best tools for today’s students is the Internet. Not only can you find the best prices for the items you want but you can also save considerably by using online discounts and deals. From savings at restaurants to student discounts, make sure you get the most out of the offers available to you!
Help is never too far away
If you’re feeling overwhelmed by your finances then it’s best to talk to someone who can help clear the situation up. Universities provide student advisers who are there to help you, from friendly support to helping put an action plan into place, remember a problem shared is a problem halved!