Your time at University is one of the biggest learning curves you can take. Whether you decide to move out into a Student let, or you choose to live at home, money is always one of the things that is at the forefront of your mind.
Can I fund the lifestyle I chase?
How much money will I need for my general bills, before I even consider spending money?
Do I keep asking my parents for a little help here and there each month?
Are all questions you may find yourself asking… so we thought we would offer out a helping hand and share some of our top tips on managing your student budget so that you can really live your best life and enjoy your Uni days!
Top Tips For Managing A Student Budget
Be Honest With Yourself
When you are beginning to juggle large amounts of money, it is important to be honest with yourself on what you have available as disposable income and what you can truly afford. As your Student Loan drops into your bank account, draw up a list of bills; whether it be Utility bills, phone bills, car finances, monthly leisure activities that require a direct debit, and so on. This way, you can keep track of everything that HAS to come out of your account, visually, giving you mental awareness of what you have left available to save and to spend.
Be Realistic With What You Need To Buy
On a weekly to monthly basis, you may find that your money will be spent on:
- Food
- Toiletries / General Health Care Products (if needed)
- Travel (bus pass, taxi fare, petrol money, finance payments etc)
- Study supplies
- Gadget insurance / payments
In addition to your rent and utility bills, before you even think about money for socialising. This is why it is important to be realistic and look at the way you live now, and don’t compromise on the essentials.
Look Out For Discounts
When you are a student, saving every little penny here and there whenever possible really does help! Whether it be earning points on a rewards card that mount up to a free product, or huge savings on a promotion, it’s always good to keep your eye out for anything that may arise.
As a student you can sign up to NUS/Totum Membership for just £14.99, that can save you discounts on both the high street and online retailers such as 10% off with ASOS, 10% off at Boots, a six month free trial with Amazon Prime and many more.
You can sign up to UniDays for free, that gains you a multitude of amazing discounts for stores across the spectrum of fashion, beauty, lifestyle, technology, food & drink, health & fitness and many, many more.
Also if you are a student studying at University in Newcastle upon Tyne. then the city’s huge shopping complex, Intu Eldon Square, also offers an array of amazing food and drink discounts for students, such as 50% off your food bill at Tapas Revolution every monday and tuesday, 25% off at Chiquito, 20% off at Pizza Storm and so many more that are too good to miss!
Download A Budgeting App
These days, when you take a look around, everyone is on their mobile phone. Whether it be paying for a coffee via your smartphone wallet, scrolling through Instagram or sending morning emails. The great thing about this surge of instant access to anything at our fingertips means that there is a technological solution for almost anything!
So why wouldn’t you download an app that helps you budget? Or to keep track of your spending? Check out our top picks of Budgeting Apps to help you save a pretty penny:
- Mint
- Wally
- PocketGuard
- Starling
- Monzo
Or if you require a more detailed write-up of your finances, helping you to take control over your spending and analyse where you spend the most money, then try giving the Budget Planner a whirl, over on The Money Advice Service. Simply start by inputting what you spend and how much you earn, then the calculator works out a breakdown of your finances before giving you personalised tips on how to make the most of your pennies.
Find Out Your Freebies
As you are a student, then you will find that you actually qualify for many free services. Take Council Tax for example, students do not have to pay any Council Tax. Students aged 16-18 can also qualify for free medical prescriptions, and once you hit 19 you can apply to the NHS Low Income Scheme, where, if accepted, you can free prescriptions, dental treatment and eye sight tests.
Contact Us
If you are still on the lookout for your perfect Student pad, then come and take a look at what properties we have available here at Taylored Lets! We have Student Lets available across Newcastle upon Tyne, for fantastic prices, with something for everyone. If you require any further assistance, or you would like to book a viewing - please don’t hesitate to get in touch and give us a call on 0191 447 1718 or email our team at info@taylored-lets.com.