‘Money comes back, memories don’t.’ It’s a phrase you’ve probably heard from your friends multiple times. It’s okay to live whilst you’re young and spend some money. However, it’s good to get the balance right as well. You don’t want to find yourself in a sticky situation. This blog will explore how you can still have a great time whilst at university, without having to overspend on your student bills.
Review Your Spending Habits
Look at your bank statements closely and this will show you how much you’re spending each month. Some modern digital banks allow you to categorise your spending. Digital banks such as Monzo lets you have custom pots that can be used to sort your bills and separate money into different groups. Monzo also sends you weekly and monthly insights so you can learn about your spending habits in more detail.
If there’s a specific area where you find you’re spending heavily, this is something to take a mental note of. You might visit a café often and buy coffees daily to fill your stamp card to get your 10th drink free. Although it might seem exciting when you receive your free drink, you’d save a lot more money if you made coffees at home. Or you may pay for something monthly which you don’t use often like a streaming service. Have a look at your monthly outgoings, see if there’s anything you don’t need.
Set Limits to Your Spending
Set yourself budgets in different areas. For example, you might decide to spend no more than £400 per month as your ‘fun money’ on whatever you want. With this money, you might buy clothes, go for days out and enjoy food at your favourite restaurants. You might also set yourself a budget on your food shop like £30 maximum. Setting yourself budgets will help you be sure that you don’t go overboard when spending.
Set Financial Goals
‘This Summer when lectures aren’t happening, I’m going to take on some extra shifts so I can save at least £500.’
‘Next time I go out for drinks, I’m going to spend £10 less than I usually do.’
‘I’m going to cut out food I don’t need and spend £5 less each time I do my food shop.’
These are examples of some simple financial goals which can help you through your time at university. It’s good to have some exact figures in mind to give you something specific to work towards.
Find Alternatives to Places You Spend High
We all have our favourite places to shop, but sometimes we can get something just as good somewhere else. If you’re someone who spends a lot of money on clothes, buying second hand is a good option to consider. Instead, you might go to a charity shop or buy online from somewhere like Vinted or eBay. If you have a favourite pub you eat at often but it’s more expensive than you’d like, explore different options. Eventually, you may find something cheaper that you love just as much. It’s good to broaden your options and try new things to save some extra money.
Try and Avoid Impulse Spending
We’ve all done it. It’s easy to step into a shop, see something you feel is meant for you like an amazing smelling body wash. Before you know it, you’re bringing that body wash home. If you’re with a friend, they might encourage you to get it – but you don’t always need to give in! Cutting out small expenses like this can save you more money than you could imagine. If you impulse spend often, and don’t believe us, take just two weeks to avoid doing so. You should quickly notice that you’re saving money.
Seek Financial Support If Necessary
Universities often have extra help for problems you might be facing including financial support. Take advantage of these services to get as much help as you can whilst studying. It’s normal for students to find they’re struggling with money, you’re not alone!
The Government also provide extra support and funding for certain people like teacher training students, medical students, those with disabilities, and much more. It’s worth taking a look at to see if you’re eligible for any of it.
Reduce Your Utility Bills with The Student Energy Group
So you and your housemates can manage your bills easier, we’ll put all of your monthly statements into one. This includes TV licence, internet, water, gas and energy which can then be split between everyone in your house with our uni bills packages. Doing so can help you set budgets easier for the month and set a plan, so you can start managing your spending better. We’ll make sure we plant a tree if you sign up with us! You can get a quote from us today.
