Break Down Your Loan Into Weekly or Monthly Amounts
Receiving your loan as one big lump sum can be difficult to comprehend. For a lot of students, it’s more money than they’ve ever seen, and the temptation to go wild with it is strong. Splitting it into monthly or weekly amounts as soon as possible means it’ll last longer, and you won’t have to find extra income.
Prioritise Essentials Like Rent, Food, and Energy Bills First
A technique that can be used to keep you from spending wildly every month is to have a separate bank account exclusively for bills, rent and outgoings. That way, every month you can put the same amount in and know the money is just for the important things.. Once everything important is paid for, you won’t need to worry about it. It also helps to have all your bills come out at or around the same time. For example, the beginning or the end of the month, so you know exactly when it’s due.
Set a Fun Budget and Stick to It
Your time at Uni is designed to be enjoyed, so don’t squirrel every penny away and only spend it on books and groceries. Let yourself do the things that make you happy, and set yourself a hard limit every month on what you can spend on socialising. If you don’t hit the budget for one month, simply add it to next month’s or even put it in your savings.
Use Budgeting Apps to Keep Track of Spending
Budgeting apps allow you to put in your income and outgoings and figure out exactly what you’re able to spend, save, and where you can make positive changes. This helps you budget without using all your brain power. There’s plenty available, and many of them will be created with students in mind, making it perfect to plan your finances without stress.
Meal Prep and Cook Meals In Bulk to Save Money and Time
Bulk cooking your meals for the week can save you serious money and time. Meal prepping healthy meals such as pastas, curries, stews, etc., means even when your budget is stretched, you can simply reach for the fridge or the freezer when you’re hungry. This saves eyeing up the takeaway menus or wandering aimlessly around the supermarket.
Avoid Your Overdraft If Possible
Your overdraft might seem like an endless pot of gold, but if you use it, it has to go back. This can leave you chasing your tail every month, having to pay off not only the amount, but any fees you may have accrued by using it. Let your overdraft be there for absolute emergencies, not because you fancy a pizza towards the end of the month.
Look for Ways to Increase Income, Such as Part-Time Work
Even a few hours a week at a local bar or café can help keep you afloat during the month and give you an extra bit of freedom. Ask around town and find out what places are looking for flexible, part-time staff, and you might find yourself with a job quicker than you think. University towns are full of students, so plenty of places will understand what you need.
Save an Emergency Fund to Fall Back On
Set yourself a non-negotiable amount every month that needs to go into an emergency fund and that you cannot touch. Even if it’s a small amount, it’ll grow each month, meaning you’ll always have a rainy-day fund or something to help when things get serious. On some banking apps, you can set savings accounts that are locked, meaning you can’t touch its contents, even if you get tempted.
How The Student Energy Group Can Help You Save Money
Here at Student Energy Group, we want your university years to be some of the best of your life. That means enjoying your time as a student, learning, making friends and soaking in the experience, not stressing over bills every month. We make it easy to bundle all your student utility bills into one simple monthly payment, split evenly between your housemates. And the best part? You only pay your share; if someone else is late, they’re the only one responsible.
