How to Manage Monthly Bills as a Student

1 min read • April 25 2024

How Often do Bills get Paid?

This depends on the bill, and sometimes you’ll be given the choice of when you prefer to pay it. Most bills will be paid monthly or yearly, but some may come out in other ways like quarterly or twice a year. 

Is it Better to Pay Bills Monthly or Yearly?

It’s a personal choice for which one you prefer. There’re positives and negatives to whichever one you choose. However, many people prefer monthly because of its list of pros that allow flexibility. 

The Benefits of Paying Monthly 

With monthly payments, your upfront costs will be lower. Many people prefer to pay smaller amounts rather than a bigger one all in one go. Reoccurring outgoings means planning is possible – many people correspond their bills with their pay day. You also know they’re coming up, so you’re less likely to forget about them.

With everything comes cons – if you have several monthly bills, this can add up. In this case, some people prefer to pay at least a few of their statements yearly.

The Benefits of Paying Yearly 

With these types of payments, you can spend less time worrying about money coming out of your account throughout the year. One payment and it’s out of sight out of mind for another 365 days! As a result, your income is more predictable.

On the other hand, one large payment can be stressful if you’re not prepared. They can be easy to forget about – if you don’t have the money at hand, problems can occur. 

Tips to Manage Your Spending Over the Month

It’s super important to know where your money’s going so you can budget. Here are some ideas you can use to help you manage your spending.

– Make a list of the things you need to spend money on and how much each one costse.g., food shopping and bills. You can then calculate how much money you have tospend on things you want to.

– If you aren’t good at sticking to budgets, you may want to take out cash to cover a certain amount and not use your card. For example, if you’re going out for drinks, you may take out £40 in cash and tell yourself you won’t spend more than you have out.

– Some people make sure all their bills are monthly if they’re given the choice so they can keep track of them easier. If this isn’t possible or you simply don’t think paying everything monthly will work for you, write down all your bills and when you must pay them. Organisation is key

Now you know how to manage your money, you can think about how you can save. Here are two tips to remember whilst shopping.

– Look out for offers. This might be as simple as getting food from the last chance section in a supermarket.

– Think about the brands you’re buying. Some can be expensive, but similar alternatives can work just as well.

Tips to Reduce Your Bills and Spending 

In some cases, you can save money on your bills, particularly for your water and electricity bills. This isn’t always easy, but with dedication to being careful, you can make it work.Some examples of where to start might help… 

Water bill (if you’re on a metered tariff)

– Turn the water off when it’s not needed, like in between brushing your teeth

– Water your plants in other ways. For example, you might collect rainwater, or use leftover water from boiled pasta or vegetables

– Do the washing up all in one go rather than in parts

Electricity bill

– Turn the lights off when they aren’t needed. There might be nobody in the house or it might be bright outside

– Turn off plugs when they aren’t being used

How You Pay When Using the Student Energy Group

Before you pay anything at all, you can get a free quote from us. We combine your bills into one with our bill splitting package, so this can then be split between everyone. This includes electricity, water, gas and more. This avoids complications and arguments between housemates. We’ll even plant a tree if you sign up with us.

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