Being a student in university nowadays can be tough. If you don’t have a budget you may fall into trouble very quickly. The rise in university fees in 2012 to upwards of £9,000 a year has affected current and future students. The change in government-funded university grants has meant that living at university has become more strenuous than ever before. We are going to provide you with the most proficient methods to survive throughout the year and still enjoy university. The following ways will help you to save money while you are at university.
Make A Financial Plan
Regardless of your current situation in life, you have to know how to make a financial plan. Learning to budget effectively is a life skill that will stand you in good stead. Keep in mind to incorporate the greater part of your costs, to allocate some money for unexpected expenses. Its better to overestimate your costs instead of underestimating them.
Your first year in University usually means that you live in halls on campus. Once you have completed your first year, you will need to find a house to live in. This means you will have more outgoings like Gas and Electricity to think about. Working during the summer months before you go back to university will improve your financial position. Once you complete your financial plan, you will have more money on a weekly basis for clubbing, food, hobbies and other outgoings. But
Your student loan will be paid into your account during the year, being able to work out how much money you need for general living and partying will avoid you becoming broke before your next payment. If you are going out, you should work out before how much money you need and only take cash. Avoid taking your bank cards with you, not only because of the risk of becoming lost but also stops you withdrawing more money after you have had a few drinks. Students (Me included) know too well what happens when they wake up the next day only to find out they have spent way too much money.
When you’re struggling for money, those credit card offers are going to look very enticing. Credit card companies know this, so they target university students with attractive credit limits. The issue is if you are spending more money then you can repay, you can get into big financial trouble. When you purchase items and services on a credit card, you have to take into account the fees that come with this. So if you are thinking about applying for one, consider the pros and cons first:
Building your credit rating
Protection on purchases
Bailiffs and Court Judgement’s
It really is down to you to decide whether you should apply for a credit card. If you are impulsive buyer then maybe this is not for you. If you want a credit card for improving your credit score or for payment protection then credit cards are a very good financial tool to have.
Protecting Your Credit Score
This is crucial and more of a long-term goal than one that you will meet at university. As many graduates find out, your Credit Score will define you. It will allow you to receive credit on a vehicle and mortgage for a house. This world is a debt membership world, and if you are not included, then you will be left behind wondering why you didn’t look after your Credit Score. While at university you don’t need to watch your credit score like a hawk, all you need to do is be careful. Do not miss ANY payments on bills and ensure that all of your details are up to date. If you would like to find ways to improve your credit score, then we have provided a guide Click Here.
As long as you are aware of your credit score and protect it from declining, then there really is no reason to worry too much about it. If you would like to find out your credit score, then you can use MyCreditMonitor below. You will have access to a free credit score and report outlining any improvements that are needed for you.
Look for Student Discounts
One of the best advantages of student life is, without a doubt, student discounts. Being a student can get you discounts off practically anything, from a new clothing purchase to a trip to the movies. Whenever you purchase something you must find out if there are any discount offers for you as a student. You can ask if you don’t see anything advertised.
Once you start university you will be handed a Student Card, this card is pretty much a gold mine of discounts. Registering with MyUniDays.Com will allow you access to all the discounts that a student can use, they will have a list of savings that can be made:
Student Discount Highlights
Apple Education Up to 10% Off
Amazon Prime Six Months Free For Students
PureGym Up to 25% Off
Railcard 33% Off Travel
TopMan 10% Off
Thorpe Park £20 Entry
Useful Student Websites
StudentMoneySaver Provides student deals and discounts in the UK
Student Beans Offers great deals that you might not find on
SaveTheStudent All round website that focuses on saving/making money as a uni student. Also provides advice on getting a job while at uni.
Live Close to Campus
If you are unable to live in halls we would advise that you attempt to find a house as close to campus as possible. This will save you a lot of money in the long run, no need for travel costs or waking up early to make sure you get to uni on time. This maybe useful for going out as well, as you don’t have far to go after a night out.
Cut Your Bills
Save money and also the environment, by eliminating your power and gas use. It goes without saying but always ensures you switch off the lights during the day and turn off the switch sockets when not in use. Likewise, when it begins to get chilly, start putting on a couple of additional layers first before turning up the warmth!
Procure More Money
To save money, first, you need to secure it. Check whether there is a project where you can work low maintenance on your campus. You might even end up getting experience in your field! You can likewise take up part-time work in your town shopping centre or even work online as an assistant. The time you put into the applications could be well worth the investment. The additional work experience to your CV will be valuable once you leave university to find a job. Easing as much money-related stress as you can.
Always ensure you exploit any concession fares for students and book in advance to make the best savings. If you are travelling a
Wait Before Purchasing Books
A lot of modules you take will expect you to purchase books for your studies. Rather than buying the book brand new, maybe think about searching on eBay or Gumtree. Even better, attempt to discover a copy to acquire from your nearby library and save yourself spending the full price on study books.
Every single student has a mobile phone, and this runs the risk of either becoming damaged on a night out or stolen. Students may ignore the possibility of their phone being lost, damaged or stolen but this can happen. With the value of mobile phones nowadays, we would advise the importance of mobile phone insurance. GadgetCover is one of the best for phone insurance, providing customers with full cover for a very reasonable monthly price.
Use Gumtree For Free Stuff!
Gumtree is ideal for university students who need new furniture, one person’s junk is another man’s gold so they say. All you need to do is type in your postcode, and you will be able to find people who need to get rid of their unwanted stuff. You would be surprised at the quality that’s on sale, we have found washing machines and dryers on there. As long as you have a few strong arms and some transport, your house is going to look stylish.