Heading to university might be a magical time but there’s no doubt it can be a strain on your bank balance! Learning to look after your money and prioritising where to spend it could be one of the most important lessons that you learn outside of the lecture hall! Whilst you’re having fun, discovering a new city and putting in the hours with your head buried in books, it’s likely that you might also be spending a little bit of cash! At The Insurance Emporium, we want your university adventure to be as much fun as possible! That’s why we’ve put together these money management tips for students!
1. Textbook ways to save!
One of the biggest initial outlays when you arrive at university might be buying the books on your course reading list. Using a website like Amazon Marketplace to buy second-hand could be a great way to save!
2. Have the skills to pay the bills
Making sure that you prioritise paying your bills ahead of leisure activities might seem boring but could be effective when tracking your money! Once the bills have gone out, you’ll know how much you have left for the month and can relax!
3. Ditch the car!
Many of us are used to the convenience of having a car to help us get around, however this might not be the most cost effective way to travel at uni! Investing in a bike or simply walking could be an idea, plus it’ll help keep you fit and burn off some of those kebabs!
4. Cut back on coffee
Grabbing a Starbucks on the way to your lecture might feel like a great way to perk yourself up in the morning but it doesn’t come cheap! Buying your own coffee and taking it to uni in a travel mug could be more sensible financially!
5. Shop smart!
The old rule is never to shop when you’re hungry and this could be a vital tip! Instead, plan out your week of meals and use budget supermarkets to ensure that you’re getting the most from your shopping, oh and resist the urge to order a takeaway!
6. Get the right account
There are an array of different options when it comes to bank accounts for students, so it might be worth taking some time to research the right one for you. Each account will have its own benefits and might help you to control your cash!
7. The bank of Mum and Dad!
If you’re struggling for cash and need a quick fix, it could be easy to go online and sign up for a credit card or payday loan. Speaking to your parents and taking their advice could prove incredibly useful, who knows, they might even lend you a few quid!
8. Take advantage of discounts!
Many online and high street retailers will offer a discount for students. Making sure that you check this before you make a purchase could help save some serious money in the long term! Sign up to student discount sites like Student Beans^, who’ll send you deals too!
9. Sharing is saving
One of the most effective ways to save money at university could be to work together with your fellow students. Getting a large shared house and splitting the bills, cooking and shopping duties might help you make a big saving!
10. Don’t bury your head in the sand!
Making sure that you keep an eye on your bank account and how much money you have left might help stop things running away with themselves! This way you can try to avoid ending up in debt before you’ve even realised it!
Being a ‘poor’ student is a cliché that we often hear, however it doesn’t always have to be that way! Getting prepared before going to uni and ensuring that you keep on top of your finances from the very start might make it a walk in the park! You might also want to consider some insurance for students before you pack your bags! At The Insurance Emporium, our Student Insurance policies come with a 30% Student Discount and include cover for Contents Up to £5,000 as a Standard Benefit! Head to The Insurance Emporium to find out more!
^Student Beans are an affiliate of The Insurance Emporium. This blog is in no way sponsored, endorsed or administered by Student Beans.
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