Students find themselves in the scary position of managing their own money and trying to live on very little of it. Graduates have much advice to give so current students should listen. There is no better teacher than someone who has been in the same situation and emerged successfully.
With guidance from those who have been through university, current students can establish and live on a slim budget.
Classifying spending into needed and desired items is the first tip that graduates provide. If outgoings exceed income, expenses should be reduced to tip the scale in the other direction. Student discounts are available online and in stores.
Students residing together should look for supermarket offers like buy one, get one free and bulk discounts. Local markets offer many bargains and are usually accessible via car or tram.
Taking turns cooking for a group is less expensive than cooking for one or existing on prepared meals…
Ham, cheese, and a loaf will feed a hungry student for a week and costs much less than the pre-packaged version. Fresh food products that are nearing their sell-by dates may be less expensive. Freeze them, if possible, to eliminate waste due to spoiling.
Discounts can be tempting but they are only worthwhile if items are needed. At high-end stores, even deeply discounted prices may be higher than what a discount store is charging. Students should comparison-shop to find the best deals on items they need.
When shopping for books, they should consider second-hand versions and review what libraries have to offer. Libraries allow students to reserve books and have papers and journals available online at no charge.
Banks want students to open accounts so they provide attractive offers…
Students should look for bonuses that are useful such as cash back or a free Young Person’s Railcard. Reading the fine print on account terms is important because this identifies charges.
A basic bank account that does not feature a debit card or overdraft is recommended. Students should draw out cash only once a week and regularly review their bills and statements.
Living accommodations determine the amount of money in the pocket. Options include living at home, private rental, and university accommodations. Students who live in halls have their utility bills included in their room rates and most halls offer free parking.
If a private landlord permits it, the group should sign separate contracts for bills and rent to prevent having to cover rent if someone leaves.