University is exciting but can be financially challenging. This guide helps you to manage money and reduce worries. Learn more from Ann, a Psychology student
Starting university is an exciting experience, but it also comes with financial challenges, especially for students living alone for the first time and managing responsibilities that were previously handled by their parents. But don’t stress! This guide will help you manage your money effectively and reduce financial worries.
Before creating a budget, it's important to identify your main sources of income and common expenses. Having a clear understanding of your financial situation will allow you to allocate your money appropriately.
Once you know how much money you have coming in and going out, you can break it down into a weekly or monthly budget. You can even use some budgeting apps to help you with this!
University life makes it tempting to overspend, but small changes can make a big difference. Cooking at home, for example, is far more cost-effective than relying on takeout. Meal prepping can help you tremendously with saving money and time with cooking on the days you don't feel like cooking!
You should also take advantage of student discounts as this is a great way to cut costs, many shops, restaurants, and transport services offer them, so always ask before making a purchase.
Another important tip is to avoid impulse purchases by asking yourself if something is truly necessary before buying it.
If your student finances aren’t stretching far enough, there are ways to earn extra money while still balancing your studies. Part-time jobs can be easily found in Selly Oak or any other areas around our University, and for students at the University of Birmingham, Worklink provides part-time job opportunities within the university itself, making it easier to find a job and earn a little extra money without a long commute!
Budgeting at university may seem overwhelming at first, but with careful planning and good financial choices, it can become second nature. By understanding your income, cutting unnecessary expenses, and seeking financial support when needed, you can enjoy university life without constantly worrying about money!
A Psychology student at the University of Birmingham.
