Ella shares tips on budgeting wisely, use discounts, and how to get financial advice at the Birmingham to manage your university money stress-free and smartly.
Entering university marks a significant transition in life, bringing newfound independence and responsibility. One of the most crucial aspects of this journey is managing finances. Trust me; you don't want to be eating struggle meals and considering sleep as dinner. Therefore, here are some invaluable financial tips that can aid students in navigating this phase more smoothly.
Such an easily overlooked technique and then all of a sudden your bank is you sending you a SMS to transfer £2 to your bank account by 5pm that day otherwise you'll start getting charged overdraft charges. Definitely not talking from personal experience though.
Track Expenses: Start by monitoring your spending habits. Keep a record of your expenses to understand where your money is going - many banks offer this as a feature on their mobile banking apps. Maybe there is food at home.
Prioritize Needs over wants: Focus on fulfilling necessities and limit unnecessary expenditures. It's intriguing to see what priorities people set in university - some prefer designer outfits meanwhile their stomachs are growling. Each to their own, I guess?
The one person you can always rely on is yourself.
Understand Loan Terms: Familiarize yourself with terms and conditions of your student loans. Understand the interest rates, repayment plans, and any available grace periods. The way everyone talked about Student Finance confused me to lengths I didn't know I could be confused so I had to take initiative to understand these concepts myself. Google is your best friend :).
Research Scholarship Opportunities: Websites like Turn2Us, The Scholarship Hub, and foundations like Aziz Foundation offer a plethora of scholarships. Spend time exploring these platforms to find scholarships that align with your qualifications and interests.
Apply Early and Often: Don’t hesitate to apply for multiple scholarships. Keep track of deadlines and requirements to increase your chances of securing financial aid.
Apply for Bursaries and Grants: Seek out and apply for bursaries or grants available through your institution. Many universities offer financial aid based on academic performance, financial need, or specific criteria. For instance, the Chamberlain Award offered at the University of Birmingham is automatically acknowledged by Student Finance if you qualify.
Utilize Student Discounts: Take advantage of student discounts offered by various retailers, restaurants, and service providers. These discounts can help save money on everyday expenses. Every little counts - those 10% discounts can add up over time.
Seek Financial Guidance: Don’t hesitate to seek advice from financial aid offices or professionals. They can provide insights on managing finances, exploring aid options, and planning for the future.
Effectively managing finances during college is essential for a stress-free academic journey. An indomie-only diet doesn't have to be your university journey (unless that's what you want). As I said, to each their own, but I hope these financial tips are useful to those of you who decide to follow them.
I’m a second year Computer Science student and aim to continue my career being a woman in STEM.
