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How to Survive on a Student Budget

4 top tips to help you save as a uni student

uni student

As you may already know, your student loan is paid in three instalments throughout your full year term.

So how do you manage this bulk of money, when you are free to splash it out as you please?

Unfortunately without budgeting, your loan will run out before you know it.

Here are 4 top tips to help you stay afloat.

1. Plan your week

Before you splurge your incoming loan- stop. Think: how can I maintain this? To start with, try to decide how much you plan to spend a month or weekly. If you set yourself a certain amount, you are more likely to be in control of your spending. Now, you should consider your spending priorities which will include necessities such as food, rent, possible utility bills. This should account for 80% of your spending. Don't stress! The 20% left over is plenty more than you may be thinking. You could use the rest for flexible fees such as club nights, clothes, hobbies, and more.

Why not customise your budget planner? Money Helper is a free budget planner designed to help separate your finances and structure your money spending. If you have a part-time job, you can also add this in- and the calculator will do the work for you! This will be a vital tool whether you've just started at university or already in the swing of it.

"I was great at making budgets. If ever my financial situation and stress began to creep up, I would sit down and enthusiastically make a beautiful, colour-coded budget. After I made it, I would feel so much better and relaxed." - Caroline

2. Savvy shopper

Now, I know most of you may be living in the city for university and know (well at least for me I knew) the scope of takeaway restaurants is immense! Don't let the temptation of Deliveroo fool you though. If you had a takeaway every day, by the end of the week you could have easily spent £70- and I am just counting dinners here. The best way to save your money is to cook your own meals. Not only is this a much healthier, practical way of living, but you could be cutting those takeaway costs by at least £50.

Step one. Make sure that you join onto all supermarket club cards. You are setting yourself up for cheap deals and discounts here. Step two. Plan your meals: If you do this, you will end up spending much less than you anticipate because you have already planned what ingredients you will need. It is very easy to get carried away and end up with excess products. Step three. Compare prices: Do you really need to be spending £1-£2 more for a branded product? All of these costs add up so you need an eye for these things.

3. Travel wisely

Travelling. As much as you may love your car, it actually may not be feasible to keep it at university. This isn't to say no one does it, because many students successfully keep their car away from home. If you are travelling for your degree, a car would be a necessity of course. But managing this comes at an expense, particularly if you live a 10 minute walk away from campus. Think about the insurance, fuel, and tax which all mounts up in the end.

It is very common for students to walk or cycle to university. For most, it usually takes about 10-15 minutes to campus. However there are options for public transport such as the bus, train, or tram. A useful tip is to purchase a travel card if you decide to opt for this route, your fares will be much cheaper and they are normally sold monthly or yearly. In addition, if you opt to take the train, make sure you purchase a rail card. Train fares can be cut up to half the original price!

4. Stay insured

Have you ever thought about what may happen if one day you find all your belongings missing from your accommodation? If you are staying in a university-provided accommodation, you may already have insurance included in the package. If not, you need to ensure your belongings are covered. This may not even be from a burglary- it could be from an accidental flood or fire. Student gadget cover will provide you with peace of mind knowing you won't be at loss of everything if something happens. Endsleigh insurance is a student gadget cover provider protecting phones, laptops, tablets and more. Although it may be a bother paying for something that 'might not happen', imagine the mount you will pay if it does. It is much better to be safe than sorry.

"Cover your gadgets against theft, accidental damage (including cracked screens!) and mechanical breakdown. Includes a 15% Endsleigh discount on up to two gadgets!"

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