Organising your Finances – University is an exciting milestone and a time filled with new opportunities and experiences. But it also brings the challenge of managing your finances independently. In fact, data presented by the BBC shows that graduates in England rack up an average of £44,950 in student debts. While tuition fees and student loans might be unavoidable, proper financial planning can help you avoid unnecessary stress and debt, allowing you to focus more on your studies and enjoy university life.
Organising your Finances During University
Create a budget
List all sources of income including loans, grants, scholarships, part-time job earnings and any financial support from family. Then, track your monthly expenses such as rent, utilities, groceries, transport and leisure activities. Make sure to include factors such as mobile phone expenses and any car related costs.
Make a note of any areas where you can cut back if needed. Consider switching energy providers, take public transport where possible and, if you do drive, ensure you’re covered by young drivers’ insurance.
Manage student loans
Understanding and managing your borrowing is crucial to avoid future financial burdens. Be aware of the terms, interest rates and repayment schedules and contact the Student Loans Company if you’re unsure of any of the details.
Use any loans wisely and for expenses such as rent, textbooks and other related costs. Avoid using them for non-essential purchases such as nights out or clothes. Although you only start repaying your loan after you graduate and earn above a certain threshold, it’s wise to understand your repayment plan early.
Save money on expenses
There are several ways to reduce your expenses and save money while studying. Take advantage of student discounts available on food, travel, clothing and entertainment. Use your ID or sign up for discount cards.
While shopping, compare prices before making purchases and buy second-hand textbooks at budget-friendly stores.
Be mindful of your energy consumption to help reduce utility bills. Simple actions like turning off lights when not in use and using energy-efficient appliances can significantly reduce your costs.
Find part-time work
Working part-time can provide additional income and valuable work experience. Choose a job that offers flexible hours and that is manageable alongside your studies. Universities often have on-campus job opportunities that cater to students’ schedules.
Many universities also have career services that can help you find part-time jobs, internships and work placements. If you have a skill like writing, graphic design or coding, freelancing can also be a flexible way to earn money.
Building an emergency fund
Having an emergency fund can protect you from unexpected expenses. Start by saving a small portion of your income each month and keep this in a separate savings account to avoid the temptation to spend it.
As well as enabling you to enjoy a stress-free university experience, managing your finances effectively is a vital skill that will serve you well throughout your life.
Debz Louise is a plus-size blogger based in Yorkshire. Behind many nationwide campaigns such as #WeaAreTheThey & winner of Best Blogger at the UK Plus Size Awards, she talkas about life as a plus-size 40-something woman in South Yorkshire.
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