Impact's Guide to Managing your Money

Impact's Guide to managing your money

Illustrations by Vivika Sahajpal

Budgeting at university can often seem very overwhelming. For most people, it’s the first time they’ve had to manage numerous expenses for themselves. Whilst adapting to a brand new environment, especially in first year, it can be easy to lose track and be left with a small amount of money remaining until your next student loan drops. So here are some of Impact’s top tips to help you stay money-savvy.

Planning food shops

Planning your meals for the upcoming week might not be the most time or financially efficient option. This doesn’t take into account your cravings, spontaneous plans or making the most of leftovers. Instead, it might work better to plan a few meals for the week. Writing a list of the meals and foods you eat every week will mean you avoid over or under-buying.

More importantly, this will help avoid trips to local convenience shops like Sainsbury’s Local and Tesco Express where items are significantly marked up. A recent study found that regularly shopping at these local stores instead of bigger supermarkets could mean spending an extra £15.73 a week on everyday items.

Finding part-time work

While at university, extra income can go a long way and for many a part-time job is a necessity.

Finding a job affiliated with the university might be the best option for some students as they tend to be much more accommodating to your university schedules, deadlines, and exams. Whether that be working at Portland Coffee, with the Residential Experience (ResX) team or as a Student Ambassador, there are plenty of options available to look out for.

Similarly working for student events like Crisis and Ocean is a great option - from being a rep, bar staff or part of the social media team. It can be really fun work and often you’ll even get free access to the event after work has finished.