WATCHING THE PENNIES AND SEEING THE POUNDS

Set yourself a budget

Create a list of your incomings (loans, savings, wage etc.) and subtract your outgoings (rent, utilities, food, and travel costs) to see how much you have left to spend. Once you know your overall budget for each month, you can break that down into manageable mini budgets for all your major spending categories. Some things are going to need more budget than others, so think about how best to distribute it. If you’re still not sure how to calculate it, there are many resources online, including MoneyHelper's free money planner.

Make your food budget last

Grocery spending is often one of the biggest expenses. To keep to your budget, make a shopping list to prevent you from impulse buying. Try batch cooking your food and freezing some for later, wasting less and having meals on hand for those evenings when you’re tempted to spend a week’s worth of food budget on a takeaway.

Socialise smarter

Socialising is a big part of university life, so it makes sense for a large portion of your budget to be spent on it. Set yourself limits so you can keep on track and enjoy the fun all year long, as even small expenses can quickly add up. Peer pressure is real, but you’re not the only one feeling it – and many of us spend more than we otherwise would due to social pressures. Suggesting a night in, or a low-cost activity is the perfect solution.

HOW TO SAVE MONEY

Yolt gives its six tips when looking after the pennies and getting the most from your student experience

CASE STUDY

Dominque Wilcox is a marketing graduate currently working for agricultural bank, Oxbury. She speaks about managing her finances during her time at Harper Adams University:

“During my time at Harper Adams University, it was important for me to keep track of what I was spending each month while keeping to a tight budget. The money I earnt while working through harvest would be used throughout the year to support my student loan, dividing this between accommodation, social and general university expenses. "After graduating, how I manage my finances has not changed. Each month I set aside fixed costs for bills, socialising and accommodation. "To avoid any unnecessary spending, I set up separate money pots within my banking app, so that anything that would fall outside of my normal budget allowance can be factored in without impacting my long-term savings goal.” Spend less on supplies

It may seem tricky to keep those course-related costs down, but there are ways to cut back and budget even on the essentials. Find out at the beginning of the course what financial obligations you’ll have throughout the year and factor them into your budget. There might be ways to keep costs down on expensive university books, including buying them second-hand or from a textbook swapping site, or checking if they are available at the library.

Look for accounts with perks

Find out about potential moneysaving perks, including cashback rewards on purchases with specific retailers. Some banks offer new students incentives like gift cards, travel passes, or a fee-free overdraft. However, try and keep your overdraft usage strictly for emergencies and leave it out of the equation when you’re calculating budgets. Those free interest rates can start to creep up…

Don't let tariffs catch you out

Texting, video calling and social media make your university experience even more fun. Yet hefty mobile bills can really drain your bank account of muchneeded funds. Spend time speaking with your provider to ensure you've got the right contract, and the best deal available. Take advantage of special discounts for students too, and you'll soon be barely noticing that monthly payment.