We all know the trials and tribulations of saving money, I’m sure. However, as a University student it seems that extra bit hard; even with all the help we get. This post is aimed at those of you who are getting some form of student loan (as I know not everyone has the same situation when attending university, and that is perfectly fine) If you’re super worried about having enough money or getting into those dreaded overdrafts then here’s a few tips that are completely self-taught.
RENT, RENT, GLORIOUS RENT
MOVE YOUR RENT PAYMENT TO ANOTHER ACCOUNT (if you have one). When you’re paying monthly rent it is hard to fathom that far into the future about how much rent you need to save before your next installment of money comes in. When you’re not used to being financially independent, this lump-sum can become daunting.Never fear though as my first tip states that if you work out the maximum amount of rent + bills you will need for the next four months and move it immediately into another account, you will see what money you really have left to work with, how you can budget and maybe if it would beneficial to get a casual hours job to help you out; I know I needed that, 100%.
‘too many bottles of vodka and takeaway curries are not the ideal use for an overdraft.’
At the risk of sounding like your Mum, which believe me I am far from *giggles to self*, this is a slippery slope. It sounds really inviting having an extra few grand to play around with and enjoy but guys REMEMBER! you have to be able to pay that off at some point and there’s nothing worse than staring at a minus bank account statement. Certain things may be necessary to use it for like deposits on houses etc, because they’re expensive large payments, but too many bottles of vodka and takeaway curries are not the ideal use for an overdraft. Like I’ve said, I don’t want to morph into your parents and lecture you because you already have them and they nag enough, right? but take it into consideration because once it’s gone, it’s gone and usually there’s nothing at all to show for the mass sum you now owe.
DON’T TAKE THAT SUBTITLE LITERALLY!! I am of course joking, please never stop eating but think about what it is that you’re consuming. I have discussed my horrendous first year journey with food here (if you haven’t read that then have a look at it) but the jist of it is, I was careless and ended up in a state *so to speak* that I hated and was very uncomfortable with. Not only that you become skint!! like zero money. Takeaway food, Maccies etc. costs A LOT of money in the grand scheme of things, trust me. The odd click on deliveroo, the odd midnight domino’s COSTS A LOT OF MONEY. Try and take a budget out of your month for a weekly shopping limit, I usually aim for £25 for the lot. That gets you the boring bread, milk, cheese etc but that is the stuff you need people; your Mum didn’t fill you with that for 18 plus years for nothing, okay? So, get down to Aldi (the standard student place, by the way because it’s the cheapest thing ever!! Take a venture in if you never have, it’s like heaven when your money is running low) and grab the basics; you’ll find a little goes a long way.
To Sum Up:
- Move your rent
- Be careful with your overdraft
- Eat wisely
Take care of yourself well, your body is a temple and no one can worship it like you can.