University is one of the most exciting times of your life, but getting your head around your finances can seem daunting and overwhelming. However, with these simple top tips from Endsleigh – that have been tried and tested – you need not worry!
Work out what money you have:
Before you begin term, work out what money you have. Most students have a maintenance loan, but the amount varies on personal circumstances, so make sure you are aware of how much you are eligible for. It’s also a good idea to check whether you can receive a grant, bursary or a scholarship from your university. You may have other sources of income from your parents, a job or savings. By adding all of this together, it gives you a sense of how much you have and how much you can spend.
Have two bank accounts:
It’s worth looking into having two accounts; one for necessary outgoings, such as rent, bills and food, and another for ‘luxury’ outgoings like going out, sport activities and holidays. You can transfer a set amount into the second account each week or month, this will make you aware of your spending, but also means you have enough money for your essential outgoings.
Budget, budget, budget:
After working out how much money you have coming in, budgeting is an important yet easy way to keep track of your finances and spending, on a day to day basis. The word ‘budgeting’ can seem mind-boggling, however there are plenty of useful budgeting sheets available on the internet that can help you out when creating your own budget.
Keep track of spending:
The best way to stay chilled out when dealing with your finances is to keep track of your spending. Use your budget and online banking, where you can access your bank statements, to keep check of how much you’re spending. Check to see if you’re on track with your budget and look out for anything unusual or unexpected.
Be aware of getting caught out!
For example, avoid cash machines that charge you for using them, watch out for prices of clubs and bars on non-student nights and be aware of breaking or losing your valuables, perhaps think about taking insurance out on your possessions.
Consider discounts:
