Top 10 tips for managing your money
Advice to help you maximise your income and minimise your spending
1. Compare and save
Comparing prices through a simple Google search is a good place to start. It's also worth searching for voucher codes if you are using an online retailer.
Set money aside or pay for essentials first, for example accommodation, food, compulsory course trips and travel.
3. Save on travel
Consider a Young Person’s Railcard. A National Express Pass or a termly bus pass can also save money.
4. Learn to cook
This will save you a lot of money. And bringing supplies with you from home or using low cost supermarkets can help too. One survey that compared baskets of basic food supplies found a supermarket own label basket cost £3.89 compared to £14.11 for a branded basket.
5. Know when to call it a night
Don't be tempted to overspend on a night out. Set an affordable limit, take a sensible amount of cash with you, and when it's gone call it a night.
6. Find part-time work
The University's Employment & Recruitment Service can help with finding part-time work. Just be careful to balance working hours against your academic workload.
7. Keep track of your bank statements
It’s important to check them regularly and keep an eye on any charges. Online banking can help. Be sure to check your standing orders and direct debts. Check large items such as rent have gone out and keep a check on spending by budgeting where you have expenses due.
8. Open an extra account
Stop spending more than you should by opening two accounts with the same bank. Pay for essentials from one account (perhaps with an overdraft but no debit card access) and set up a weekly standing order for disposable spending to the second account (with no overdraft). You know when your balance is nil you can't spend anymore - for that week at least.
9. Keep debt under control
Don't be tempted to use store cards as interest rates can be as much as 25-30%. Credit cards can help if you have cash flow difficulties, but try to pay them off in full and don't take out multiple cards.
10. Maximise income
Make sure you're getting all the Government and University student support you're entitled to by coming and speaking to a funding advisor.