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Money Matters

Keeping track

Need help keeping track of your spending? Here are some handy hints to help you manage your money.

Plan your spending

You may feel like you have a lot of money when your student loan comes through, but try to resist the temptation to spend it all in the first few weeks or months.  Work out how much you have to spend over the course of your term and stick to your calculations.  One way that you can do this is by putting your loan into a savings account and setting up a regular transfer to your current account every week or month. 

Try using our student-specific PANDA budgeting tool on the University's app, or there are a number of online budgeting tools to help you plan your spending such as Student Calculator , Budget Builder , Budget Brain and Budget Planner.

 

 

Check your budget

Check your budget a few weeks after starting University as you're likely to spend more around Freshers' Week, then regularly each term as the amount of weeks can be different. The Money Advice Service quick cash finder could help you find and save money by simply cutting back on some of your regular spending.

 

Keep impulse spending down

Impulse spending can quickly eat away at your money.  So, if you've given yourself a budget, take your daily spending out at a cash-point and try to keep to the money that you have in your purse/wallet.  You may still spend more than you should sometimes, but getting into the habit of checking what you spend will help you to manage your money better.

To help you identify your possible impulse spending, try the MoneySavingExpert Demotivator.

 

Re-invest any savings

Try to save any cash that you have leftover at the end of the day, perhaps by putting it back into your savings account.  You could even have a jar where you put in any change leftover before you go to bed.  In time this could build up enough to cover a short break, some must-have clothes, festival tickets, or for any emergencies.

The MoneyAdviceService savings calculator may help you plan for and reach your savings goal.

 

Look for ways to save money

Here are some quick suggestions to help you save money:-

  • Get a student bank account that comes with an authorised 0% finance overdraft.
  • If public transport is necessary, try using the 'Connect' bus service  - it's free on production of your University I.D. card.  Also, if possible, you could save plenty by walking or cycling instead, and keep healthy at the same time.
  • Book early for long coach or train journeys, such as going home at the end of term. Try using something like Trainline to search for the best deal
  • Look out for sales, take note of special offers, as advertised online, newspapers or magazines, and check out any discount vouchers being offered. For example, you can find current consumer deals on MoneySavingExpert 
  • Buy or sign-up to student-friendly discount cards and schemes, such as the NUS Extra card and the 16-25 railcard - please note that this is also for anyone aged over 25 and in full-time study.

Part-time job

While studying is a priority, it has become commonly accepted now that many students will take on some part-time work.  So, if you don't have enough money, don't try to over-borrow, which can end up being very expensive and hard to manage.  Try to find a part-time job instead.  The University's Careers and Employability Service may be able to help you. 

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