Friday, January 20, 2017

Money saving tips for students

Hello everyone! I have been a University student for two years and in both of those years, I have gone through quite a lot of financial issues because during my first year I don’t think I budget well because even though I was working 3 days a week, I did not have enough money to spend because I was always spending and towards the end of the year, there were many things that I did not need to buy and ended up throwing so many things away. I took my lessons ahead from the first year and applied the changes to my second year at University.
BUDGET AHEAD ▼
Weekly shopping and Monthly Bills. Depends on how you get paid by your student loan company. In the UK, I get paid 3 instalments a year and each time I get paid, I budget until the next payment. When I was in my first year University, I would spend at least £50 a week on food and would buy unnecessary things. Towards the end of the week I had to throw most away and I even bought things I did not need. I did not realise until the end of the year that I was wasting money on so much food I did not need. Second year  of life at University, I would budget myself to weekly food shopping of £30 a week and that includes everything. I would make a shopping list on my phone because it helps me remember that to get as it runs out and our generation, we always have our mobile phones in our hands. Some weeks I have money leftover and I would put that into my savings incase some other weeks I needed more money or something runs out mid week. So my budget kinda goes like this.
Monthly Jan Payment:
Phone £20          Gym £10.99
Food Jan £30/week: 
week 1         Week 2         Week 3         Week 4
I would do that for every month until the next payment from the student loans company. Towards the end, I will have some money left and that is what I save for next year’s house rental. As students, its always good to look for houses earlier in advance and there would be some upfront fees and admin fees, this is why budgeting is very important. Do not get excited about having money left over because you will never know what sort of emergencies you will have to come across!
YEARLY BUS PASS & 16 – 25 RAIL CARD ▼
At my University, there is a yearly bus pass. First year I had the yearly bus pass but it is a one of payment of a huge amount however there is also a choice of £10 for ten journeys which is what I went with in my second year. Because is a small payment at a time, I thought I was being smart by doing that but towards the end of the year, I realise that I have to keep on topping up more than the huge amount I had to pay once. But what I would recommend doing is find out how much a return journey would be, how many days of University you have each week, how much is the yearly payment. After you’ve worked everything out, you will know which is much cheaper option for you. It will be different everywhere.
STUDENT DISCOUNTS ▼
In the UK I get free NUS card with my bank, I am with lloyds bank (student account). With this card, the discount is like heaven. There are other options like studentbeans and unidays. Every time you shop, make sure you ask if there is a student discount because some places don’t tell you and it will not harm to ask! It will only save you money.
KNOW YOUR SALE DATES ▼
Who doesn’t like shopping, right? Of course everybody does but since we are students and we love shopping, we still have to try our best to save money. Find out when your mall’s sale date for students are or any other major sale dates throughout the year, bite your teeth, wait for the sale and you will get more products with the same amount of money you are willing to spend! Also another thing is turn off your e-mail subscriptions from asos, missguided, topshop, topman, newlook, h&m, ect (wherever you shop) because they are always tempting and always a distraction from work!
SAVE THE REST OF MONEY THAT IS NOT IN BUDGET ▼
As I have mentioned above, I would put the whatever that is leftover in my savings and if you budget yourself, you will have a lot left over and at the end of the day you will have a lot of money saved. It is important to have some money to spare because you might not have jobs at some point or at some point you are going to work in another city and need money for accommodation and family might not be able to help you but then you don’t have to rely on anyone else because you are sorted! I know it is tempting but trust me, it will be worth it!
PART TIME JOB OR HOLIDAY JOB OR BOTH ▼
In first year University I had a part time job and I found it distracting my education so towards second year, I had a holiday job where I would work full time at McDonald’s to save up if I ever need something extra to spend on. This will all go to my savings. This money is usually used to socialise but of course, on budget!
PUT MONEY ASIDE FOR NEXT YEAR’S RENT ▼
Any money that have been saved up in the savings usually goes to the rent of the next year because there will be admin fee and upfront payment. For my second year’s house I had to pay £234 admin fee and £750 upfront. Luckily I saved some money aside so I did not have to ask for my parents help and not that they would help me lol.
FINALLY ▼
Consider yourself lucky if you are going into University and you have the grades you needed to get in to that University because they will offer you scholarship for academic excellence which means you get money money money! Enjoy spending fellow students! Obviously this isn’t all the tips there is but this is just based on personal experience but I hope you have found this Useful anyway! đź™‚
Keep in touch xo ♡
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