Okay, so it's difficult to ignore your bank balance going from zero to hero overnight...
It might feel like you've just won the jackpot, but in order to make the most of your healthy bank account, it's best to budget!
The best way to do that is by spreading it across the term, that way you will be able to treat yourself now and again. Here are some quick pointers on how to keep track of your money...
- First off, work out how much you will have coming into your account- whether this is your loan, savings or wages from a part-time job
- Then, focus on the things you will need to spend money on such as rent, food, and travel to uni
- Add on any course expenses- things like books, printing, and stationery
- Finally, include the more fun stuff like mobile phone bill, clothes shopping, nights out
Add these up and compare it against your incoming money- that should give you a rough estimate of how much you have left over or if you are close to overspending. From this, you may want to alter some of your spending in order to have some extra money for a well-deserved treat now and again.
There are some really easy ways to cut down on costs if you need to...
- Get a part-time job
Lots of students get themselves a job whilst at uni, it's a great way to earn some extra pennies as well as meet new people!
- Student Discounts
Stores are always keen to get students spending, but make sure you keep an eye out for any deals and flash that student card wherever possible.
- Get cooking
Rather than spend money on expensive takeaways every weekend, make use of your kitchen and cook meals yourself. Teach yourself to be a savvy supermarket shopper to get all those staple ingredients.
If you do have any worries about money or need some advice, then don't panic! The Money and Advice Team are on board to help. Find them in the Rose Bowl or call the Advice Line on 0113 812 5593 for help with student funding, benefits, budgeting and debt.