University offers newfound freedom from the regularities of homelife that so many new students are desperate to escape.
But alongside the excitement of becoming independent, and starting a new chapter, comes the reminder that money really does make the world go round.
Living as a student is expensive; let us not sugar-coat this. However, there are plenty of ways to ensure that your last week of term will not result in pasta for every meal as a consequence of saying yes to that extra night out with friends.
Hopefully, after reading this article from someone who has most certainly embraced the overdraft, it is possible to save yourself time – and indeed money – meaning you will not have to turn down last-minute plans and experience the fear of missing out due to insufficient funds.
Student Finance / Maintenance Loan
The first port of call is understanding your budget. This is easier said than done and not something I took seriously as a first-year. But with the addition of maintenance loans and savings, it is important to understand that slow and steady wins the race. Your loan is divided into three chunks for the year. Work out before the beginning of term how much you will have. This can be termly or monthly, whatever you prefer. Set yourself a realistic spending limit that will keep you afloat (best write it down as the numbers matter). Even if it is a rough guide, I found it easier to work with the minimum figure, and anything on top was a bonus!
Then comes the spending allowance. Usually, bills for halls of residence are included, but it is best to check this and calculate how much will go straight on rent and additional charges such as heating and water if these are paid separately. Once you have taken that big hit, which everyone does, it is crucial to be smart with what is left! Surviving alone means feeding yourself – pot noodles for the last three weeks of term will not be fun. Work out how much you are willing to spend on food per month, other expenses such as gym memberships or phone contracts, and the social aspect of university. This way, you have a benchmark for how much you can expect to see disappear over the term.
Unexpected spending and emergency funds
Prepare for the takeaways ordered, as a result of no one being bothered to wash up, to skyrocket the food budget. Also, expect to unwillingly look at your balance after a night out and discover that you are somehow £100 down from the day before… These things happen more often than not for almost every student across the city. But understanding where your expenses go means that you will be more equipped to manage and make decisions that can keep you from falling into the downward spiral of the overdraft over the year. So, although it may seem like an unnecessary chore, at the end of the month or week, keep track! Excel will become your best friend when crunching numbers. Or, if you prefer to write it out, just make a simple note, and you will thank yourself in the future.
Student bank accounts and their benefits
On the positive side, the poor university student stereotype favours us. Do your research into student bank accounts! They can be set up after A-levels with just a UCAS code and proof of accepting an offer from your chosen university. As well as perks such as free railcards or student discount cards, their most significant selling point is the much-needed safety net of an interest-free overdraft. Despite the stigma of relying on money that is not necessarily yours, overdrafts are designed solely to stop students from being restricted by finances when faced with the inevitable month of scraping together the loose change left in their pockets. Therefore, these accounts are a must before university, so do not hesitate to set one up as soon as possible, as there is usually a time limit for applications!
Final top tips and student jobs
If you find your newfound freedom totalling up to a little more than expected, then there are always ways to earn quick cash or save a little here and there. Shop smart people! Waitrose and Co-op are NOT your best friends. Pretty soon, you and your housemates will be complaining about the price of cheese and realising that the fully stocked fridge at home has become the focus of your dreams. Instead of nipping to the local store that will charge you extra for convenience, plan weekly trips to Aldi or Lidl, buy unbranded equivalents and remember that frozen fruit and veg are just as good as the fresh stuff. Club cards will soon become something you never leave home without, offering money off big shops or deals on reduced items. Alongside this, Unidays and Student Beans are a must-have for current retail discounts and look out for sales across the city to make student life a little bit sweeter.
Although university is about embracing student life, consider a part-time job to keep yourself topped up over the year. You will find that once most students have settled in, getting a job that works around their studies is the next thing on the to-do list. Anything you earn will most certainly help on the rainy day that is bound to arrive in the shape of a broken phone or last-minute train journey home. There is no better feeling than saying yes to the occasional shift and receiving that paycheck that keeps the funds flowing after a particularly pricey month. And if, by some miracle, you do find yourself with money to spare at the end, save it and add it to next month’s allowance.
So, there you have it; from budgets to bank accounts, there are always opportunities to help you navigate student life expenses. And if you are to take anything from this article, remember that you are not alone. Money should not cause unwanted stress during your university years, and NTU support services always offer help and guidance if need be. If money does make the world go round, then it certainly should not be the thing that stops you in your tracks before you have even started!
Lead image: Norfolk on Unsplash