Student Places Top Tips on Budgeting for Students
Find a student bank account with an interest-free overdraft ?
This is essential but remember that the overdraft is just a safety net for any short-term cash-flow problems. It is also best to steer clear from credit cards as they charge high interest rates and give you a bad credit history if these aren’t repaid.
Use a separate bank account for daily spending ?
A lot of students use Monzo or Starling as it makes tracking your day to day spending a lot easier by taking the money you spend out of your account instantly, so you’re not waiting around for your available balance to update. They also show you where you’re spending the most money so you can make changes if you want!
Pay yourself weekly ?
Every week, transfer yourself a set spending for that week. This could be by transferring it to a different bank account. This way you know what you need to spend and won’t go over! It makes things a whole lot easier knowing you’re on track and not going to be out of pocket.
Utilise discounts ?
UCAS recommends looking around for what you can get for free, such as discounted rail travel and free prescriptions. Make sure you have a student card on you at all times, and it’s worth shopping at stores that offer a discount. Make a UNIDAYS or Student Beans account to see all the best discounts you can get as this includes everything from fashion to technology to health and fitness. It’s also worth asking when you go out for dinners if they do student discounts because most do, especially in Canterbury.
Set some expenditure goals ?
Save the Student recommend setting some goals with your money such as putting £5 a week into savings or cutting back on takeaways. This helps save a few pennies!
Monitor your balance regularly ?
The dreaded checking your banking app anxiety, we’ve all been there but this is vital to stay on budget! If you’re slipping behind, tighten your belt. If you’ve somehow got a little ahead – treat yourself!
Get help if you need ?
You don’t have to do it all by yourself and you can get help if you need it. Speak with the Student Welfare Service at the university and also it would be a good idea to speak to someone at the Students’ Union to feel supported. Also, check websites such as The Student Room to feel less alone (because you are not alone!)