Financial advice for students in 2013
Having been a student myself for a number of years I felt obliged to at least share some of the tips that got me through my student existence. From scrimping to pay that TV license to enjoying a night out with my friends.
For a lot of people including myself, becoming a student also meant moving away from home for the first time and also losing the financial security that you may have had when living with parents. This was a massive wake up call for me and really made me appreciate the cost of living and the value of money. A few tips that got me by included:
Taking on some part time work
Although it is possible for many people to get through university without taking a part time job, for many including me I relished the added benefit of the extra cash provided by my part time job which meant I could splash out on a few extra luxuries each month. Usually if you check around local bars and shops there will be employment perfect for students meaning you shouldn’t have to look far. A word of warning though; ensure you limit your hours of work to ideally no more than 20 per week or you may find that your university work could suffer as a result.
Budget for the long term
Most importantly, always take note of your regular monthly expenditures such as rent, electric, TV license etc and budget for this at the beginning of the month. Allow for a couple of nights out with friends each week although this may mean limiting your activities one week to ensure you have enough money for the end of the month but it will be worth it in the end.
Track your finances
Most importantly in my opinion do not bury your head in the sand when it comes to your own personal finances. Ensure you track your spend and allocate your student loan and overdrafts accordingly. Its extremely easy to just let loose and go on a spending spree without considering your other bills…(trust me I know ha). Thankfully now there are mobile apps for all bank accounts so you can regularly keep a check on your finances and ensure you are budgeting correctly.