Starting university means taking on the responsibilities of being in charge of your own money and finances for maybe the first time. Learning how to budget and manage your money is an excellent skill to have. This blog will cover some useful tips on creating and maintaining a budget as will as keeping on top of your finances whilst at university.
To start, a great online tool that you can use is Blackbullion which all University of Reading students have free access to. Visit Essentials for more information.
Planning and adhering to a budget
The most important thing to do to make sure you are always on top of your finances it to check your bank balance often. It’s important to be aware of how much money is going in and out of your account each month. Try to plan ahead of how much money you think you’ll speak during the month as this will help you to see how much money needs to go on Essentials and how much you can spend on treats.
To adhere to your budget, try not to fall into traps from advertising and marketing that make it seem like you really need certain items that are inessential and may quickly fall out of popularity (such as items that are trending for a short period). It is very easy to buy plenty of things online as advertising is everywhere and constantly in your face at every point. Try to stop and think before making any purchases and whether you can afford it or not. Schemes such as ‘buy now, pay later’ are also detrimental to your finances and can make you spend more than you have, and especially for items that are inessential, these schemes are not worth it and can make you fall into debt.
When you get your maintenance loans as a student for the first time, it can be tempting to spend it, but try to keep as much as you can for emergencies and to save up. However for me, this maintenance loan does not fully cover accommodation costs, so during the cost of living crisis, I am not certain how much this loan covers for other students. Nevertheless, you should try to save any spare bit of money you get to have in case of emergencies or for the next year when you either find a new place to live or continue living in accommodation (which is quite expensive). Saving for your future, especially in uncertain times like these, is always a good idea.
Ways to save money
The first thing you can do is learn to make and cook your own meals, as well as finding the cheapest supermarkets (such as Aldi and Lidl) to get your produce from. Instead of eating out often, there are plenty of healthier and cheaper meals you can learn to make yourself. For example, popular dishes to make as students include pasta (e.g. spaghetti bolognese, pasta bake, ravioli), any kind of rice dish with sauce (e.g. curry, chicken jalfrezi), jacket potato (with various toppings) etc. For more information about this, I have written another blog ‘Food & Drink At Uni’. As mentioned there, the University Clever Cuisine meal plan may also be cost effective for you.
Another thing you can do is reuse as much as you can. Wear clothes you already have instead of constantly buying new ones (such as fast fashions stores or websites), buy second hand clothes (which is also more sustainable), try not to use disposable products (e.g. switch pen/paper to laptop, switch paper towels to absorbent reusable towels) and try to repurpose anything that can be to make the most of it and save money.
Make use of student discounts, as well as bus passes and anything that is a deal that is truly worth it (try not to make any rash decisions based on marketing and actually calculate it). Being a student has the great perk of many student discounts, which you can sign up for using your University email address. For example using apps/websites such as UniDays and StudentBeans can save you a lot of money, ranging from grocery shopping, to clothing to technology. You can also get Amazon Prime for free for a while as a student (however make sure to cancel before the time is up unless you want to start paying for Amazon Prime, and remember that Amazon may just want to get students to want and rely on Prime by trying it out, so try not to fall for their marketing strategies).
Blackbullion
Blackbullion is an online tool and app for budgeting, and all University of Reading students have free access to this. The University offers courses on Blackbullion to help students manage their finances, learn about how to create a budget, how to stay on top of debt, understand the basics of credit cards and contains useful tools such as a budget calculator. For ay other financial help from the University you may need. You can find out more on Essentials.
It can be tempting to spend what you have on things you never had a chance to before. While it good to treat yourself every now and again, for example on takeout, clothes, tech etc. you should also be conscious of how much money you are spending and making sure you are not falling for marketing schemes and spending money you don’t have. Having money spare is always a good thing and can make you feel more at ease, especially during uncertain times such as during the cost of living crisis. So try to always keep on top of your finances, check your balance often and plan and stick to a budget (for example weekly).
Try to make a rough plan of how much money you will need to spend weekly on essentials (such as accommodation, food/drink and supplies) and make sure you know how you will finance this. Being prepared will allow you to feel more secure and ready for University and give you more time to focus on the important things (such as meeting new people and studying). A helpful tool for managing your finances and budget is Blackbullion, and as all University of Reading students have free access to this, it is worthwhile to check it out to see if it will be useful to you.