Going to university can be a difficult transition and with the added complexity of the coronavirus pandemic, it is not an easy situation for anyone.
Having lots of new responsibilities can be daunting and tricky to manage, especially when it comes to finances.
For many students this will be the first time they have had to manage their own finances, to help students take hold of their finances and budget John Westwood Group Managing Director at Blacktower Financial Management Group has listed four student budgeting tips:
Be realistic
As a student you need to be realistic with your money and prioritise what you can / can’t afford. Your rent, bills and food essentials need to take priority and if that means turning down a day trip or socialising then don’t be scared to say no, as people will understand. There are also some great budgeting apps that will help you to stay organised with your finances.
Benefit from a student bank account
The advantage of a student bank account is that its specifically designed for students, with some accounts having interest-free overdraft options, exclusive discounts, free gifts for signing up, and the offer of free financial advice help from the experts.
Check for student discounts
One of the perks of being a student is the array of amazing discounts available online or in person from retail, restaurants and cinemas to many more. Over time you will save a surprising amount of money so it’s always worth checking for a discount code.
Don’t be scared to ask for help
If you’re struggling with either a lack of money or managing your finances, it’s really important to ask for help. Whether that’s by contacting your university finance department, student union, calling Nightline Association or getting in touch with a financial advisor. They will all be able to give you trusted confidential advice and make you aware of any extra funding that might be available to you.
