7 ways to stay on top of your finances at university

Starting university is exciting, but it can be daunting too, as you’ve got to get used to managing your own money for the first time in your life.

Whether it’s rent and bills or groceries and nights out, you’ve got to juggle all sorts of expenses and stay on top of where your money’s going.

But you don’t need to be a financial expert to keep everything on track…

1. Set a budget and stick to it

You don’t want to find yourself short of money at the end of each month, unable to afford a night out and begging mum and dad for some cash to tide you over.

So look at how much money you’ve got coming in, from your student loan and grants to any money you’re earning from a part-time job - and add it all together.

Then take away essential expenses like rent, groceries, travel and utility bills.

What you have left is the amount you have available for everything else.

You can then break this down into weekly or daily amounts, so you know your limits and don’t end up spending too much too soon.

Check our guide to how to create a budget to get started.

2. Take advantage of student discounts

Countless shops, restaurants and cinemas offer discounts to students, so don’t leave home without your student ID.

It’s also worth downloading apps like UNiDAYS and Student Beans, as they offer great deals on everything from fashion and technology to food and entertainment.

3. Travel smart

A bus to a morning lecture, a train home to visit mum and dad or heading out to meet friends - the cost of getting around can quickly add up.

But if you’re a student, you can cut the cost of travelling by train by up to a third with a 16-25 Railcard.

And many bus operators will also offer discounts for students, so see what’s available in your area.

4. Make cheap meals you can freeze

When you’re busy with lectures and want to hang out with mates, you probably don’t want to be slaving away in the kitchen each night.

So it can be tempting to reach for the takeaway menu and order something or grab a ready meal from the local convenience store.

But that’s expensive and unhealthy, so why not get into the habit of batch-cooking instead?

Buy low-cost, versatile ingredients like rice and tinned tomatoes so you can knock up meals like chilli and curry in bulk.

You can then divide into individual portions and put them in the freezer, so you’ve then got some cheap, healthy and tasty meals ready to go whenever you want them.

5. Write a shopping list

It’s easy to shop impulsively when you go to the supermarket and buy things you don’t need or even end up using.

So before you go shopping, decide what meals you want over the next week and work out what ingredients you’ll need.

And then write it all down.

If you go the shop with a list in your hand, you hopefully won’t be tempted to pick up those bits you don’t need, and that means you can keep more money in your pocket.

For more money-saving ideas, check out our tips on how to keep the cost of your food shop down.

6. Be ready for emergencies

If you damage your phone or your laptop stops working, then replacing it or getting it fixed might be expensive.

So it’s worth putting a bit of money aside for a rainy day, so if the worst happens, you don’t end up out of pocket or having to borrow money.

Moving even just a few pounds into a savings account here and there could make a big difference if or when you ever need it - and future you will thank you for it.

7. Remember overdrafts aren’t free money

An interest-free student overdraft can be a useful safety net if your money doesn’t quite stretch far enough.

But if you find yourself relying on it each month, that’s a real problem, as the money still has to be repaid.

So don’t be tempted to think of it as “free money”, part of your regular income or a way of funding a lifestyle you can’t really afford.

High-interest loans and buy now, pay later schemes can offer similar temptations, so stay focused on what you can afford to pay without running the risk of getting into debt.

After all, you want to graduate feeling ready to start a brand new chapter, not needing to come to us for debt advice.