Student bank accounts offer benefits that standard accounts do notīanks want student custom, because students become graduates, and graduates earn money. Your parents might even pay for your shopping trip if you’re lucky… 4. Buying in bulk is almost impossible when your only transport is a bike or a bus, and internet shopping is not always viable financially. If you are in self-catering halls, and you have been given a lift to university by your parents or a friend, consider asking them to take you to the nearest big supermarket to stock up on some essentials before they leave.Ī big box of washing powder, or some four-packs of baked bean cans, are surprisingly heavy. You may also be able to pre-load a payment card so that you have some money stored away for later in the term. For example, if you are living in halls, your hall may have a canteen that sells season tickets at the start of term. There are, therefore, often options that allow you to pay for meals at the start of term, while you have plenty of money. Universities understand that students can struggle to budget, and they also want to ensure that you eat. There may be catering options that will allow you to front-load your spending It is worth adding a bit of a contingency into your budget, especially in your first year, until you get a feel for how many events you are likely to want to attend, and their likely cost. Many of these will require paying for a ticket in advance. There are often celebrations and parties at the end of termĬlubs and societies will often have end-of-term parties, and halls or colleges may also hold balls or events. In other words, you probably have a lot less money than you thought. It also, however, means that quite a lot of your money is gone straight away. On the plus side, this means that quite a lot of your big expenses are dealt with while you have money. This is when you receive your student loan, but it is also when you have to pay your rent-and if you are living in halls, probably for the full term, and not just for a month-and when you have to buy books and equipment for the term. A lot of financial stuff happens at the start of term This page sets out some ideas designed to help you as a student, and to identify issues that will be particular to you. Whatever process you use, some idea of your likely income and outgoings will help you to avoid running out of cash. Our page on Budgeting sets out a process that you could use for this. To ensure that you do not overspend at the start of term, or indeed at any other time, you need a plan. It may be dull, but it could stop you having to spend a miserable few weeks at the end of term living on baked beans and never going out. But it is worth stopping for a few moments, and doing some budgeting. With so much money at your disposal, it can be tempting to spend it on going out with your new friends, or buying things to make your room look nicer. It is a heady mixture, and it can also be a challenge. Inevitably, they probably have more money than ever before, from a student loan, or perhaps from a summer job. Teaching, Coaching, Mentoring and Counsellingįor many people, going to university means taking full control of their finances for the first time.Top 10 Tips on How to Study While Working.6 Skills You Learn in School That You Use in Real Life.Understanding and Addressing Conspiracy Theories.Decisions to Make Before Applying to University.Understanding Your Preferences to Aid Learning.
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