Going to university for the first time is something to get excited about. There are tonnes of amazing experiences awaiting you, including your first real taste of independence as you move away from home for the first time.
One of the things that many students struggle with is their finances. From having to pay rent and bills to juggling living expenses, it’s easy for students to struggle to manage their money. By preparing as much as possible and learning how to cut your spending, you can get your student journey off to a great start.
Take a look at the following student money tips to get you through your first year.
Learn how to make a budget
You’ll learn a lot while at university, but learning how to budget is one of the most valuable things you can learn in the early days. Budgeting at university is simple once you get started, you just need to be strict with it. The good news is many bank accounts now come with apps that can help you budget, making it easy to stay on top of your outgoings while still having some money left over for having fun with your friends.
Save on your living costs
Living costs can eat up a lot of your student loan, so it’s important that you find ways to cut down on your expenses. Choosing the right accommodation can be a great start, with AXO Student providing a simple, all-in-one cost for rent and bills that won’t leave you with any hidden surprises. If you can find accommodation in a nice central location, you won’t have to worry about travel costs – you’ll be able to get to most places easily on foot.
Use meal planning to keep you on track
Getting to grips with food shopping is another key thing you’ll learn at university. It’s easy to go overboard with your food, but it can lead to a lot of waste, and could lead to some unwanted weight gain too. Meal planning is a fantastic way of helping you save money, as it will mean you know what you’re eating and when, which will also help you make better food choices too. Consider planning meals you can make in bulk, ready to freeze for when you need them. Meal planning also stops you grabbing lunch on the go every day, a cost that can easily eat into your weekly budget.
Find ways of making extra money
Things can be tight as a student, so it doesn’t hurt to find ways of making extra money. You could find a part-time job in shop, restaurant, bar or elsewhere, or even take advantage of different work from home opportunities. As long as it doesn’t eat into your studies, having some part-time work can be a great way to boost your student income, as well as help you gain some useful work experience there.
Navigating your student finances can be tough, but there is plenty of help out there to get you through it. Keep on top of your finances from the start to prevent money worries at university, leaving you free to focus on your studies and all the other fun student experiences coming your way.
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