5 Small Steps to a Bigger Budget: The Student's Guide

     A flash car, designer clothing and the latest iPhone contract deal – leaving enough change to throw away at the casino. Whilst this may sound like every student’s ideal lifestyle, the reality of student budgeting simply doesn’t warrant such an irresponsible approach to personal finance. As obvious as this may sound, it’s surprising how many students you’ll find that fail to take simple and necessary precautions when managing their money, resulting in an early use of the troublesome ‘overdraft’ facility offered with your student bank account. However, your student life need not be a never-ending journey of financial despair. Here are 5 changes you should make that alone may have a trivial effect, but the combining effect could prove essential to your finances.

Leave the car.
Though a car may seem an easy getaway option – is it really necessary? The cost of the car isn’t even the issue here – but affording the running costs is something that can be avoided (and with petrol costs continuously rising, the money saved can be excessive). Don’t fall into the ‘taxi trap’ at university. One short trip may seem to only cost one or two pounds to your friends – but you will soon discover multiple trips are both costly, and expected.

Learn to cook!

Cooking is not only a valuable skill for surviving university life – but it’s remarkably cost saving too! Those who can’t (or simply won’t) cook soon discover the expense of regular takeaways and supermarket ready-meals. Your own ingredients will cost significantly less (whilst providing a healthier alternative, I may add) and don’t have to be less enjoyable. As they say, practice makes perfect!

Make use of student discounts.

Ask any graduate, they all miss student discounts! Discounts for students are available across an array of activities, goods and services – so make the most of them whilst you can! That doesn’t mean making a purchase simply because it’s discounted, but rather choosing a student deal over a full price.

Textbooks.

There’s most likely going to be a bookstore on campus, or nearby, offering those books required for your study. Don’t make the mistake of feeling you ‘have to’ abide by these often-extravagant costs. Use societies, tutors or message boards to buy second-hand books off previous students; search online, they’re often much cheaper; Buy an older version if your tutor says this is acceptable, they often lack any significant differentiation – meaning the price increase can’t be justified; and finally, sell your books on after use – someone will be in your position next year!

Ignoring those misleading ‘extras’.

Haircuts that cost £6 extra but come with a ‘free’ beverage; Student bank accounts offering a complimentary mug to all new account holders; ‘Exclusive’ phone contract deals ‘just for you’… These all represent obviously insignificant extras that continue to be surprisingly enticing for new students. Particularly with bank accounts, never jump straight for the first deal you’re offered. Be sure to carry out some research. A complimentary young-persons rail card is far more useful than all the pens, mugs and coasters a bank can throw at you.