The day a student looks at their bank account and finds that student finance has gone in is possibly the best day of their life. They get this day three times a year for three years (depending on the course). It is magical from once day having £3.63 in your bank to thousands. When this happens you are drawn to splurge and shop. But that is a mistake. Here are my tips on how to make student finance last. So you don’t end up eating beans on toast for the last month of the semester.
Tip 1 : Plan ahead
Before you even get the money in your bank you should plan ahead how much you will have. By logging onto student finance or looking at the paperwork they have sent you. You will know how much money you are getting. Write it down somewhere. You are going to have to know this number off by heart. You should also know how much your rent is going to be. So write that down too. Then you need to calculate how much money you have left after your rent has been taken out. Write this number down also. This is the most important number. As this is the real amount of money you will have to live and play with.
Tip 2: Meal Planning
This one you might look at and think what. This is what gym addicts do and old people. But trust me meal planning is the best thing to do when you are short on money. Work out each meal you are going to have in a week. Write down all the food you will have to get from the shop and stick to it. This is the best way to make sure you have food in the house and don’t stray off to thinking i have nothing in so i will just get a takeaway. No.
Tip 3: Food Budgeting
Aldi will become your best friend. No Sainsburys or Waitrose for you my friend. Stick to a weekly budget. If you have meal planned then you know exactly what you are getting and will not spend loads on a food shop. Remember to eat well. Fruit and Veg are our friends and they do more than one meal if you plan it well. You should be spending definitely no more than £20 a week. If you are what on earth are you buying.
Tip 4: Weekly budget
Use the amount of money you have left after rent is taken out divided by the amount of weeks you are at uni for that semester. This will then tell you how much you have a week to spend on food, transport and essentials. Try your best not to spend every penny of your weekly budget and use as little as possible.
Tip 5: Treat yourself
If you don’t spend all of your weekly budget keep the money there. Let it build up and by the end of the semester you will have a lovely lump sum of money to do as wish with. Why not treat yourself for getting through the semester.
So there are just a few tips on how to make your student finance last.
Until next week,