Figuring out how to make your money last at uni can be daunting, especially if you haven’t had to do anything like it before. However, there’s no better time to learn than now and being prepared is always a good start.
My number one message is to find a pattern that works for you. Everyone spends differently, and everyone’s brain works to a different logic, so what works for your friend may not work for you – and vice versa! You also won’t have the perfect solution straight away. I had to adjust my systems a few times before I found what was most suitable for me.
Remember to talk to family, friends or AUB staff if you want extra support. Or look online at websites like Save The Student or Money Saving Expert… finances as a uni student shouldn’t be a taboo subject.
Tip one: start with a spending tracker
I had a spreadsheet in first year for each week, and I would record my spending. I categorised it into things like food, household items/cleaning, laundry, travel/social, academic supplies and miscellaneous. I also kept a separate running total of where my money was coming from – such as from part-time jobs, my student loan or family support – and any large one-off payments I had made, like my bus pass.
Being able to look back and see where I had spent the money was great for understanding my habits and planning for the future.
I worked on a termly basis, so I collected all my funds into a lump sum and then split this over the 10-week term for a weekly “allowance”. This worked for me because I also paid my rent termly, so I made sure my largest bill was covered first and worked backwards. However, this might be too much for you and maybe working out how much you have to spend for a month is more manageable.
I found if I didn’t feel in control or on top of my budgeting, my spending habits would go AWOL – either spending freely without really knowing what I was buying or thinking I had nothing to my name and couldn’t afford anything. This was a learning curve to living independently and something I had to overcome in the first term.
My second tip: use a student bank account
I found this helpful as I could set aside money for my term-time expenses and then keep my regular account for my purchases at home on uni holidays. Student accounts also normally come with perks, such as good overdrafts (though I wouldn’t recommend going down that rabbit hole) or railcards and vouchers.
It’s always worth shopping around to see what would be best for you. For example, I went with one which gave me monthly Just Eat vouchers because, not only did it save me cooking once a month, but I also already had a railcard.
Tip three – something everyone might bang on about – but meal planning will be your friend!
You can start small and just focus on dinners at first, before moving to lunches if you need, but meal planning really will help you have a focus when shopping. I also found it great as I didn’t have to decide every night what to eat; I had already thought ahead. You can then use your meal plan to buy exactly what you need. You won’t end up with loads of waste, unnecessary ingredients or extra trips to the store for dinner, always walking away with more than you needed and more damage to your bank account.
If you’re stuck on ideas, think about what you can batch cook to fill up your freezer. It’s normally cheaper to buy in bulk and nice to have food already made. There are recipes galore online, so print or write them out into a folder, and then you’ll have a greater variety to choose from. If you look for student-friendly recipes, they usually keep the cost pretty low too. You might find cooking becomes your new favourite hobby.
Tip four: set mini daily budgets
If you’re going out, whether for a night out or day trip with friends, having a mini budget as a guide can be great for staying within your limits. This can be different for everywhere you go, too. I found this useful as it gave me a responsible limit and allowed me to make educated decisions when I was out. It also gave me a sense of control that I had money for social things, not just uni supplies or food, and could enjoy whatever I was doing without worrying about what I could afford – that was already sussed out.
Additionally, budget for treats! Give yourself some leeway and don’t track yourself to the very penny… you don’t have to be that harsh on yourself. It’s always nice to feel like it’s an actual treat and not something you had already planned.
Lastly, use being a student to your advantage
You just got your shiny, new AUB student ID so show it off to the world. Most cafés advertise if they do a student discount; other times it's always worth asking or checking Student Beans and Unidays for online codes. Alongside student discount, join supermarket loyalty programs for points and vouchers as every little bit adds up – plus it’s always nice using points to pay for your shopping!
All in all, go in with the best intentions – it will take some getting used to, but you will definitely make it. It’s also good to talk about it with friends, be honest if you’re struggling to figure it out, as someone else may be in the same boat.
Equally, if you don’t want to spend your money on something, say so – people understand that money doesn’t grow on trees and isn’t always disposable.
