We’ve got the best student budgeting tips that’ll blow your mind! Find out how you can budget and save to make your student loan last longer.
1. Add up your income and essential outgoings
This is really important to help you budget. Add up what you have coming in whether that’s your loan, bursary, scholarship or income from work. Then minus your essential outgoings, so things like rent, bills, weekly food shopping and household items such as toilet paper and kitchen paper (try supermarket own products which will save you money).
2. Look for funding available to you
You may be entitled to a bursary or scholarships – explore all options.
3. Shop smart
Whatever it is you need to purchase, shop smartly by checking out what discounts are available online, can you use your NUS discount card? TopCashback is an excellent site and downloadable app that gives you money back when you shop online through their website as you normally would.
4. Be savvy with your savings
Is there something in particular that you need to save for? Maybe a TV, car or holiday? Money Saving Advice’s calculator will help you to see how long it will take for you to achieve your goal.
5. When joining clubs/societies/gyms keep an eye on membership costs and fees
Initially joining fees tend to be quite low in cost but can end up going up, costing you loads of money after the first couple of months.
6. Make meals with friends
Making meals with friends can save you money because let’s face it, a lot of the time we make enough food to feed an army and end up throwing it in the bin once we get sick of eating it for a few days!
7. Ensure you have the best current account
In case you go over your limit, have an interest-free overdraft account in place – but don’t abuse it! Lots of students end up getting into debt when they start using all of their overdraft on unnecessary things. Although this can be tempting especially for you shopping lovers, it’s not always the right choice. Or, if you tend to travel a quite often, some accounts give out free railcards – work out what’s better for you.
The great thing about studying at Coventry University is that we offer Flying Start, formally known as ‘No Hidden Extras’ which is our promise to make it clear what is included in the fees you pay so there are no nasty surprises along the way. This includes field trips, key materials and more.
If you want to know more about funding, then visit our Finance page where you’ll be able to work out if there is funding support available to you.