As students, I’m sure most of us can relate to the fact that we don’t have millions of pounds in the bank to be splashing around whenever we fancy. That’s why this National Student Money Week the Students’ Union are advising us students on how we can better manage our finances. In this article I will be sharing my own experiences as a 2nd year student in Preston, and how I (attempt) to save money as best as possible.
If you are living away from home for the first time, there’s lots of items that you’ve probably never had to spend money on or even thought about buying such as washing up liquid, toilet roll or laundry detergent. But suddenly you find yourself fending for yourself and along the way you discover all of these things actually end up adding up. It’s a difficult transition and I still at times find myself running out of shampoo, but that’s okay its all a learning experience. The best thing that I find to help with the cost of household essentials and food is to look at the amount of money in your account (I know we all try to avoid doing this) and then give yourself a budget for that particular shopping trip. Now be realistic, we’d all like to think we can spend £10 on a months’ worth of food, but unfortunately that isn’t the case. With that amount in mind, you can then work out how much money you’ve got left to buy other things you may need, or to go out with!
A good tip for keeping up to date with how much you’re spending when chucking things into your basket is to either shop online, or if you prefer a trip into the supermarket, most shops now have self-scanners either on your phone or physically which you can keep up with your spending.
Now if you are living in halls, you may not be feeling the effects of the ongoing cost of living crisis as those living in flats/houses where bills aren’t included. For me, I have my bills included in my rent payments which is a big help when it comes to saving money. But I know that many others aren’t in the same position, with some people having caps on their water/electricity etc. A good tip that I’ve heard from a few friends (and a way to keep fit) is to shower at the gym. Of course after exercising too which really is a win win, it allows you to not use as much water and it’s a great excuse to get in a workout. Luckily for us, students can use the UCLan gym for free!
But the cost of living really is affecting everyone. The price of, well everything, has gone up so finding the cheapest things is the best way forward. Its hard to go out and not want to spend loads of money and seeing the numbers go down on your online banking can be stressful, but the best thing is to not panic. If you try your best to budget, really keep an eye on how much you’re spending and prioritise the right things, it will really make a difference and help you to feel better about your situation. There’s always someone to speak to and further advice online if you find you are really struggling.
And of course, the next student finance loan will be coming into our accounts in April which, I know, will definitely be a big help. After my rent payment has gone out, I will be deciphering how much I need to spend on household items/food, and then leaving enough to treat myself and have a great end to the term because let’s be honest, we deserve it!
https://www.uclansu.co.uk/resourcehandler/4592fdce-7899-40ce-a7b0-e8e522d13f2a/