Student life offers a plethora of new and exciting opportunities, as well as new obligations such as taking charge of your finances.
According to Independent, New students would understandably want to get involved in social events and meet new people.
However, making money last until the conclusion of the semester might be a difficult task.
Budgeting is essential, so include all of your sources of income as total outgoings, including housing, bills, food and drink, travel, and socializing.
A free budget planning tool is available on the Government-backed MoneyHelper website, which could be a good place to start.
According to Ruki Heritage, director of student experience at the University of Bedfordshire, breaking down how much money you believe you’ll need on a weekly or monthly basis while studying might be useful when large sums of money, such as loans or scholarships, come through.
“Bulk-buying food, cooking meals in groups, and using your student card to get discounts are all great ways to save money,” explains Heritage.
According to Offalyexpress, “You should also consider purchasing course textbooks from other students, as these books are frequently less expensive than those purchased from a bookstore.”
“Getting a part-time or weekend job is another way to save and earn money while also gaining work experience for your CV.”
Your university may have a careers and recruitment page featuring term-time job openings.
However, Heritage warns that it is critical to strike the proper balance between paid labor and studies.
“Ideally, you should try to work no more than 10 (to) 15 hours per week,” she advises.
“Keep in mind that your university will have a hardship fund from which you may be eligible for assistance, so it’s worth finding out if you can access this if you’re worried about money.”
It’s important asking the university about financial assistance and bursaries.