Money, Budgeting and Spending

Hey everyone!

Hope you have all had a fantastic month. Spring is underway, and Ormskirk has been having some nice weather, teasing us for Summer.

Today I’m going to be talking about money, because as someone famous once said it makes the world go round. Or was that love?

Being a student means one terrifying thing will happen: you’ll be in control of your own money.

For those of you with part time jobs you’re probably used to having your own money to spend and save, but for some this will be an entirely new experience.

Applying for Student Finance tends to stress some people out, but once it’s been finished and approved it’s a major item off the to do list.

Being put in charge of my own money at uni was a massive change, I wasn’t used to having to do all my own shopping and paying for rent, so it definitely took some adjustments.

There are some really simple tips that help, and ensure you don’t end up living on beans on toast for three months after you miscalculate how far your student loan will stretch!

Budget!

This is probably the most obvious tip, but definitely the most valuable. It takes a little bit of time, and some maths is involved unfortunately, but that work will be worth it for the rest of the year.

Figuring out how much money you have coming in each week/month and how much you will be spending in that time is a good way to keep track of money.

There are a number of costs to consider: rent for your accommodation and food shopping are the big spenders if you move away from home. Even if you commute to uni there will be travel and textbook costs to think about.

In the summer before my first year my family helped me plan how much money I would have left over after the rent was paid, we made an estimate on how much money I would be using to buy food each week, and worked out the cost for my books. I made sure to put some money aside for myself, so I could treat myself to days out every few weeks or in case of emergencies, plus travelling home.

Other costs people have to think about may even involve paying for car insurance and petrol or shopping for Christmas presents, so it’s important to consider everything and have a plan set up in your head, it definitely eases a lot of the pressure!

I know if I stick to my budget then I have nothing to worry about, which means I can go and enjoy all the good things in life and focus on the university experience.

And of course, if you have any worries or questions about finance and money as a student then the Edge Hill Finance Team are always available to help (they’re super friendly too!)

You can find the Finance Team here.

They even have uploaded a very useful guide about managing money that is definitely worth checking out. It’s very simple to follow and breaks down every step.

Happy budgeting!

Quote for the week: ‘Money, money, money, must be funny in a rich man’s world.’ -ABBA

Enjoy your April guys, until next time!

Becki 🙂

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