In March I did a similar post, however that was about tips on how to save money, not how to manage it. This blog will focus on how to make the most of every penny.
I used a spreadsheet… for four weeks…
I’m not opening strong here. I spent a lot of time colour-coding a spreadsheet, with goals in the corner. “Try to save £20 a week,” “don’t go into savings,” I wrote. I abandoned the spreadsheet after a month and I don’t regret it. After a day of lessons, do I really want to start plugging numbers into the computer? If you enjoy this, I recommend it! However a banking app was more than enough for me to keep an eye on money.
I was careful
It really was that simple for me. I had a good loan and my second flat rent (choosing a cheaper accommodation is always an idea; Back Halls is £2,400 for the academic year!) was cheap, so I had enough to splurge if I chose to. However, I pinched pennies by shopping at Aldi and not ordering takeaways. I was doing a food shop for as cheap as £12 (investing in non-perishables like pasta and rice goes a long way!) and even in my most expensive accommodation, that still saved me around £28 per week (by dividing my loan after rent by the 40 week contract). There was the launderette, which was less than £3. By using a drying rack, I was able to save money on the dryers in the launderette.
What could I have done differently?
With differing rent and loans, this story doesn’t apply to everyone. My friends recommend splitting a weekly food shop (can be cost effective), as well as sharing a washing machine with a friend.
Money is a big worry for a lot of people when it comes to University. However, our accommodation is great value for price and there are ways to be thrifty. If you do find yourself struggling financially, our University does have teams to support you. Rest assured, money isn’t as big of a barrier for Uni students as you might think.