How to manage your budget at university

    College student holding books and backup before math class

    When you are heading to university, there are many factors to consider. Your student budget is one of the most important things you will need to think about. How will you afford to take care of yourself while at college? Juggling finances for the first time can be really challenging. The good news: there are ways to make budgeting easier. Here are some of the best ways to manage your budget at university.

    Look to see what help you might be entitled to

    There is no doubt the cost of university can be very expensive and worrisome with tuition fees, accommodation and bills to worry about. Without student loans, many people wouldn’t be able to afford to go to college. Fortunately, there is additional financial assistance available to students. It is worth seeing whether or not you are entitled to any additional help.

    You may even be eligible for a grant, a form of financial assistance you wouldn’t need to pay back. Before working out your budget, check to see what help you can get towards the cost of college.

    Make sure you have a basic bank account set up

    One thing you are going to need is a bank account. There are different types of bank accounts out there. Ideally, you will want one which is suitable for students. Providers such as Think Money offer basic bank accounts designed to help manage your budget.

    This type of account automatically saves the money for your bills, before placing the remainder of your balance onto a prepaid card. That way, you know exactly how much you have available to spend, plus you will never be able to spend more than you actually have available. An additional bonus is the fact that with this account, you can use it to build up your credit rating – something that will become important during and after university.

    Consider getting a part time job

    Many students take on part time jobs to help them afford the living expenses of university. You will find many seasonal and part time jobs available and while it may be difficult to juggle a job and university, the extra money will become useful, including for buying school books.

    Take advantage of student savings

    One of the benefits of being a university student, is the discounts you’ll be entitled to. Many businesses offer student discounts, allowing you to save on everything from travel to meals out and clothing. These savings can make student life more affordable.

    Overall, managing your budget at university can be difficult but these budget saving tips will help to make your money management easier. Setting up a bank account and seeing what help you are entitled to are the first steps to take before you set off to university.

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