5 money management tips for students
Running short of money can be stressful. It can affect your wellbeing and your academic studies, but is also a very normal part of student life. If you find you’re running low on funds, use the tips below to take back control of your money.
- Work out how much you need and find out about additional financial help that’s available. Our blog on funding and financial support is a good place to start. Read about loans, bursaries and funds that you may be eligible for, and how you can apply.
- Get a part time job to increase your income, and build your CV! Check out LUU’s Joblink for a range of jobs that can fit around your academic timetable and build future work skills at the same time.
- Prioritise your expenditure. Make a list of what you need to pay first (rent, food and essentials, bills, credit cards, etc) and pay them off, before you plan and pay for any social activities. Don’t forget to use your student discount to save on your essentials and hauls!
- Be cautious of credit cards and payday loans. Both can charge high interest rates which can result in your debt increasing rapidly. If you need a credit card, compare interest rates before you sign up for one.
- Budget! We know this can be a boring activity that sucks the fun out of life, but in the long run budgeting will reduce anxiety and money worries. Search for budgeting tools, or read save the student’s budgeting tool article to figure out which tool will help you manage your money best — this will take half the work away from you and make it easier for you to be in control of your money.
Remember, they’ll always be stories in the media, and on social media, about student debt, poor mental health and academic stresses. Contrary to these, there is a lot you can do to feel more in control of your money and have the university and social experience that you want.
If you’ve got money worries or need to talk through what’s available, contact our support teams, there will always be someone to help and guide you!