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.
Worried about your money? Understanding your money, how to budget, how to make more of your money and knowing what to do if things are going wrong are essential skills for life. Here are links and guides to help keep your finances on track.
- 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!
- Use and abuse your student ID! You can jump on a bus for cheap and get discounts at plenty shops, more so if you have UNiDAYS, NUS Totum or StudentBeans. If you tend to travel often via trains, remember to buy yourself a Railcard for £35 a year, which reduces prices of train tickets considerably and will give you your £35 back in next to no time!
- Budget. We know this can be a boring activity at times, but in the long run budgeting will reduce anxiety and money worries. Search for budgeting tools, or read our beginner’s guide to budgeting to figure out which tool will help you manage your money best . This will help you master money management and create a budget catered to you!
Remember, there will 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, visit our cost of living hub to find people to speak to and learn what you can do if you are under financial pressure.