When I first arrived at the University of Manchester, I found learning to manage my finances one of the biggest adjustments to student life. My first crash course in budgeting was during Fresher’s Week, between evening socials and society sign-ups, my wallet took quite a hit. Fast forward to my final year, I’ve picked up a few tips I wish I’d known earlier! Here’s a lowdown on how to keep your finances intact while living your best student life.
- Make the Most of Student Discounts
Student discounts are one of my favourite ways to save money at university. Apps like UniDays and Student Beans offer discounts on brands from ASOS to Amazon Prime, with something for everyone. Transport can also be a significant expense, so I recommend investing in a student railcard, whether you commute onto campus or are heading home for the weekend, the savings do add up over time.
- Master the Art of Meal Prepping
We’ve all been there: its late, you’re starving and Deliveroo is calling your name. Yes it’s tempting but trust me, cooking at home is chef’s kiss for your budget. If like me, you find the idea of cooking daily overwhelming, meal prepping is a life saver! Try spending a Sunday batch-cooking a simple meal like pasta bake or stir-fry that you can put away for the week ahead. Not only will you save money, but you’ll also dodge the dreaded “what’s for dinner” stress.
- Find a Budgeting Buddy
Budgeting does not have to be a solo mission. Team up with a flatmate to share costs on bulk buys such as sugar, rice or cleaning supplies. I have found sharing the cost of essentials is an easy way to save on everyday necessities.
- Track It Like a Pro
Budget trackers are a great practical way of keeping track of your finances. Apps like Monzo let you monitor spending, set limits and categorise expenses. If you fancy going old-school, I found a Google spreadsheet works just as well for listing your income (student loan, possibly part-time wages) and breaking it down into categories such as rent, groceries, socialising etc. Every Sunday, I spend around fifteen minutes reviewing my spending and adjusting for the week ahead. It’s not glamourous but it is a great practical way of holding yourself accountable and preventing overspending without realising!
- Plan for Hidden Costs
Hidden costs – like printing essays, society events, or surprise birthday presents – are the ultimate budget busters. Set aside a small fund so you are prepared for when these unexpected expenses pop up!
Remember budgeting is a skill that takes practice, and you might not get it right every time, especially if you’re still adjusting to living away from home for the first time. If you are struggling with finances, the University also offers support including bursaries and the Cost-of-Living Support Fund. Money worries can be stressful, so it’s important to prioritise your mental health and reach out if you need help!
