How To Manage Money For A Stress-Free Student Life

From meeting new people to figuring out how to navigate your campus and gaining complete independence – The first few months of university can be overwhelming to say the least. Whilst there are a lot of things to keep tabs on, your finances should take upmost priority.

It’s important to get a handle on your finances early on, as learning how to manage your money effectively not only helps you survive financially while at university but also sets you up for financial success in the future.

Learning How To Manage Your Money

It’s important to get into the habit of managing your money from the start. While it is not necessary to be hard on yourself all the time whilst you’re navigating your new-found financial independence, keeping an eye on your finances can reduce stress in the long run. Here are our top tips to manage money for a stress-free student life!

1. Create a budget

Creating weekly or monthly budgets is a great way to keep on top of your finances. Knowing how much you have allocated yourself to spend each week or month can help you make smart financial decisions and in turn you’ll avoid overspending as you learn how to prioritise your expenses.

Start by tracking your income and expenses for a month, then create a budget based on your findings. For example, you may want to budget £1500 a month for expenses such as rent, groceries, and leisure activities. Or, you can set smaller budgets for each category per week or month.

2. Keep your shopping in check

It can be tempting to go on shopping sprees, but controlling your spending is crucial. When possible, stock up on deals, but only buy things you need. It is really easy to lose control of your spending when you spend unintentionally so try to avoid impulse buys and splurging.