According to a YouthInsight poll of more than 1,500 students, money is the number one cause of anxiety at university. We all know that living off a student loan is tough but there are some things you can do to make life easier for yourself. Here are a few of our top tips for making your money go further.
The worst thing you can do is ignore money problems. If you know the situation is bad then it can take a lot of courage to actually sit down and look at your finances especially if you know that you don’t have a solution figured out yet.Ignoring the problem though will only make them worse. Spending can easily spiral out of control if you bury your head in the sand and the occasional twenty quid lent from a friend can soon become nearer £200 owed to several friends with no way of paying them back. Regularly look at your finances, figure out how much you have to life off and make realistic budgets.
One good way to curb spending is to take out a certain amount at the start of each week and limit yourself to that. If you run out on Monday – tough luck, you’ve got to find a way to survive ‘til next Monday. If you’re a really bad impulse spender then this is a great way to both combat your over-spending and a way to make you realise just how casual you are with spending.
It’s debt. Not nice to hear but true.And when you graduate, depending on your account, you may not have all that much time to pay it off. Try and avoid being always at your overdraft limit.
A lot students have grand ambitions of eating beans on toast every day for a month, drinking the cheapest vodka available and putting off buying stuff you need until you have money. This might work for a couple of weeks, but try it for too long and it will make you truly miserable. What’s worse is that as soon as you have money you’re likely to splash out on expensive things just to get some relief from the monotony of eating the same thing every day.
You can eat healthily, have the occasional treat and not feel like your life is ruled by poor fiscal circumstances by taking a bit of time to figure out cheap, decent recipes and budgeting properly. Seek out supermarket deals, plan your meals for the week, cook up big batches and freezer portions for later on. You’ll soon start to have a good variety of homemade ready meals in the freezer.
Keeping finances under control at university is a challenge for every student but the key is to use your common sense, tackle the problem head on, make changes when you need to and ask for advice if you’re unsure about anything.That way you’re likely to stay on top of everything and enjoy your time at university without money stresses.
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