Student Budgeting – Helpful Hints and Tips

Almost every student faces the new and daunting challenge of managing their finances. It’s certainly not easy to cut down your spending when you’re going out for coffee multiple times a week at college! You may find yourself wondering how you can manage your finances better. Luckily, this article aims to offer some easy hints and tips to help you out! 

Student Discounts and Offers 

You’d be surprised by the vast amount of student discounts available to you in the local town centre. Costa, Coffee #1 and Caffe Nero are just a few names of local coffee shops that offer discounts for students. Whilst it may not sound like 25% off a coffee is a huge mount, these small savings add up to reveal surprisingly pleasant sums of money! Why not take advantage of these helpful saving opportunities and head on over for a cup of coffee with your friends? 

Another exciting offer available to everyone, is free food and drink vouchers when you sign up to a new account, with a handful of chain restaurants and cafes. To give you an example, when you sign up to Greggs, you gain a free hot drink voucher. Who wouldn’t take up this great bargain? Many cafes offer these incentives, so have a look online and see what you can find! Perhaps you will discover your new favourite café through these tempting opportunities. 

Reward systems and loyalty cards are beginning to really take-off with cafes and fast-food chains. Essentially, your purchases will be logged and after so many purchases at a given café / restaurant (e.g. ten), you’ll be rewarded with a free item or discount. For example, Costa’s reward scheme gives you any drink for free after purchasing 10 drinks. A similar reward system operates at Cup café, located next to college. With reward offers like this available, you can save a little bit of money each month on food and drinks, a small but helpful tactic for coping with student finance! 

Part-time jobs, are they worth the while? 

We’re practically swimming in a world where student part-time jobs are the norm. Whilst it’s certainly a great way to earn some cash and gain independence, you may be wondering if it’s the right move to make? 

Studying A-levels is certainly not an easy task. If you’re like me, you’ll be struggling to just about find the time to get all your work done, whilst also maintaining a social life. Most employers are looking for employees who are willing to work a significant number of hours each week, which would mean scheduling in a large proportion of your free time, dedicated to work. It’s important to think about how taking up a new job might impact upon your academic studies. Will you be willing to risk your grades, in favour of a part-time job? 

Nevertheless, part time jobs are an excellent endeavour for students; particularly if money is a struggle. Students who manage their time well will be able to optimise their free time, to ensure that they don’t fall behind at college, whilst also earning an income. If you’re ready to make this commitment, then perhaps a job is the right option for you. 

It’s an exciting time when you’re at college, with a new level of independence. It’s not surprising that students enjoy frequent shopping sprees and café visits! However, this all comes at a cost, which can surprisingly quickly drain your bank account. If you enjoy frequent costly outings, a part-time job may be on your radar, to help you maintain this lifestyle. 

Bursaries 

There are a variety of bursaries available to students who meet specific criteria, such as coming from a disadvantaged economic background. These bursaries aim to help students with the financial pressure of stationary, learning resources and transport. Bursaries can also help students to afford laptops and iPads for use at school / college. 

The main student bursary is the 16-19 bursary. This is available to disadvantaged students at state-funded schools or college in England. The maximum bursary is 1,200 pounds and this is calculated, via use of numerous factors, such as household income, healthcare issues, etc. Alongside this, there’s often a handful of local bursaries that you might be able to apply for, depending on the region that you live in. 

These financial aids can make student finance much less stressful and are a good thing to investigate, if you think that you could be applicable. Why not do some research and see if you can get some financial help? 

Managing your spending 

It’s often a new challenge to have to manage your finances when you start college. The new wave of independence can sometimes take its toll. You might be worried about how you are going to manage your finances over your time at college, and for when you move into university or paid employment.  

A sensible idea is to create a spreadsheet (e.g. on excel), in which you can divide your money into separate areas and manage your spending. This is often known as “budgeting.” If you start doing this now, you’ll be a step-ahead when you start university or employment, significantly reducing the stress of financial management. 

To sum it up, there’s clearly a wide range of challenges surrounding student finance. However, there’s many tactics that you can try, to ease this financial pressure and get your money organised!