So far throughout my university journey I have been able to manage my finances and budget effectively, so I wanted to share some tips with you.
Student Bank Account
Before starting university, I changed my current bank account to a student bank account. This was a great choice as banks often offer perks for switching to a student bank account! For example, I received a Tastecard membership valid for 3 years, which allows me to get two-for-one on meals in many restaurants throughout the UK, saving me so much money!
Part-time Job
I chose to have a part-time job whilst studying so I could have extra spending money for myself. I decided to set up a second bank account for my wages to go into. This allowed me to have one bank account for all university expenses such as accommodation and food, and another bank account for spending money for clothes shopping, going for drinks with my friends etc.
Create a Budget
Finally, so I don’t run out of money, I budget how much money I have to spend on food, transport and so on, per week. I calculate this as soon as I receive my student maintenance loan at the start of each term by subtracting my accommodation costs for the term and dividing the amount of money I have remaining by how many weeks are in the term. For example, if I have £350 left of my student maintenance loan after accommodation costs and there are 13 weeks in the term, this would then leave me with approximately £26.92 per week!
Extra Support
If you are unsure when you arrive at university about managing your finances and how to budget, the University of Chester have many support services on offer to help you out and guide you, so be sure to use them if you need to.
