By Katie Bryant, BA Business Management
Becoming a student means taking on a whole host of adult responsibilities that are completely new to most of us. So if you’re terrified of bills and rent and think that you’re rich when your Student Loan comes through, only to find that you’re broke at the end of the month, then follow my handy guide!
Create a Budget
It sounds very boring, but it really doesn’t have to take much time. Create an Excel spread sheet or use an app to help you calculate your monthly outgoings. Set an amount per week and make sure you don’t go over it. A Monzo card is a really good way of budgeting – it acts like a debit card and you can put a certain amount of money on it a week in order to help you budget.
Clothes 
It’s tempting once you get your loan to head straight to the shops but you’ll regret blowing your clothes budget in the first week. Save money by making the most of student discounts in shops and online by checking out deals on Unidays.
Food
It’s a myth that students live off baked beans, it is possible to eat normally and healthily whatever your budget. Prevent impulse buys in the supermarket by making a shopping list and sticking to it! Buying value products and supermarket own-brand also cuts your costs, while the products are virtually the same. It is not necessary if you don’t have the money to overspend on items such as tortilla chips when there is a cheaper, similar substitute. Another tip I’ve learned is to cook in bulk and freeze. This way nothing gets wasted, it works out a lot cheaper and you always have a back-up plan when the cupboards are bare! Another great tip is making packed lunches for cheaper meals on the go – those Tesco meal deals soon add up.
Transport
Whether it’s a bus to lectures (only £1.20 in Sheffield) or travelling back home for the holidays, you’ll need to factor in travel costs. To help, there are student travel cards out there to help you reduce the costs of getting around. My personal favourite is the 16-25 Railcard – you can get one of these for just £30 a year or free with a Santander student account. A railcard gets you a third off your rail fares – very useful if you’ll be travelling home on the train for holidays and weekends.
Textbooks
Don’t buy new books! They’re far too expensive, and can end up setting you back hundreds. Instead, look on sites like Amazon and eBay to buy second-hand. Also, countless numbers of students will be looking to sell their old textbooks for a reduced price. Websites such as I Swap Books and Uni Book Swap are also a good starting point for purchasing second hand material.
Entertainment
From freshers’ week to club subscriptions, student nights, gigs, fancy dress, sport or a quick coffee with friends, the cost of socialising can soon mount up.
Allocate yourself a certain amount for entertainment and try not to go overit. Being sociable doesn’t have to be expensive – think nights in with housemates, free events at your union or two-for-one cinema nights. If you’re going to go out partying, go in the week on a student night, not on a Friday or Saturday as everything is so much more expensive. Student-specific discount websites such as NUS Extra, Unidays and Student Beans offer deals on cheap days and nights out including theme park visits, eating out, and cinema and theatre trips.
Part-time job
Whether you’re looking for a little extra cash to ease those concerns over paying bills, or you want to indulge yourself, a part-time job is a sure way to receive a steady income. Not only this, but it can help to give you a variation from your standard university life while helping you to become a more rounded, dependable individual when you inevitably apply for a summer internship, placement or graduate job. Be careful not work too many hours a week though – the University recommends no more than 16. You don’t want it to distract you too much from your studies and extra-curricular activities.
NUS extra card
Purchasing a 1-year NUS extra card for only £12 will really save you costs over a variety of items. With an NUS card you can receive over 200 exclusive discounts across Fashion, Mobile, Food and drink, as well as a wide range of other fields.
Good luck with budgeting at University. Follow these tips and you will be an expert on budgeting!