How to be a Money-Saving Expert at uni (this is not an ad)
When you’re in charge of your own money, it’s hard to keep track of where it all goes, and contactless cards don’t make that any easier. However, it is possible to save with a budgeting plan… but if you’re like me and are unable to stick to budgeting plans, here are alternative methods…
First, you need to just be aware of when and how much you are spending. Before buying, think of the consequences – is this really necessary? Will the world explode if I don’t buy this? If yes, buy. If no, say goodbye to those banana-holders.
Secondly, especially if you’re a prospective student, go to your local bank and ask to open up a student account before starting university. A student savings account is literally the most helpful thing for all students, and if anything it can be used as a safety-net in case of emergencies. You will get an interest-free overdraft which seems to be an excuse to carelessly swim in thousands of pounds of debt, but really that money should be spent wisely. My advice is to avoid overdraft at all costs (pun-intended). Even if it is free, that money isn’t yours and you will have to pay it back eventually. Also, a lot of student accounts will give you freebees and special deals when joining like railcards and coach-cards, which will undoubtedly come in handy later on down the line, so look out for that.
Speaking of later on down the line, my third piece of advice is to plan ahead. Think of the bigger and more important things you plan on buying later on in life. Do you want to be taking driving lessons this year? Do you want to live in a house one day and plan on taking out a mortgage? What’s your credit score like? I’m sure care homes will cost money to live in…
Joke. (Kind of)
My point is you should think about how your money could be better spent. You don’t have to think about retirement plans yet but investments one or two years down the line would be helpful to consider, especially when thinking about accommodation prices (see my previous posts on housing for more info on that *shameless advertising*).
So save them coins and be money-smart!