University students in the U.K are experiencing more anxiety over the rising cost of living. Inflation means that prices of ordinary everyday essentials are increasing; the weekly food shop, public transport, utility bills and petrol are some of the many things that are pinching our wallet.
Here are some essential tips in managing your finances so you can get the most out of life at University:
Considering Halls of Residence
- Living in Halls of Residence at University means that you do not have to worry about paying for WIFI and utility bills. Halls of Residence are very sociable and once you have got friendly with your flat mates, it is common to share kitchen gadgets and cook together – this will save you some money along the way. At DIGS, all bills are included – there are no rising costs in your weekly rent so you pay a flat rate per week for your student accommodation.
Make changes to your spending habits
- The term “budgeting” can be quite negative, the first step is to understand your spending habits. From there, you can be conscientious to how you spend your maintenance loan. You don’t want to blow all your student loan at once during fresher’s! Take advantage of fresher’s freebies at University. If you go out with your friends for a food shop or a night out, split the cost of a taxi on the way back to your accommodation. Drink before you go out so you don’t have to buy as many drinks at the club, pre drinks are the way forward!
Finding work alongside your studies
- Getting a part time job whilst at University gives you more flexibility with your finances. When Student Finance England drops your maintenance loan throughout the academic year, put a bulk of that into a savings account. That way, you can have some of your maintenance loan as a reserve and live off the income you get from a part time job. Of course, work to study balance is crucial so you don’t overwhelm yourself, but it really helps if you have some additional income aside from your loan.
Use your student discount
- UNiDAYS and NUS discounts are essential student discount providers to knock the price down of your favourite brands. You can sign up after you enroll at University and have your student ID. Keeping an eye on cashback retail offers with your bank allows you to stretch your maintenance loan a little further. Lots of high street retailers also accept your student ID as a form of discount, so make sure you always ask if businesses do student discount.
Sign up to student socials and societies
- University societies are not only a great way to meet people, they can save you some money too! Society nights offer discounted drinks and free entry to members at many bars and clubs. Society balls are common at University, members can celebrate society achievements with free food and drinks. Society socials enhance your student experience with lots of student discounts for you to enjoy all night long.
Review your subscriptions
- Sometimes we lose track of how many online subscriptions we have linked to our bank account. Monthly and annual payments of subscriptions like Netflix and Xbox Live can leave us short of spare cash so it is important to review your outgoings. DIGS The Pinnacles, our Sheffield student accommodation offers Premium Bundles from £107.00 per week. This bundle comes with 200MB broadband and WIFI, a flat Netflix account, Google Home Mini and bi-weekly kitchen cleaning. You can enjoy premium streaming perks when you live with DIGS.