5 Ways To Financially Prepare Yourself For University

Posted on 4 Oct 2021

If you’re starting university this year then you’re probably very excited about this next stage of your life. You may be moving to a new city, meeting new friends, and setting yourself on a course for the career you’ve been dreaming of. However it’s a well known fact that university students can find managing their finances difficult, especially when you’re living on such a low income. If you’re worried about how you’re going to cope financially, here are some tips to prepare yourself so you’re never left short of money.

Set a weekly or daily budget

Once you start university you’ll have a better idea of how much money you’ll have to spend on essentials, and you can keep on top of this by setting yourself a weekly or daily budget. Remember to factor in costs such as resources for university like textbooks and other materials you might need for your course. These may appear unexpectedly, so give yourself an allowance each week to put aside for these kinds of costs. Once you’ve worked out how much you can spend each week, you’ll find it much easier to keep on top of your money. You may also want to include the costs of a night out or a meal with your friends to avoid going over budget and falling short with your finances.

Consider finding a part time job

If you’re worried about your outgoings being more than what you’ve got coming in, you may want to consider a part time job. It’s very likely that many business owners are looking for students to hire part time, whether it’s in a restaurant or behind the bar at a local club, you can make some extra money either to save for a rainy day or enjoy spending! We have some incredible interview tips to help you land a part time job to help fund university.

Work out how much travel expenses are going to be

If you have to travel a considerable distance to uni, it’s worth working out the costs of your travel expenses. Would it work out better if you had your own car and passed your test before university? Or would a bus pass work out cheaper in the long run? Take some time to work out which is going to be the most cost effective way of commuting to university to save you money in the long run.

Save money beforehand

You’ve got some time before university starts, and although you may be applying for student loans, you could give yourself a head start by saving some money before you attend university. If you struggle with spending money too quickly, consider asking a friend or family member to hold onto some money for you until you begin uni.

Speak to family and friends for financial advice

Finally, friends and family who have been in your position will be able to give you useful advice for your university journey. Whether it’s tips on how to spend less money or how you can get a better deal on your utilities, take note of them to help you cope financially when you’re at university!

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[Deleted User]

7 months ago

This is great advice!

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