Going to university is often the first time students are fully in control of their finances. Here are five top tips for how to get money-ready for university:
1. Create a budget
Unfortunately, fridges don’t magically restock themselves when you’re living on your own. Creating a budget (and sticking to it) helps you stretch your student loan and will make it so much easier to get through university without unnecessary debt.
2. Set up a student bank account
Many banks offer a generous overdraft, which certainly can come in handy for a student struggling to make ends meet. They sometimes also offer an incentive to join, such as a free student railcard or gift cards. Don’t lose out on the freebies!
3. Talk to your flatmates about money
Living in a flat-share comes with several challenges. Who’s supposed to buy loo rolls? Should you really have to pay for your flatmate’s expensive taste in cooking oil? Have the ‘money chat’ with your flatmates before household costs become a problem. Agree on a payment tool to use for paying each other back. VibePay is free to download and use and allows you to easily get paid back by friends and flatmates.
Read more about how to live with flatmates.
4. Research student discounts
When you’re a student, every penny counts and it’s never worth paying full price when you can get what you need for cheaper. You’ll be able to find student discounts on most things, from food to clothes so make sure to do your research!
5. Open a savings account
We get it, money doesn’t exactly grow on trees when you’re at uni. But everyone needs a savings account for a rainy day, even a student. Even if you can only spare £5 a month you’ve made a good start.
Sign up for early access at https://vibepay.com