Posted in: StudentsJuly 11, 2016 8:29 am
With tuition fees rising in recent years, the student generation’s finances are already hugely effected without the worry of further debts. However, this does not seem to prevent most university students from overspending their maintenance loans.
For many, this raises an issue after they complete their degree as they are often initially financially unable to fund much-needed summer holidays and festivals.
Here are a list of the main mistakes that students make when it comes to budgeting their finances, and a few little money-saving tips to help you out down the line.
Whether it’s shopping for your favourite meals or the latest exclusive fashion items, the high street is a budgeting nightmare in disguise for students. With many worshipping the date of their student finance arrival, it often proves difficult to resist breaking into their new sum of cash.
As tempting as it may seem to purchase that new pair of shoes; place a supermarket delivery order to arrive straight to your door; or even opt for takeaway meals, their value can go a long way when the end of each semester nears.
Shopping at cheaper supermarkets such as Aldi and Lidl, where convenient, can save you cash on essential items and bulk-buying can save you further.
Sticking on the topic of food, students often overlook deals targetED directly for them. We are all a sucker for a takeaway treat or lavish ‘specially selected’ feast, but on the face of things they come at a price. Often students adopt the motto “I’ll pig out today and eat budget for rest of the week”, however it’s difficult to predict whether you’ll need the cash at a later time.
This is also mostly the case when students come to their bills, household facilities and healthcare, selecting the first choice out of convenience rather than value for money.
Here’s where your research comes in. Money-saving student deals can be found at the click of a button online from real students in the same circumstances. Additionally, if you’re willing to receive spam mail why not sign up for the latest offers – even if it is on that takeaway pizza.
A good social life is crucial to utilising your time at university as a student, but it is also perhaps where the most cash can be wasted. Peer pressure from new acquaintances can lead to unexpected drinking trips, whether that be nights out or to the pub for sporting events/quizzes.
Alcohol and new contactless payment methods popular with students aren’t a good combination and can often lead to poor purchases, especially as they take a number of days to leave your already miserable bank balance.
A tip to save on nights out? Revert back to your traditional card method, disable mobile payments methods – or simply just take cash and leave the debit card at home!
Whether it is a combination of nightlife and laziness, or heaps of work and stress at busy assignment periods, many university students spend unnecessary funds on disused fitness centre memberships.
‘I’ll start my routine on Monday,’ and ‘my summer diet begins tomorrow’ are common phrases voiced by students, with barely of the schedules going ahead as planned. That money could therefore be spent elsewhere, helping to save precious pennies.
And if you simply can’t live without some form of exercise – try outdoor activities and sports instead!
Talking of throwing your money down the drain, many students waste money whilst gambling on sports to ease the panic about their finances during university.
With the growing accessibility of betting applications and betting agents coining the market in virtually every city-centre, university students often turn to gambling as a money-making strategy to balance their finances.
In most instances, it’s a downward spiral. Betting bigger sums of cash to calculate larger returns leads to hefty chunks of cash disappearing if you don’t get lucky. Try deleting the betting apps from your mobile/tablet, or asking housemates to help you resist.
Categorised in: Students
This post was written by John I